Agreement to create 'Saraya Islands' signed between RAK Government, Saraya Holdings and Arab Bank

Notes and media contacts

The Investment and Development Office, Government of Ras Al Khaimah (IDO)
IDO was established in 2004 by an Emiri Decree with the aim of identifying new investment opportunities and facilitating the task of prospective investors in their goal of embarking on the establishment of new businesses in Ras Al Khaimah. IDO showcases the unique features of Ras Al Khaimah to the prospective investor and ensures that a viable business venture is set up without hindrances. IDO acts as an economic ambassador and facilitator of ideas that will differentiate Ras Al Khaimah from other Emirates and enhance its investment climate. IDO has provided support in the launch of major companies, such as RAK Properties and RAK Lube Oil Company. Information on the company and its portfolio can be found at www.rakinvest.ae

Saudi Oger Ltd
The story of Saudi Oger Limited began in January 1978 when it was incorporated under the rules and laws of Saudi Arabia. It started as a construction company based in Riyadh. Saudi Oger Limited has grown into a multi-company, multi-divisional organization with subsidiaries and affiliates in Saudi Arabia and abroad. With the fusion of western technical expertise achieved from its overseas subsidiaries and the Middle East knowledge and experience, the Company has become the center of Construction and Operation & Maintenance for prestigious and complex projects of advanced technology throughout the Middle East, Africa and Europe.

Saraya Holdings, LLC
Saraya Holdings, LLC "Saraya Holdings", a holding company (under formation), will act as the flagship of the Saraya group of companies, collectively called the "Saraya Group." The majority of Saraya Holdings' shares are owned directly by Sheikh Saad Rafic Hariri, who serves as Chairman of the Board of Directors. Saraya Holdings currently has two subsidiaries: Saraya Emirates (under formation) and Saraya Jordan, each with development project companies set up in their respective countries. The establishment of Saraya Holdings comes in line with the current dynamics of the real estate market in the region, which is witnessing solid growth across the board, particularly in the tourism sector. The company's mission embraces a spirit of excellence with the dual aims of delivering profitable projects to investors and contributing to the growth of local economies.

The Arab Bank
The Arab Bank Group is one of the oldest and most prominent banking institutions in the region, with total assets exceeding US$25 billion. Incorporated in Amman, Jordan, the Group has a global branch network of more than 400 branches in five continents, with a presence in virtually every Arab country and operations in all the major international financial centers. In 1930, the late Mr. Abdul Hameed Shoman established the Bank in the Holy City of Jerusalem, with a vision to serve Arab economies and people. Arab Bank Group is engaged in providing a wide variety of financial services to individuals, corporations, government agencies and other international financial institutions. Its services include corporate, retail, private and investment banking. In 2004, the Group achieved outstanding results with net income reaching US$319.4 million, shareholders' equity US$3,248 million, and the total balance sheet was augmented to US$ 36,525.5 million.

For further information, please contact:
Lina Anani
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in
Middle East and North Africa
Dubai, UAE
Tel: +971-4-3344550, Fax: +971-4-3356080

Dimah A. Khalili
Communication and PR Manager
Saraya Group
P. O. Box 815321, Amman 11180, Jordan
Tel.: + 962 6 4680055, Fax: + 962 6 4680033

Sa-ed Jarallah
Area Manager
Arab Bank plc, Abu Dhabi.
Tel: 971 2 6392888 Fax: 971 2 6342248

Mazen Fayed
Corporate Communications Manager
Saudi Oger Ltd - KSA
Tel: 9661 4773115x 1386 Fax: 9661 4773115x1391