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Berber US$ 130 million Investment Agency Sukuk Successfully Closed

Bahrain - 22 September, 2007 - Liquidity Management Centre BSC (the Mandated Arranger), Emirates Islamic Bank PJSC (the Co-Arranger) and Alpen Capital (ME) Limited (the Financial Advisor) announced today the successful closure of the US$ 130 million Sukuk issue arranged for Berber Cement Company .

The US$ 130 million Sukuk proceeds along with US$ 70 million equity contribution by Berber Cement Company 's shareholders will be used to complete the development and construction of the US$ 200 million Berber cement project over the next 18 months.

The Investment Agency Sukuk which has been structured by LMC is the first Musharaka structure based on al-Wakala bel Istithmar contract between the Investment Agent Berber Cement Company acting through its agent - National Cement Company PSC - Dubai, UAE (the Wakeel) and the Sukukholders acting through their agent - Berber Sukuk Company BSC - Bahrain (the Issuer). The Sukuk will be for seven years with an average life of 4.75 years and paying semi-annual fixed returns; promoted and fully supported by a guarantee from Berber Cement Company 's GCC based shareholders; National Cement Company PSC from Dubai, UAE; National Holding Company from Abu Dhabi, UAE; The Arab Investment Company SAA from Riyadh, Saudi Arabia ( TAIC ); and Islamic Corporation for the Development of the Private Sector (ICD) a member of the Islamic Development Bank group in Jeddah, Saudi Arabia.

The Sukuk was fully subscribed for by the following major regional institutions; Emirates Islamic Bank as Co-Arranger; Bahrain Islamic Bank , Sukuk Exchange Centre (Tadawul) and Liquidity Management Centre as Senior Lead Managers; Boubyan Bank and Sharjah Islamic Bank as Co-Lead Managers; and Khaleeji Commercial Bank , Masraf Al Rayyan and BLOM Development Bank as Managers.

On this occasion, the Chairman of Berber Cement Company - Mr. Mohamed Al Ghurair commented; "The Board of Directors as well as the shareholders and the Higher Management of Berber Cement Company were instrumental in securing this financial package - not to forget the team efforts of LMC and Alpen Capital . Berber Cement Company will look forward to continue to have future business relations with them."

On this occasion, Mr. Ahmed Abbas the CEO of the Liquidity Management Centre said; " LMC once again with its strategic partners brings another innovative Sukuk issue to a successful closure - and through the Berber Sukuk issue LMC is now extending its offering beyond the GCC to support infrastructure project in the MENA region."

Mr. Abdulla Shuwaiter, the General Manager at Emirates Islamic Bank and on behalf of the Sukuk Managers commented; "We are very pleased to be associated with the Berber project which is promoted by prime regional corporations and financial institutions and are proud to be participating alongside the banks and institutions in support of such important project in the MENA region."

Mr. Sanjay Vig, Managing Director, Alpen Capital (ME) Limited commented on this occasion; "The successful closure of this innovative Sukuk further strengthens Alpen Capital 's capabilities as Financial Advisors to prime GCC corporates and institutions. We are thankful to LMC , Emirates Islamic Bank and the other partner banks from across the MENA region in making this Sukuk a landmark transaction."

-Ends-

© Press Release 2007