KAMCO reports successful completion of Damac Kuwaiti Holding Co. private placement

The private placement was heavily oversubscribed and the shares were sold at 260 Kuwaiti Fils per Share, in a process to diversify Damac Kuwait's shareholder base prior to listing on the Kuwait Stock Exchange (KSE).

Damac Kuwait is part of the Damac Group, which ranks amongst the largest regional business groups and operates in 16 countries, employing more than 7,000 employees. The Company launched the private placement of 20% of its shares, amounting to 36 million shares, in order to diversify its shareholder base and arrange for its listing on the KSE.

"The results of this private placement are a strong and positive indicator of a strong and vibrant economy in Kuwait and we are delighted to be expanding our operations in this market," said Mr. Hussain Sajwani, Chairman of Damac Kuwait.

Damac Kuwait has already obtained preliminary regulatory approval from the KSE to list its shares. The shares of the Company will be listed on the KSE on Monday, 28 April 2008. KAMCO was instrumental in managing this deal as a result of its extensive experience in the management of listings and private placements among its other financial investment service offering.

"We are pleased with the outstanding results of the private placement for Damac Kuwait," said Mr. Masaud Hayat, Chairman of KAMCO. "KAMCO's highly experienced team worked closely with Damac Kuwait to oversee all the arrangements and the outcome is a testimony to the professionalism and industry respect of all parties concerned."

Damac Kuwait is continually creating and adding value to its shareholders through acquisitions, investments and business development in areas with high potential for growth. In support of this strategy, the Company has benefited from various investments during 2007. A key deal included the successful sale of its entire share in the Executive Heights real estate project in the Technology and Media Free Zone (TECOM) area in Dubai.

Damac Kuwait also holds a diversified equity portfolio under the management of Damac Invest, the flagship investment arm of Damac Holding. Through its equity portfolio, the Company benefited from the stock market boom in both the GCC and MENA region

Headquartered in Dubai, Damac Holdings has expanded its activities across the world. Mr. Hussein Sajwani, founder-owner and Chairman of the Damac Group is also the Chairman of Damac Kuwait. Due to the continual and impressive accomplishments of Damac Group, Damac Kuwait was established to continue and build on the success of the group and expand its business in Kuwait.

Damac Kuwait's future plan seeks to capitalize on the significant edge of the Damac Group in the different sectors especially in real estate, investments and insurance and thereby intends to maximize shareholder value.

KAMCO is one of the region's leading corporate finance and investment banking advisors, as measured by transactions completed, achievements to date, breadth of client relationships and its extensive experience and knowledge. KAMCO Corporate Finance has an extensive track record of successfully completed assignments that have fully met client requirements and expectations. In the period from July 2001 to December 2007, KAMCO Corporate Finance has completed over 55 Corporate Finance transactions with an aggregate value of KD2bn (around $7.04bn).