Moody's rates GGICO's EMTN Programme (P)Baa2

The outlook is stable.

This rating action follow's yesterday's assignment of first time issuer ratings to GGICO, which are also Baa2 with a stable outlook.

The Programme rating is provisional subject to receipt of the final Offering Circular.

The Programme and any issuance under the Programme will be governed by English Law.

Notes will be the direct, unconditional, unsecured and unsubordinated general obligations of the company and will at all times rank pari passu among themselves, without any preference of one over the other by reason of priority of date of issue or otherwise, and pari passu with all other outstanding unsecured and unsubordinated general obligations of the company.

The transaction contains several standard
covenants, as well as a Change of Control clause, including a rating downgrade during any change of control period.

Moody's notes that GGICO's ratings incorporate uplift from implied support from GGICO's founding majority shareholder, the Al Sari family.

Proceeds will be used primarily to refinance existing short-term debt and for the company's ongoing expansion plans.

GGICO, a Dubai based public shareholding company, was incorporated in the Emirate of Ajman by Emiri Decree in 1973 under the name of Arab Economists Corporation and is today listed on the Dubai Financial Market.

GGICO's founders and main shareholders are the Al Sari family, which owns 52% directly through Investment Group Ltd, a private company involved in real estate and oil related activities, and 1.5% indirectly.

The remaining shares are owned mainly by GCC nationals.

At year-end 2007, the company had Dhs5,587.7m ($1,521.5m) in revenues.