Bayan reports excellent progress with the Jordan Gate project in Amman - Office Tower reaches 34th floor

Hotel Tower reaches 26th floor

Substantial portion of the construction phase already completed

Amman, Jordan/ 27 September 2007: A senior group of journalists were given a tour of the site of the Jordan Gate project in Amman to inspect the progress achieved in its construction. The landmark twin tower development is owned by Bayan Holding Company of Kuwait. The group of journalists was invited to see the work at first hand by the Chairman of Bayan Holding Company, Mr Esam Janahi who is also the Chairman of Gulf Finance House, Bahrain.

The journalists were escorted by Dr Haider Majali, a Board Director of the Jordan Gate Company. Mr John Ayres, the Project Manager for Jordan Gate Company, briefed the journalists on both the status of the project and the challenges faced by the team. The North Tower, offering state of the art offices, has already reached 36 floors and will soon reach its full 42 floors. The South Tower, which will house a five star hotel, has reached 26 floors and is also well on its way to reaching its full height of 42 floors. Completion of the project is expected towards the end of next year.

Asked to comment on what impact the Jordan Gate project is expected to have on Amman and Jordan, Mr Esam Janahi, Chairman of Bayan Holding Company and Gulf Finance House, replied: "Gulf Finance House is a developer of economic infrastructure and our work is designed to accelerate both local and national economic development. In Jordan's case we believe that our Jordan Gate project and Royal Village project at Marj Al Hamam on the outskirts of Amman have created substantially more interest in the Jordanian market amongst Gulf investors. Indeed, we have worked hard with Kuwait Finance and Investment Company (KFIC), co-promoters of Bayan, to assemble a large group of over 600 Gulf investors, many of them from Kuwait. As our projects move towards completion we expect the impact to increase further with visitors seeing tangible evidence of progress and advancement in Jordan. Investment requires positive sentiment - we are helping to reinforce and enhance that positive sentiment. Of course, we have to thank the government and His Majesty King Abdullah II for creating the conditions needed to encourage and secure direct investment into the Hashemite Kingdom of Jordan."

Mr Peter Panayiotou, Chairman of the Jordan Gate Company and the Acting CEO of Gulf Finance House, commented: "It is very pleasing to see the progress achieved in the construction of the two Jordan Gate Towers. We all know that the project suffered some setbacks at the start. However, the remedial and swift action taken by the Board of Directors coupled with the keen support of the Mayor, Mr Omar Maani and his team at the Greater Municipality of Amman, has helped to move the project along very smoothly. A project of such size and importance to Amman will have an impact on both the roads as well as the infrastructure of the area in its vicinity. We are now working hard with the Municipality and the Ministry of Water and Irrigation to ensure that both the roads and the water and sewage pipelines are upgraded. This is a priority in ensuring the success of the project and I am very pleased with the excellent co-operation we are receiving from them. Of course, credit must also go to Al Hamad Construction Company, its managers, engineers and construction workers for the effort they have made to progress the construction to this point."   

Commenting specifically on the project's impact on the capital city, Dr Majali added: "We expect that the Jordan Gate project will enhance the quality of Amman's business office infrastructure and help to create many new job opportunities for Jordanians to work both in the offices and in the hotel. An attractive business location will encourage foreign companies to come to Jordan and this will have an incremental effect on the economy. Our project can only enhance Jordan's business friendly reputation."

Mr Hamzah Behbehani, representing KFIC on the Board of Jordan Gate, commented: "We are very pleased with the way a combined team from Bahrain and Kuwait has co-operated to progress the Jordan Gate project to this point and we look forward to Bayan building its business and profile in Jordan even further."

-Ends-

Bayan Holding Company
Bayan Holding Company was launched in 2005. This Kuwait-based company invests in both economic infrastructure developments as well as general real estate developments in the Hashemite Kingdom of Jordan. Bayan's current project is the Royal Metropolis Project that consists of the Jordan Gate and Royal Village projects. The company is capitalized at US$410 million.

Gulf Finance House
Founded in 1999, Gulf Finance House has grown rapidly to become one of the most respected investment banks in the Middle East region in terms of the quality and innovation of its product offerings. Over an eight-year period Gulf Finance House has successfully launched economic infrastructure development projects and investments with an aggregate end value exceeding US$10 billion and received numerous awards for its innovative approach to Islamic banking and finance. Its shares are actively traded on the London Stock Exchange (GDR), the Kuwait Stock Exchange, the Bahrain Stock Exchange and the Dubai Financial Market.

Over the three-year period ended 31 December 2006, net income more than tripled to US$211.6 million. Reflecting its international reputation, Gulf Finance House has won numerous local and international awards, such as "Best Investment Bank" for three years in a row in 2005, 2006 and 2007, awarded by The Banker Middle East, "Bank of the Year 2006" awarded by the Arabian Business Magazine and "Best Islamic Real Estate Finance House" awarded by Euromoney.

Kuwait Finance & Investment Company
KFIC is a Kuwaiti company, listed on the Kuwait Stock Exchange (KSE). It is backed by an active and diverse shareholder base. Investment strategy is set by a professional management team with a long and successful track record, creating investment opportunities in the GCC. The company is registered with the Central Bank of Kuwait as an investment company with a license to conduct both finance and investment services. 

© Press Release 2007