Al Qudra Holding and Kharafi Group launch Emirates Utilities Company Holding

The launch was jointly announced by Eng. Salah Salem Bin Omair Al Shamsi, Chairman of Al Qudra Holding and Mr. Marzook Al-Kharafi, Vice President of Kharafi Group. EUCH will specialize in Build-Operate-Transfers (BOT's) which will support the government's initiatives for privatization.

Due to the high demand for BOT projects, the creation of EUCH is a positive step for the management and development of such projects in the country. Partnerships such as this have established Al Qudra Holding as a powerful leader in effective investments, leadership and achievements in all active sectors of the UAE economy. The Kuwaiti UDCH, a subsidiary of Kharafi Group, is one of the largest regional companies specializing in public and private infrastructure, and a reputed leader in the maintenance, operation and servicing of a large number of important projects in Kuwait and Middle Eastern countries.

The launch of EUCH will allow for the management and execution of BOT projects in a pioneering initiative that will support the huge developments and continued growth of the UAE. In addition, EUCH will handle infrastructure, utilities management, industrial and environmental projects.

Commenting on this strategic partnership Eng. Salah Salem Bin Omair Al Shamsi, Chairman of Al Qudra Holding, stated: "This is an era of large economic mergers and cooperation among companies. EUCH is the first, important step for Al Qudra Holdings in a strategy that will see a series of alliances in various sectors of the economy. Al Qudra Holding, in line with its plan to launch more than 30 companies by the end of 2006, will expand its projects and capitalize on partnerships with leading companies in their respective fields. This will provide the UAE with a number of substantial initiatives that will address needs and fill gaps and is an active step towards taking the economic sector forward."

Eng. Al Shamsi added that announcing the launch of EUCH comes after the finalization of all legal and practical procedures for the establishment of the company and stated that EUCH has already commenced its operations from its Abu Dhabi-based headquarters. The company's first project will be announced to the media shortly.

Kharafi Group has an on going active presence in UAE particularly Abu Dhabi, since 1966, stated Mr. Marzook Nasser Al Kharafi, Kharafi Group Vice President. Emirates Utilities Company Holding (EUCH) is a further commitment of the Kharafi Group to Abu Dhabi, but elevated to the investment level. Prospective investment will also be associated with construction and Facilities Management.

"The BOT, management and operations services in various sectors in Abu Dhabi and the UAE offer great opportunities. We believe that our long-established expertise, partnered with the credibility and experience that Al Qudra Holding brings, will contribute to the success of our strategic partnership," added Mr. Kharafi.

The press conference was followed by a Gala Dinner to which the Board members of Kharafi Group, Al Qudra Holding and its subsidiaries, UDCH, EUCH and representatives from the local and regional media were invited on the occasion of the launch of the EUCH.