NBK Capital's offset fund invests in Kuwaiti technology company

The investment is part of KIOF's strategy to manage a private equity fund designed to provide foreign contractors with the option to fulfil their Offset obligations through an investment in the Fund, which ultimately seeks to develop high-growth sectors in Kuwait.

During the Third Quarter of 2008, KIOF acquired a 27 percent stake in Zak Solutions, a leading Kuwait-based IT solutions company.

KIOF's management believe that Zak Solutions is an excellent investment opportunity for the Fund due to its significant market share within the domestic IT market, strong managerial team, proven track record and its strong potential to take part in the tremendous growth of the IT sector in Kuwait and regionally.

KIOF will work with ZAK Solutions management to realize the company's strategy of maintaining and growing its leadership position.

"We believe this is a solid investment and provides us with the opportunity to form an alliance with a leading IT solutions provider, whose achievement in the technology field is very impressive." said NBK Capital Kuwait Investment Opportunities Fund Director Faisal Al-Hamad.

Al-Hamad highlighted the company's excellent track record, which is also illustrated through its partnerships with the leading brands in the technology world including Microsoft, Dell and Cisco.

Mr. Jaber Al Kazemi, the chairman of Zak Solutions, stated that

"through our alliance with the Fund we at ZAK Solutions will invest in our business infrastructure and develop our people and take long strides in providing a complete IT solution to consumers and governmental entities in Kuwait and the region. This is more than an investment in Zak Solutions; it's also an investment in the spirit of entrepreneurship, proper governance and the growth of Kuwait."