Gulf Navigation Holding convenes Founding General Assembly

The quorum was met with the presence of around 73.93 per cent of shareholders, in person or by proxy, representing 1,223,521,186 of the Company's shares. The Assembly resulted in the unanimous adoption of all items on the agenda including the election of the 11-member Board of Directors and the appointment of the Company's Auditors.

At the Assembly, shareholders approved the report on the incorporation of the Company and the expenses incurred; ratified the evaluation of in-kind shares; adopted the Company's Articles and Memorandum of Association; and declared that all formalities necessary for the incorporation of the Company had been completed.

An earlier Founding General Assembly, scheduled to take place on September 14th 2006, was postponed as the quorum was not present. Mr. Abdullah Abdul Rahman Al Shuraim, Chairman of the Founders Committee, chaired the Assembly and gave a brief overview of the Company, its history and its future plans before proposing the names of the 11 Board Members for ratification before the shareholders.

Gulf Navigation Holding's first Board of Directors (in alphabetical order) was elected unanimously at the Assembly and includes:

1. Engineer Abdullah Abdulrahman Al Shuraim - Chairman of Gulf Navigation Holding L.L.C. & Founding Member; Former CEO of National Carriers; Former CEO of National Shipping Company of Saudi Arabia; Managing Director of Draiz International; CEO of Marda Shipping EST.

2. Mr. Abdullah Mohammed Al Housany - Deputy General Manager Al Salam Company Ltd.

3. Mr. Anees Bin Issa Bin Mohammed Al Zadgaly - Founding Member & Member of the Board of Gulf Navigation Holding LLC.; Chairman & Managing Director of Al Sawadi Invest & Tour MD of National Publishing & Advertising; Managing Director of Quriyat Aquaculture Company; Partner, Cyclone Technologies.

4. Mr. Fahed Al Otaibi - Founding Member & Member of the Board of Gulf Navigation Holding L.L.C.; Chairman and Managing Director of Arab Combined Shipping & Transport Co.; Kuwait, Board Director of Arab Petroleum Services, Kuwait.

5. Mr. Ghazi Abdul Rahim Al Ibrahim - Managing Director, Board Member and Founding Member of Gulf Navigation Holding L.L.C.; President of Mideast Ship Mgmt, Dubai; President of NSCSA, Hong Kong; Member of the ABS Member of Clean Seas Organization; earlier held positions with Exxon Chemicals and SABIC.

6. Mr. Hazza Baker Al Qahtani - Founding Member and Member of the Board of Gulf Navigation Holding L.L.C.; Managing Director of Bion Group; Managing Director of Arab Chemical Carriers Company (2003-2006); Secretary of the Board of the National Shipping Company of Saudi Arabia (1994-2003).

7. Mr. Khalid Al Zamil - Member of the Board of Zamil Group; MD of Zamil Industrial Investment Company; Board Member for the Royal Commission for Jubail and Yanbu; Chairman Council of Chamber of Commerce (East Region); consultative Member of Committee Higher Economic Council; Chairman of NAMA; Chairman of JANA.

8. Mr. Rashed Hamad Al Shamsi - General Manager of Emirates General Petroleum Corporation (Emarat); Chairman of EMOJET; Chairman of EMOIL; Chairman of EMDAD; Founding Partner of MEECON ; Owner of Al Shamsi Property Management Company; Member of the Board of the Dubai Financial Market (DFM).

9. Ms. Salma Ali Saif Bin Hareb - CEO of the Jebel Ali Free Zone; Senior Manager of UAE's Strategic Planning and Information Technology Department.

10. SHUAA Capital, represented by Mr. Abdulrahman Saleh Al Saleh - Executive Director, Business Support And Services, Ports, Customs & Free Zones Corporation, Dubai; Member of Board of SHUAA Capital; Member of the board of Gulf Finance Corporation.

11. UAE Ministry of Finance and Industry representative.

The appointment of Ernst & Young as Company Auditors was also approved unanimously. Gulf Navigation Holding will be listed on the Dubai Financial Market upon the completion of the remaining incorporation procedures.