Markaz: First closing of Markaz Energy

Mr. Manaf Abdulaziz Alhajeri - General Manager at Kuwait Financial Centre, stated that the investors in the Fund consist of major financial and industrial institutions from Kuwait, which includes Markaz with over 5% share of the capital of the Fund. Alhajeri also confirmed that a second round of fund raising will take place in the fall of 2006, during which Markaz intends to invite strategic investors from GCC Region to invest in the Fund.

This success in raising the Fund's capital was due to Markaz's extensive knowledge and experience in the financial and oil & gas sectors, the focused approach of Markaz, and the quality of the Fund advisors. Markaz is the only investment banking institution in Kuwait with specialized oil & gas division; this highly experienced and focused team and the Fund advisors have a proprietary flow of investment opportunities, which will be accessed by the Fund.

The Fund will pursue the significant investment opportunities that stem from the growth in the region's energy sector. The Fund will target opportunities in the region's energy sector with a primary focus on Kuwait and a wider interest in companies domiciled in the GCC and neighboring countries. The Fund will invest in the shares of unlisted service companies that require capital for growth through integration, mergers and acquisitions and/or cross-border expansion. The Fund will partner with international and local companies operating in the region's energy sector, acquire stakes in companies that have competitive advantage through technology, and participate in joint ventures including greenfield / brownfield projects.

The Fund is being launched at an opportune time, when the worldwide demand for energy is expected to grow substantially, creating an opportunity for the Gulf Region to expand its existing capacity. "Over $350 billion in energy related projects are already planned and will be executed over the coming ten years" said Mr. Al-Hajeri.

Markaz Energy Fund is a Kuwaiti open ended fund with quarterly liquidity starting one year from subscription. The Fund will be managed by Markaz, and will have an advisory board of five members.