09 December 2004 - United Gulf Bank raises US$65 million Syndicated Murabaha Facility

United Gulf Bank B.S.C., Bahrain (UGB) has successfully closed a US$ 65 million three-year Syndicated Murabaha Facility marking its first ever medium term Islamic facility. The facility carries a margin of 1.00% p.a. over three months LIBOR and was well received by regional and global financial institutions. The signing ceremony was held on 9th December, 2004.

Calyon Corporate and Investment Bank SA (CALYON) and Malayan Banking Berhad (Maybank) acted as the mandated managers while The Arab Investment Company S.A.A. (TAIC), Bank for Arbeit und Wirtschaft Aktiengesellschaft (BAWAG), and Doha Bank acted as joint lead managers to the facility.

Commenting on the issue, William Khouri, Chief Executive of UGB, the investment banking arm and subsidiary of Kuwait Projects Company (Holding) KSC, Kuwait (KIPCO), said: "We are pleased to be the first investment bank to raise a three year syndicated Murabaha facility. This unique structure has attracted banks from Europe, the Far East and the Middle East and will further enhance the funding profile of the Bank".

UGB manages a diversified portfolio of investments in wealth and asset management, commercial banking, real estate, telecommunications, private equity and quoted securities. UGB and its subsidiary KIPCO Asset Management Company (KAMCO) have a proven track record of successful investment banking transactions including corporate finance advisory, new issue placement and underwriting, mergers and acquisitions, bond issuance and investment product structuring and placement. Assets under management exceed US$ 4.0 billion.

KIPCO, with assets of more than US$ 10 billion under management or control, is one of the leading diversified holding companies in the Middle East and North Africa and a major regional force in financial services and media & technology, with further interests in real estate and industry. The largest private sector company in Kuwait, KIPCO employs more than 10,000 people internationally and its shares are the most actively traded on the Kuwait Stock Exchange.

For further information please contact United Gulf Bank on telephone +973 17533233 or email info@ugbbah.com.