IPCO Asset Management Company (“KAMCO”) has announced the launch of the private placement of 36 million shares in DAMAC Kuwaiti Holding Company KSC (Closed) (“DAMAC Kuwait” or the “Company”), representing 20% of the Company’s share capital at a price of 248 Kuwaiti Fils per Share plus a placement fee of 12 Kuwaiti Fils per Share, for a total sale price of 260 Kuwaiti Fils per Share.

The Private Offering aims to prepare the Company for listing on the Kuwait Stock Exchange (“KSE”) which is expected to take place in April 2008.

The DAMAC Group has evolved from its foundation as local catering company 23 years ago to grow into an international conglomerate whose activities encompass property development, insurance, manufacturing, securities, investment and commercial trading. DAMAC Kuwait is expected to capitalize on the DAMAC Group’s experience in different market sectors, positioning it to become a leading investment holding company with strong local and regional recognition.

DAMAC Group is based in Dubai and ranks among the largest regional business groups; operating in 16 countries and employing more than 7,000 employees. DAMAC Kuwait was established by the DAMAC Group with the vision of expanding its business to the State of Kuwait.

DAMAC Kuwait is a closed shareholding company. As of 31 December 2007, the Company’s paid-up capital reached KD 18,000,000 divided into 180 million shares at a par value of 100 Kuwaiti Fils each. Total shareholders’ equity amounted to KD 42.47 million whereas total assets were approximately KD 55.66 million. DAMAC Kuwait reported net income of KD 14.96 million for the year end December 2007, corresponding to an earning per share (EPS) of 83 Kuwaiti Fils.

The Company is continually creating and adding value to its shareholders through acquisitions, investments and business development in areas with high potential for growth. In support of this strategy, DAMAC Kuwait has benefited from various investments during 2007. A key deal included the sale of its entire share in the Executive Heights real estate project in the Technology and Media Free Zone (TECOM) area in Dubai.

DAMAC Kuwait also holds a diversified equity portfolio under the management of DAMAC Invest, the flagship investment arm of DAMAC Holding. Through its equity portfolio, the Company has benefited from the stock market boom in both the GCC and MENA region.

With respect to its future plans, DAMAC Kuwait will seek to capitalize on the significant edge that the of DAMAC Group has in insurance and financial brokerage.

The Company has a clear exit strategy for its shares; it has applied for listing on the KSE, obtained the necessary regulatory approvals on 4 February 2008 and is expected to be listed in April 2008 subject to final regulatory approval. Upon listing on the KSE, investors would be able to exit from their investment by trading their shares in the exchange.

DAMAC Kuwait Chairman Mr. Hussain Sajwani said, “DAMAC Kuwait is a major component of the DAMAC Group and contributes to the economic well-being of the State of Kuwait. We are pleased to have received the KSE’s approval for the listing of the Company and look forward to being listed on the KSE in the near future. We believe that being part of the DAMAC Group’s commitment to continued achievement and success will allow us to further grow thus achieving higher shareholder value in the future and benefiting both the Kuwaiti economy and our investors.”

KAMCO Chairman Mr. Masaud Hayat said, “KAMCO is delighted to present the opportunity to its valued clients and investors to invest in DAMAC Kuwaiti Holding Company. We believe this private placement offering of shares will be of significant interest to investors as this unique opportunity provides investors with exposure to the growing regional investment sector coupled with the Company’s exclusive affiliation with the DAMAC Group.

It is also an opportunity which is expected to lead to a rapid listing of the shares on the KSE after the private placement.”

The private placement, which is by invitation only, was opened on 27 February 2008 and is expected to close on or before 17 March 2008.

KAMCO is one of the region’s leading corporate finance and investment banking advisors, as measured by transactions completed, achievements to date, breadth of client relationships and its extensive experience and knowledge. KAMCO Corporate Finance has an extensive track record of successfully completed assignments that have fully met client requirements and expectations.

In the period from July 2001 to December 2007, KAMCO Corporate Finance has completed over 55 Corporate Finance transactions with an aggregate value of KD 2.00 billion (around US$ 7.04 billion).