al khaliji

• al khaliji to expand into UAE with purchase of BLC Bank (France) SA's UAE assets
• Deal will provide branch presence in four Emirates
• The Acquisition will speed our planned regional expansion

al khaliji today unveiled its first set of financial results covering the period since incorporating in January to the close of the third quarter of the year on September 30th.

BLC Bank has branches in the Emirates of Abu Dhabi, Dubai, Ras Al Khaimah, and Sharjah and the deal marks the beginning of al khaliji’s planned expansion across the Gulf.

Both parties have signed a Memorandum of Understanding that gives al khaliji a period of exclusivity in which to finalise the deal, which it hopes to complete by the end of October 2007, subject to regulatory approval.

Tariq Al Malki, Chairman and Managing Director of al khaliji, commented:

"This deal presents an ideal fit with our regional expansion plans and we are very pleased that we have been able to demonstrate some of the bank's values in being both bold and swift in seizing this opportunity."

David Proctor, Advisor to the Chairman and Head of al khaliji's executive team, added:

"We're a new bank, but have big ambitions across the Gulf, so the large and rapidly growing UAE market was a natural first step. Combined with the ramping up of our activities and products in Qatar, these are exciting times for al khaliji's staff and shareholders."