QNB and Gulf Warehousing Company sign an agreement to manage the subscription for increasing the company's capital

The decision to increase GWC's capital had emerged during the Company's General Assembly meeting held last March, for the purpose of investing the financial resources in development projects in Qatar's booming economic market.

The agreement was signed on behalf of QNB by Mr. Abdullah Mubarak Al Khalifa, Assistant General Manager Corporate & Institutional Banking, and Mr. Muhammad Ali Al Khulaifi, Assistant General Manager Retail Operations, and on behalf of GWC by Mr. Abdul Rahman Saleh Al Khulaifi, General Manager.

According to this agreement, the subscription will start from Sunday, 1 October until 15 October, 1:00 p.m. Total shares subscribed in the increasing of the capital stand at 12 million regular shares, knowing that the priority to subscribe is for the company's shareholders as registered on 5 March 2006.

An overwhelming response by the investors is expected, thanks to the leading economic position of GWC in the local and regional markets, which led the company to expand its investments and execute its ambitious strategic plans.

"Considering the economic boom that is taking place in Qatar, we decided to increase the company's capital to keep pace with the market's rapidly increasing demands. QNB was selected to manage the subscription process for its deep-rooted banking experience and its brilliant record of successful issuances,' said Mr. Al Khulaifi.

QNB is by far the leading bank in Qatar when it comes to issuance management especially that it invests in specialized human resources and cutting-edge internal systems to run all banking operations no matter how complicated they were. QNB has been always striving to support Qatari companies, and managing the Gulf Warehousing Company's issuance falls into the bank's plan of backing the national economy. This step will definitely enhance the investment activity of the company in Qatar and the Gulf region.

The applications for increasing Gulf Warehousing Company's capital are accepted at the following QNB branches: West Bay, Grand Hamad Street, Al Sadd, Al Wakra, Al Khor, Al Gharafa and Al Rayyan.