AMIANTIT AND GULF ONE INVESTMENT BANK ESTABLISH STRATEGIC PARTNERSHIP IN THE FIELD OF MANAGING WATER PROJECTS AND INFRASTRUCTURE

Dammam, August 2006 – In a strategic partnership, Amiantit and Gulf One Investment Bank announced signing a memorandum of understanding in which the bank would purchase 10% of the group's stake in its subsidiary AmiWater with an option to raise the bank's share to 25% within three years. This agreement enhances AmiWater’s positioning to become a leading company in the water management field on a global scale that adds value to both Amiantit and Gulf One Bank.

Eng. Fareed Y. Khalawi, Chief Executive Officer of Amiantit, commented on the recently announced alliance as he stated, “Signing this memorandum of understanding comes in agreement with the board of directors’ guidelines in response to the continual growth in infrastructure projects in the region and especially in the water sector. It is expected that the Bank will immediately work on the financial plans followed by organizing and providing AmiWater with their various Shari’ah compliant financial needs thus enabling AmiWater to execute a number of large-scale contracted projects inside and outside of the Kingdom. It is expected that both parties will fulfill their mutual goals in the agreement within the next few months”.

With a vision to make water a social good in order to serve people, AmiWater’s mission is to perform with social competence and cultural awareness to provide sustainable solutions and cares for appropriate technical services and intelligent management structures. It owns a group of companies such as “PWT”, “AquaMundo”, “Joss Hansen” in Germany, “InfraMan” in Austria and “OMC” in Thailand, in addition to its contribution to the International Company of Water Distribution “TAWZEA” and the Global Company for Water Services Ltd. “AWWS” which are both Saudi companies. The company implements a number of contracts for global and national projects in a number of countries such as Germany, Romania, Turkey, Morocco, Palestine, Greece, Uzbekistan, Thailand and the Kingdom of Saudi Arabia. The company strives to raise its share of available local and regional projects.

Gulf One Investment Bank is the first truly independent investment bank in the region, established with the vision of being a leading knowledge-based infrastructure bank, with its core products and services devoted exclusively to large scale energy-related and infrastructure development projects and it is the aim of the bank to optimize its resources to facilitate sustainable economic development and create wealth and prosperity.

This strategic partnership between Amiantit and Gulf One Investment Bank comes in alliance with the group's strategic plan which aims to reinforce and develop the group’s capabilities and products through financial backing, streamlining its operations and choosing strategic partners for various projects that are spread throughout the world.

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