MANAMA, 3 December 2007 — Bahrain Bay Development B.S.C. has signed yesterday a land purchase agreement with Salhia Real Estate Company (SREC), the Kuwaiti property developer to acquire land and develop a prestige commercial and retail tower with an expected value in excess of $125 million.

Salhia’s development will be located within the same district as the Arcapita headquarters, CapitaLand’s Raffles City Bahrain and the recently announced Al Baraka Banking Group headquarters.

SREC is one of Kuwait’s leading publicly listed property developers.

Established in 1974, Salhia has grown to become one of the region’s most innovative property specialists and has established a global reputation for its development of major projects including hotels, shopping malls and the re-development of urban centers in the region and Europe. Ghazi F. Al-Nafisi, Salhia’s managing director, said “our investment in Bahrain Bay is an exciting opportunity to be part of creating a place that will help define Bahrain for years to come.”

“Bahrain Bay will undoubtedly become one of the region’s landmark developments, shaped by its unique and aspiring vision.”

“We intend for our design to reflect the vision of creating a dynamic waterfront community for Manama; a vibrant urban metropolis encapsulated by iconic architecture and waterfront views,” he said.

Bob Vincent, CEO of Bahrain Bay, added that “Bahrain Bay will set a new standard for urban living in the region by creating a modern metropolis that will become the driving force for the re-development of Manama’s city waterfront. Bahrain Bay will be a genuine community filled with residents, businesses and visitors, living in and surrounded by stunning, contemporary architecture.”