NBK launches the first unique 'Islamic Turkey Real Estate Fund'

Salah Yousef Al Fulaij, Chief Executive Officer of NBK Capital, said that the Fund was designed to grant NBK clients a diversified portfolio of development and value added real estate projects according to Islamic Shariah Principles located primarily in Turkey and, to a lesser extent, in the MENA region. These investments include residential, office, retail and warehouse properties with an emphasis on residential and mixed use developments that combine both residential and commercial uses.

Al Fulaij added that the Fund is a long term investment vehicle designed to achieve an expected net IRR of 18-20% per annum. The Fund term is expected to be between 4-7 years.

The Fund is entirely compliant with the laws of the Islamic Shariah as approved by the independent Shariah board for Islamic funds marketed by NBK in Kuwait comprised of Sheikh Dr. Khalid Mathkor Al-Mathkor, Sheikh Dr. Essa Zaki Shakra, and Sheikh Dr. Abdul Aziz Khalifa Al-Qassar, stated Al Fulaij.

The Fund is denominated in US Dollars and the minimum investment in the Fund is $250,000. The offering period starts on 17 February 2008 and ends on 19 March 2008. Investors can subscribe only during this period as the Fund will be closed afterwards. For any inquiries, please contact your Private Banking Manager.