United Gulf Bank represented by Mr. Masaud Hayat, Managing Director of the bank and Arab Trade Financing Program (ATFP) represented by Dr. Jassim Al Mannai, Chief Executive Chairman of the Board of the Arab Trade Financing Program have today, the 28th August, 2006, signed an agreement in Abu Dhabi to encourage financing Arab trade.

The credit line granted to UGB amounts to US$ 20 million to be utilized in financing Arab trade. With the opening of this line of credit, the number of lines of credit provided by the Program to the national agencies in the Kingdom of Bahrain has reached 17 lines with a total value of US$ 247 million.

On the occasion, Mr. Hayat, Managing Director, United Gulf Bank has valued the role played by ATFP through the financing facilities and other services it provides, for its constructive task in the development and support of intra-Arab trade and in improving the capabilities of the Arab producers and exporters. Mr. Hayat has also expressed his high regard for the cooperation that UGB receive from the Program’s management.

The Arab Trade Financing Program (ATFP), established in 1989, is a specialized multi Arab financial institution with a mission to contribute to the development of Arab trade and to the increase of the competitive capabilities of the Arab producers and exporters.

UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (KIPCO), manages a regional network of investment / asset management companies and commercial banks. Its proprietary investments include assets in real estate, telecommunications, private equity, structured products and quoted securities. Assets under management exceed US$ 5.6 billion. UGB’s core subsidiaries and associates include: Algeria Gulf Bank, Al-Dhiyafa Investment Company, Bank of Baghdad, Jordan Kuwait Bank, KIPCO Asset Management Company (KAMCO), Manafae Investment Company, Tunis International Bank, United Gulf Bank Securities Company, United Cable Company, United Industries Company, United Real Estate Company, United Medical Services Company, United Gulf Financial Services Company, Syria Gulf Bank (under formation) and United Warehousing & Cooling. UGB and its subsidiary KAMCO have a proven track record of successful investment banking activities including corporate finance advisory, new issue placement and underwriting, mergers and acquisitions, bond issuance and investment product structuring and placement.

UGB has a long term investment grade rating by Moody’s (Baa3) and Capital Intelligence (BBB+).

KIPCO is an US$ 18 billion enterprise with major activities in financial services, media and telecommunications and a variety of other business sectors across the Middle East and North Africa. The group has substantial ownership interests in a portfolio of some 73 companies operating throughout the region and internationally.

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