RIYADH, 13 May 2008 — Al-Arrab Contracting Company, (ACC) a subsidiary of Al-Rajhi Company, signed SR2 billion deal with three banks yesterday here, for the construction of 10 towers in Qatar.

The agreement was signed by Ahmad Al-Rajhi, chairman of the ACC, with senior officials of Qatar National Bank, Emirates International Bank and Arab Bank.

Speaking to the press following the signing ceremony, ACC managing director Said B. Said said that his company, the third largest construction company in the Kingdom, has undertaken projects worth SR10 billion in Qatar.

“We are getting a loan of SR2 billion for the construction of 10 towers in the Pearl Island in Qatar,” Said said, pointing out that the balance 5 billion is allocated for other projects in Doha.

He said that the project will uplift the image of the Kingdom by participating in such international construction projects that would benefit both the Kingdom and the host country. He noted that Al-Arrab Contracting Company (ACC) is now Saudi Arabia’s third-largest contractor by value of contracts won in 2007, behind only Saudi Oger and Saudi Binladin Group.

Describing the Pearl Island, Said said that it is a man-made isle, located 350 meters away from the Doha coast. It was developed by Dubai-based Gulf Company as a hide out from the hustle and bustle of the city. The size of the island is only 4.1 million sq. meters.

“We hope to house around 41,000 people in these towers and provide them with the state-of-the art facilities for the elite group of the society who would like a luxury life. Abdullah Al-Khalifa, general manager for Corporate Banking at the Qatar National Bank (QNB), said that his bank is keen on financing the real estate projects in the countries in the Middle East and North Africa. “This is going to be a major project in Qatar which would benefit a large clientele of people in the region,” he added.