al khaliji

• al khaliji's end of period figures reflect the early launch of corporate and institutional banking activities and preparations for the start of its retail business
• al khaliji launches its Corporate and Institutional Islamic Banking services ahead of schedule
• al khaliji is the only Doha-based bank acting as a Mandated Lead Arranger for a US$700mln Murabaha loan for Barwa

al khaliji announces its results for the period 9 January, 2007 (date of incorporation) until 31 December 2007. The period saw a net income of QR 74.3 mln, increasing shareholders' equity to QR 4.561 bln at 31 December, 2007 and are subject to Qatar Central Bank Approval.

al khaliji also announces its first Islamic Banking transaction, acting as a Mandated Lead Arranger in partnership with other international banks in a major financing for Barwa Real Estate company.

The deal was for US$ 700mln Murabaha syndicated facility for which al khaliji is one of the Mandated Lead Arrangers, providing the equivalent of US$75mln in Qatari riyal. The transaction finances Barwa's general requirements for its regional and international projects.

By providing financing to Barwa, al khaliji is playing an important role in the socioeconomic development of Qatar. The financing is considered critical to the urban development of the State.

David Proctor, al khaliji CEO, said: "al khaliji's entry into the Islamic Banking market is another important milestone, and another that has been achieved ahead of schedule. We're developing a growing reputation for our support to Qatar's leading corporations as they emerge on the regional and international market."

Tariq Al Malki, al khaliji Chairman said of the end of period results: "These figures reflect the early launch of our commercial banking operation which provides financing for some of Qatar's leading companies. 2008 will be an exciting year for al khaliji that will see the roll out of our retail banking operations."