Middle Eastern and international banks participate in transaction

Funding to support growth including the purchase of machinery and equipment

BNP Paribas, Dubai Islamic Bank (through its investment banking arm, Millennium Capital Limited, regulated by the Dubai Financial Services Authority "DFSA"), First Gulf Bank and National Bank of Abu Dhabi serve as bookrunners

Dubai, April 19, 2008: Al Jaber Group, one of the leading business groups in the UAE, announced today that it has successfully closed a US$400 million (AED 1.47 billion) syndicated bank facility, which will support the ongoing growth of the group including the purchase of machinery and equipment. This five-year facility has been provided under a Sharia-compliant Ijara structure.

BNP Paribas, Dubai Islamic Bank (through its investment banking arm, Millennium Capital Limited, regulated by the "DFSA"), First Gulf Bank, and National Bank of Abu Dhabi served as the underwriters and bookrunners for the transaction, which has been priced in both US dollars and UAE dirhams.

The transaction attracted strong support from the market and is being provided by a regional and international syndicate of 11 banks, confirming the strength of Al Jaber's breadth of support among the global financial services community. Demand was especially strong from the company's Middle Eastern, European and Asian investor base.

The markets were very receptive to the appeal of the private sector in Abu Dhabi, in general, and to the strength of Al Jaber's credit, in particular. The overall strong security package and innovative dual-currency Islamic structure of the transaction provided additional incentives.

"The successful closure of this internationally backed facility provides us with increased flexibility to fund our ongoing organic growth, and we are grateful to all the participating banks for their support," said Obeid Al Jaber, Chairman, Al Jaber Group.

"Nearly four decades after the company was founded, we remain focused on the future, and this transaction will help ensure that we continue to expand and explore new horizons," he added. "With some 40,000 employees, making us one of the UAE's largest private-sector employers, we will also continue to contribute to the economic growth and diversification of Abu Dhabi and the wider UAE. On behalf of Al Jaber Group, I am very pleased to share this significant announcement with our stakeholders here in the Middle East and across the world."

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About Al Jaber Group:
Established in 1970, Al Jaber is one of the leading business Groups in the UAE. Today it is a conglomerate with combined revenues of over US$ 2.0 billion operating in a diverse range of activities enjoying leading positions in many of the sectors it operates. The major business segments of the Group which support and complement each other, and mitigate risks through diversification and effective management, are Contracting, Industrial, Trading & Logistics, Real Estate, Hospitality and Aviation.

The Group is owned by Mr. Obeid Al Jaber and family and is represented by more than 30 entities with Al Jaber Transporting & General Contracting LLC as the flagship company. The UAE has historically been the principal market for Al Jaber's entities with well established and long standing relationships with government, semi-government and private clients.

The Group is one of the largest private sector employers in the UAE with about 40,000 employees. It also boasts of the largest fleet (about 8,000 units) of vessels, cranes, heavy equipment and machinery in the UAE.

For further information, please contact:
Nicholas Nesson / Ghaleb Zeidan
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
E-mail: n.nesson@asdaa.com / g.zeidan@asdaa.com

© Press Release 2008