Jeddah August 4, 2008: Arabian Bemco Contracting Co. Ltd., the specialized contractor for building of power

Jeddah August 4, 2008: Arabian Bemco Contracting Co. Ltd., the specialized contractor for building of power

stations, industrial facilities and public utilities, has signed a US$ 2.2 billion agreement with a group of local banks. This is a multi-purpose facility for the construction of the (PP 10) Power Plant in Riyadh.

Under this contract, Arabian Bemco will construct and install approximately 2,000 MW at the new site for Power Plant No. 10 (PP10) on Alkharj Road 100 KM South East of the City of Riyadh. The power delivery will be in phases starting in month 20, which is a relatively short period where-by Bemco will utilize its distinctive experience in rush projects.

The signing ceremony of the facilities agreement took place in Jeddah on August 4, 2008. Henry Sarkisian, CEO of Arabian Bemco, and representatives of the six Lead Mandated Banks Mutasim Mufti and Saad Ur-Rehman of Banque Saudi Fransi, The facility Agent, Khalid Fagih, of SAMBA Financial Group, the facility coordinator, and representatives of National Commercial Bank, Arab National Bank, Riyad Bank and Saudi Hollandi Bank signed the deal.

Sarkisian said that the company had expanded its activities to include the rest of the GCC states, not only in the area of construction but also in the area of business such as investment and development of infrastructure projects.