Markaz partners with Dlala Brokerage to serve Kuwaiti investors

In view of the high number of shareholders in Kuwait (approximately seventy thousand), the partnership between Markaz and Dlala is saving Kuwaiti Investors the inconvenience of traveling to Qatar.

Al-Rayyan Bank is a Qatari Bank that was established in 2005 with a capital of 7.5 Billion Qatari Riyal (approximately 600 million Kuwaiti Dinars). About 55% of its capital was offered to the public, of which 20% was allocated for the citizens of the Gulf Cooperation Council i.e. a share capital of approximately 66 Million Kuwaiti Dinars. The Bank, classified as an Islamic Bank, is expected to launch its operations in the second half of the current fiscal year 2006. It has also been listed on the 19th of June on the Doha Stock Exchange. Doha Stock Exchange has a capitalized value of 317.2 Billion Qatari Riyals (25 Billion Kuwaiti Dinars) as of the end of 2005

Markaz's General Manager, Manaf Alhajeri, said that listing Al-Rayyan Bank is of paramount importance due to the large number of shareholders from all Gulf States in general and from Kuwait in particular. Alhajeri also highlighted the significance of Markaz's role as sales agent, running the information and logistics related to this operation, including providing all facilities and preparations that would streamline receiving selling applications and preparing for listing.

"We are happy with our role as a strategic sales agent for Al-Rayyan Qatari Bank, mainly because Markaz has a long-term strategic interest in the promising Qatari market," Alhajeri said. "Markaz was the first Kuwaiti company to acquire a license by Qatar Financial Centre to open an operating branch in Doha. Markaz's regional expansion aims to create strong relations with Gulf clients, and in particular, Qatari customers".

Markaz plays a vital role in the Qatari financial services sector, by providing wide-range and diversified consultancy services in the fields of asset management and investment banking, as well as advisory services in the real estate and energy sectors. Markaz is also known for its innovative role in creating traditional and Islamic solutions that satisfy all financial and investment needs for companies. The partnership with Dlala Brokerage to carry out this challenging task is considered a first in Kuwait and demonstrates the growing confidence in Markaz's abilities amongst financial institutions in the Gulf region.

As a convenience for investors, Markaz booked the Shamiya Hall located in the Holiday-Inn Hotel at Dasman, Kuwait City from 10th June to 4th July from 08:00 a.m. to 01:00 p.m. and from 05:00 to 08:00 p.m in order to receive the required documents and selling orders. The required documents are first reviewed and verified in the tent set in the parking lot in front of the hotel. Then the investor receives a queue number inside the Shamiya Hall to fill in the selling order form, which includes the number of units to be sold and the required selling price. Afterwards, the investor hands over the required documents to Markaz's representatives in Shamiya Hall and takes a receipt against these documents for later checking. As a policy Markaz does not comment on the selling price of Al Rayyan Bank or the share price movements.

The required documents are:
- Original share certificate
- Original passport of the subscriber, and a copy thereof.
- In case the subscriber is unable to come in person, a copy of the power of attorney is required to be authenticated and validated.
- The checks will be issued 5 business days from the day the share is sold in the exchange.

The sales operations have already begun since the listing of Al-Rayyan Bank on 19th June 2006 in Doha Stock Exchange. On the first day of trading, the stock price closed at 17 Qatari Riyals, with a total of 21 million stocks traded, constituting 81% of that day's total trades.

Kuwait Financial Centre 'Markaz' was established in 1974, and has become one of the leading asset management and investment banking institutions in the Arabian Gulf Region. Markaz was listed on the Kuwait Stock Exchange in 1997; and was recently awarded a BBB+ corporate rating by Capital Intelligence Ltd.