Dubai, March 13th, 2008: Alrajhi Cement Holding Ltd (ARCH), a DIFC holding company announced today the closing of a $60 Million Murabaha facility, funded by newly established Noor Islamic Bank (Dubai).

The facility is part of a long term strategic plan to finance ARCH's growth targeting the region's increased demand for cement currently being fuelled by the numerous large infrastructure projects under development.

ARCH is a DIFC holding company established by the Al Rajhi group to develop, own and operate cement assets throughout the MENA region. The Al Rajhi group has significant and diversified cement interests throughout the region and holds major investments in the Saudi Arabian cement market.

Commenting on the agreement with Noor Islamic Bank (NIB), The Chairman of ARCH Mr. Omar al Rajhi said: "Our Company's ambitious plans to develop cement assets in the region required a new approach to financing, working with our arrangers and Noor Islamic bank we have been able to lay the grounds for a strategic financing plan that will support our growth"

The facility was arranged by Siraj Capital Ltd (DIFC) and Al Aoun Capital (Jordan) with Potentia Inc (Dubai) acting as financial advisor.

Speaking at the closing, Ibrahim Mardam-Bey, CEO of Siraj Capital (DIFC) said: "The rapid infrastructure expansion in the region has resulted in an increased demand for cement products. We have assembled a team of best in class advisors working to arrange and structure an innovative and tailored financing program for ARCH in order to support their expansion plans. Noor Islamic Bank has been a very valuable member of this team and we look forward to our continued partnership"   

-Ends-

ARCH
Al-Rajhi Cement Investment Company is a subsidiary of Al Rajhi Group, with more than 45 years of experience in the cement industry in Saudi Arabia and the region. The main  shareholder is  Suleiman Al-Rajhi Investment Co (ARI).

NIB
Noor Islamic Bank  is a newly established UAE Bank dedicated to performance and to delivering superior Modern Islamic Banking solutions to our future clients. NIB is committed to a result-oriented culture with an aim to compete to be the leading local and regional provider of modern Islamic financial solutions.

Siraj Capital (SIRAJ)
Siraj Capital Ltd is a Shariah compliant investment management company specializing in developing, and sponsoring innovative investment funds, and investment opportunities in the Gulf Cooperation Council (GCC), Middle East and North Africa (MENA  SIRAJ is regulated in Jersey (UK), DIFC/DFSA (Dubai), and has offices in the UAE and Saudi Arabia.  

Al Aoun
Al-Aoun Capital Group S.A.is an investment company with a diverse portfolio of international investments in, Financial services, Communications, and Real estate. Al-Aoun Capital Group has offices in Panama City, Amman, and Madrid. 

Potentia Inc
Potentia is a unique, client focused financial advisory boutique based out of Dubai and London. Potentia was incorporated in the UK in 2000. Since then it has grown its value added Shariah and conventional financial structuring, modelling, advisory and brokerage services business in Europe and Middle East.  

For further press information please contact:
Siraj Capital Ltd.
P. O. Box 506625
DIFC, Gate Village Bldg 4, Level 2
Sheikh Zayed Road, Dubai
United Arab Emirates
Contact: Nick Ahmad
Tel: +971 4 425 - 0685 Extn: 106
Fax: +971 4 425 - 0680
E-mail: ahmad@sirajcapital.com

© Press Release 2008