Dubai, 16 June 2008: Al Arrab Contracting Company Ltd (ACC) (part of Al Rajhi group of Saudi Arabia), recently signed a Term Loan agreement jointly with - Emirates NBD (ENBD), Qatar National Bank (QNB), and Arab Bank- the Mandated Lead Arrangers and Joint Underwriters for USD550 million, to partially finance the cost of constructing 10 towers located in the prestigious Pearl of Qatar Project. The facility will be launched for general syndication in due course and the three banks will be bookrunners. The facility was signed by Eng. Ahmad Suliman Al-Rajhi, Chairman of the Board of ACC, and Senior Management members from the three banks.

ACC was established in 1983, and is a general contracting company with Head offices in Riyadh, Saudi Arabia and activities all over the region. ACC's core business sectors are Construction and construction related manufacturing. The company is now Saudi Arabia's third largest contractor by "Value of Contracts Won" in 2007.

Mr. Said Bahjat Mohamed Said, President of ACC, said on the occasion: "The financing marks the fortification of the relationship between ACC and these 3 banks from the region who clearly share our vision."

Qatar's real estate sector has been witnessing an accelerated rate of growth in the last few years. The Pearl, a man made island 350 metres offshore of Doha was created by United Development Company through reclamation of 4.1 million sqm of land in the Arabian Gulf. It is envisaged that the Pearl will eventually house more than 41,000 residents in an up-scale, multi-cultural residential community

Mr. Rajan Khetarpal, Deputy General Manager and Head, Global Debt Capital Markets and Overseas Corporates, ENBD, said: "ENBD is strategically positioning itself as a frontrunner in debt capital markets in the region. The deal strengthens our relationship with the Al Rajhi Group and we are honoured to have been selected to co-lead manage the transaction.

Mr. Abdulla Mubarak Al-Khalifa of QNB said: "QNB has been a strong ally of the real estate sector not just in Qatar but in other countries of Middle East & North Africa as well. The bank has been playing an important role in financing real estate development projects in Qatar."

Mr. Saeed Abu Gharbieh, Country Manager of Arab Bank, plc - Qatar said: "As always, Arab Bank plc continues to play a key role in the growth of the MENA region economies providing its accumulative experiences over the past 78 years to join forces with those entrepreneurs who add value. Arab Bank plc is pleased to co-lead this transaction and is looking to enhance its relationship with Al Rajhi group.

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© Press Release 2008