DAMMAM, 5 April 2007 — The Saad Group has made a SR3.5 billion joint venture agreement with Berkeley Group Holdings to initiate shared projects between the two companies.

Maan Al-Sanea, chairman of the Saad Group, said that the cooperation agreement aims to develop both companies and that they would concentrate on buying land in London for various new projects.

Christopher C. Hart, general manager of Saad Investments Co. and Saad Financial Services in Geneva, said that joint investments between the two groups had started some 25 years ago. He added that within these years Berkeley has proved capability in the investment and development of real estate. The agreement is the fifth of its kind between the two companies since 1985.

Maan Al-Zair, financial manager of the Saad Group in the Kingdom, said that the budget assigned for real estate at the company exceeds SR3.5 billion. He also added that the group is planning to build further accommodation for Saudis to buy and live in, as well as other accommodation for rent purposes.

Al-Zair said the company has specified a large budget and employed technical specialists, who would work for the development of investment in the real estate sector. He also said that they have conducted research and developed statistics to study the needs and demands of Saudis in relation to real estate, adding that banks in the Kingdom as well as abroad support and encourage such investments.

Saad Group is currently a 29 percent shareholder in Berkeley. The cooperation between the two groups started in the early 1980s with Saad Trading and Contracting Company — a member of Saad Group — making the first agreement.

The company said Al-Zair has its main branch in Al-Khobar, and has regional branches in Riyadh, Jeddah, Manama, Geneva, London and Paris, which are all managed by qualified specialists and technicians.

He added that the Saad Group aims to train graduates and employ qualified Saudis in the near future.