Zamil CoolCare enters strategic HVAC maintenance agreements with Saudi Electricity Company Kingdom-wide

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About Zamil Air Conditioners (www.zamilac.com)
Zamil Air Conditioners (ZAC) was founded in 1974 as one of the first air conditioning business to be established in Saudi Arabia and today is a leading international manufacturer of air conditioning systems and is Number 1 in the Middle East. It designs, manufactures, tests, markets and services a comprehensive range of air conditioning products, from compact room air conditioners and mini splits to large scale central air conditioners, chillers and air handling units for highly specialized commercial and industrial applications. These products and services are marketed under various brand names - Classic, Cooline, Cool Care, Clima Tech, Kessler Clima Tech and Geoclima - depending on specific markets. ZAC's factories are located in Dammam, Saudi Arabia, Austria and Italy.

ZAC is also involved in the production of branded air conditioners for several leading international manufacturers under an Original Equipment Manufacturer (OEM) agreement. It operates a joint venture between Zamil Industrial Investment Company (ZIIC) and General Electric, called Middle East Air Conditioners Ltd. (MEAC).

ZAC has been vigorously moving into newer markets, seeking strategic alliances and investing heavily in R&D.

ZAC is one of four sector businesses of Zamil Industrial Investment Company.

About Zamil Industrial Investment Company
Zamil Industrial Investment Company (ZIIC) was founded in 1998. It is headquartered in Dammam, Kingdom of Saudi Arabia, and employs more than 6,500 people in 55 countries. As an international manufacturing and fabrication group, it provides leading air conditioning, pre-engineered steel buildings, structural steel products, process equipment, transmission and telecommunications towers, open web joists and decks, architectural glass processing and fiberglass insulation solutions to meet the requirements of the global construction industry through its four sector businesses: Zamil Air Conditioners (www.zamilac.com), Zamil Steel Industries (www.zamilsteel.com), Zamil Glass Industries (www.zamilglass.com) and Arabian Fiberglass Insulation Co. Ltd. (www.afico.com.sa).

During the first nine months of 2006 net profit after Zakat contributions were SAR 154.7 million/USD 41.3 million, an increase of 76% over the same period in 2005. Total turnover was SAR 2.11 billion/USD 563.6 million, representing a 15.2% growth. Shareholders' Equity also increased by 24.3% to SAR 709.4 million/USD 189.2 million. While Post Zakat Earnings Per Share as at end of September 2006 grew to SAR 3.44/USD 0.92. Total exports amounted to SAR 778.1 million/USD 207.5 million, representing 37% of turnover.

For the year ended 31 December 2005, ZIIC posted turnover of SAR 2.4 billion/USD 631.9 million, a growth of 20.5% over 2004, with net profit, after Zakat contribution, of SAR 106.4 million/USD 28.4 million. Post Zakat Earnings Per Share also grew by 51.6% to SAR 15.19/USD 4.05, up from SAR 10.02/USD 2.67 during the same period in 2004. Shareholders' equity grew by 18.7% to SAR 587.5 million/USD 156.7 million. Export sales accounted for SAR 934 million/USD 249 million representing 39% of total revenues and 5% growth over 2004. ZIIC exports to more than 80 international markets.

ZIIC shares are actively traded on the Saudi Stock Market. More information can be found at www.ziic.com.

For more information on this press release, contact Said Al-Daajani, Zamil Industrial Investment Company, Corporate Communications, Tel: (966) 3 8471840, Fax: (966) 3 8472574

Issued on behalf of Zamil Industrial Investment Company by Hill & Knowlton. For more information contact Sami Amin on Tel: +973 17 533532, Fax: +973 17 533370