Manama, Kingdom of Bahrain - 22 July 2009 - Bahrain Mumtalakat Holding Company B.S.C. (c) ("Mumtalakat"), the investment company for Bahrain, today announced the successful closure of the US$ 140 million Syndicated Ijara Facility, arranged by Liquidity Management Centre B.S.C (c) ("LMC")& (the "Mandated Lead Arranger") and Kuwait Finance House - Bahrain ("KFHB") (the "Sole Lead Arranger").

The 5 year tenor syndicated facility generated significant interest from investors across the world. The proceeds of the facility will be used by Mumtalakat to refinance three Airbus A330 aircrafts. The Three aircrafts have been instrumental in the development of Gulf Air's business over the past few years and their refinancing will see them continue to play a significant role in supporting the business for the upcoming years.

Below are the Participants:

Liquidity Management Centre B.S.C. (c) - Mandated Lead Arranger; Islamic investment bank established 2002 in the Kingdom of Bahrain, with a current total equity of US$ 60 million headed by Mr. Ahmed Abbas.

Kuwait Finance House - Bahrain - Sole Lead Arranger; Islamic retail bank established in 2002 as a wholly owned subsidiary of Kuwait Finance House-Kuwait with a total equity of around US$ 886 million (as of 30th June 2009) headed by Mr. Abdulhakeem Yaqoob Alkhayyat.

Bahrain Islamic Bank B.S.C (c) - Co-Arranger; listed Islamic retail bank established in the Kingdom of Bahrain with a current total equity of US$ 430 million. Headed by Mr. Mohammed Ebrahim Mohammed.

The Islamic Bank of Asia Limited - Co-Arranger: Islamic bank Backed by DBS Bank - one of the largest financial services groups in Asia. With Total equity of US$ 500 million and headed by Mr. Vince Cook.

Khaleeji Commercial Bank B.S.C (c) - Senior Lead Manager, listed Islamic retail bank established in November 2004 with a current total equity of US$ 337 Million and headed by Mr. Ebrahim Hussain Ebrahim.&

Islamic Development Bank - Senior Lead Manager; Islamic bank established on 20 October 1975 with total equity of US$ 8.5 billion and headed by H.E. Dr. Ahmed Mohamed Ali.

First Energy Bank B.S.C. (c) - Senior Lead Manager: Islamic investment bank established in October 21, 2008, with a total equity of US$ 1 billion and headed by Mr. Vahan Zanoyan.

Liquidity Management House for Investment K.S.C.C - Senior Lead Manager; Islamic company established in December 2007, wholly owned by Kuwait Finance House K.S.C., with total equity of US$ 360 million and headed by Mr. Emad Al-Monayea.

Shamil Bank B.S.C (c) - Manager; Islamic retail bank established 1984 under the name of Faysal Investment Bank of Bahrain E.C, and now is owned 100% a subsidiary of Ithmaar Bank B.S.C. with a total equity of US$ 398 million and headed by Mr. Faisal Mansoor Al-Alwan.

Arab Islamic Bank - Co-Manager: was incorporated as a Palestinian public shareholding company in Jericho Palestine on Jan 8, 1995.&The total equity of US$ 48 million and headed by Mr. Walid T. Fakhouri.&

Mr. Talal Al Zain, Chief Executive Officer of Mumtalakat, ed "Our latest facility generated significant interest from investors across the world, indicating that financing is accessible for institutions with a clear strategy and a sound balance sheet.& We appreciate the confidence of our investors in Mumtalakat and Gulf Air."&

''The proceeds of the facility will be used to fund Mumtalakat's initiatives for Gulf Air, the national carrier for the Kingdom of Bahrain. Liquidity Management Centre and Kuwait Finance House - Bahrain have done a great job arranging the facility in less than two months in what remain challenging market conditions."

Mr. Abdulhakeem Yaqoob Alkhayyat, Managing Director & Chief Executive Officer, Kuwait Finance House - Bahrain said; "Kuwait Finance House - Bahrain is proud to play a major role in this Syndicated Ijara Facility.& We are pleased to be associated with Bahrain Mumtalakat Holding Company, and helping them to achieve investment success for the people of the Kingdom of Bahrain."&

Mr. Ahmed Abbas, Liquidity Management Center's Chief Executive Officer added his thanks to Central Bank of Bahrain for their permanent support towards Islamic Banks, to the Shareholders (Bahrain Islamic Bank B.S.C., Dubai Islamic Bank P.J.S.C., Islamic Development Bank and Kuwait Finance House - Kuwait K.S.C.) for their complete and continuous backing of LMC's transactions, to the Bahrain Mumtalakat Holding Company for giving LMC this opportunity to arrange this Transaction, and the strategic partners namely Kuwait Finance House - Bahrain, as well as all the participating banks.& &

The transaction legal counsels representing the Lead Mandated Arranger and the participants were Vinson & Elkins on matters relating to English Law and Qays H. Zu'bi Attorneys & Legal Consultants for matters relating to Bahrain law. Transaction legal counsels omar 1.1:zy