Al Jaber Group Launches Two Marine Companies in the UAE

2008-03-30

Abu Dhabi — April 30, 2008 – Al Jaber, the leading group of companies in the UAE, announced today the launch of two new companies as the result of two successful joint ventures with the Turkish company Labranda, an investment of Brightwell Holdings BV.

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The two new companies will be a valuable addition to Al Jaber Group’s Marine Division and will form a comprehensive front for marine activities and products.

Al Jaber Mega Yachts LLC will join hands with Labranda through a joint venture to build luxury mega yachts for the growing demands in the Middle East region. Additionally, Al Jaber – Labranda Work Boats LLC will be building work boats and passenger ferries.

Both companies will start operations in the first quarter of 2009 from their state-of-the-art manufacturing facilities in Mussafah, in Abu Dhabi.

During the signing ceremony of the joint venture, H.E. Mohammed Al Jaber, CEO, Al Jaber Group said, “We are very pleased with the commencement of this partnership with our friends from Brightwell and Labranda. Al Jaber Group enjoys a wealth of experience in the marine sector, and these two companies will add value to our operations and will help our Group navigate new territories”. “These two joint ventures are the result of hard work and thorough research, and we are confident that with the growing market demands for luxury boats and passenger ferries and working boats as well, we will provide outstanding products and services and will enhance the level of marine services in the UAE and the region” H.E. added.

Mr. Alphan Manas, Chairman of Brightwell Holdings BV, stated, “We are looking forward for a very successful partnership with Al Jaber Group. Our technology, experience and know how in the marine products and services, and our premium positioning as a leading company, make us very confident that we will achieve great results with Al Jaber Group. We have a strong client base in the GCC and the Middle East and are aware of the great potential in the market, which make us very excited about the results we will achieve together with Al Jaber Group”. “Our know-how combined with the strength of Al Jaber Group in the UAE and the region will produce one- of-a- kind manufacturing facility for luxury mega yachts” Mr. Manas concluded.

Mr. Kerem Guvenc, General Manager of Labranda, mentioned that Al Jaber-Labranda Work Boats, the new joint venture with Al Jaber Group, is destined to be a great success for a number of reasons; Al Jaber Group is very well established in the UAE and has a strong marine arm, the knowledge and expertise brought by Labranda and the demand in the market on passenger ferries and work boats is steadily rising. All these factors combined with a modern manufacturing facility, will create outstanding results for both parties.

Photo: H.E. Mohammed Al Jaber, CEO, Al Jaber Group and Mr. Alphan Manas, Chairman of Brightwell Holdings BV

Editors Notes:

Al Jaber Group: Established in 1970, Al Jaber is one of the leading business Groups in the UAE. Today it is a conglomerate with combined revenues of over US$ 2.0 billion operating in a diverse range of activities enjoying leading positions in many of the sectors it operates. The major business segments of the Group which support and complement each other, and mitigate risks through diversification and effective management, are Contracting, Industrial, Trading & Logistics,Real Estate, Hospitality and Aviation.

The Group is owned by Mr. Obeid Al Jaber and family and is represented by more than 30 entities with Al Jaber Transporting & General Contracting LLC as the flagship company. The UAE has historically been the principal market for Al Jaber’s entities with well established and long standing relationships with government, semi-government and private clients.

The Group is one of the largest private sector employers in the UAE with about 40,000 employees. It also boasts of the largest fleet (about 8,000 units) of vessels, cranes, heavy equipment and machinery in the UAE.

Brightwell Holdings BV is a private investment company invests globally in the fields of “Energy and Environmental Technologies”, “Maritime Transport Technologies and Services”, and “Innovative Technology Solutions and Services”. Current investments are managed through offices in United States of America, the Netherlands, and Turkey. Brightwell Holdings investments in “Maritime Transport Technologies and Services” include: ApexJet Water Jet Technologies in Del Ray Beach of Florida, Teknomar Water Transport Operations in Istanbul, one of the short-listed companies in Dubai-Abra operations outsourcing tender.

Labranda, one of the investments of Brightwell Holdings BV in Turkey, designs and manufactures commercial and pleasure boat crafts in Turkey. The company manufactures in its 5000 m2 shipyard in Tuzla, the centre of Turkey’s boat building industry.

As one of the leading work boats and passenger ferries producer in Turkey, Labranda is exclusive supplier of water taxis to IDO (Istanbul Water Transport AUthority) which to reached to 100 in 2 years. In addition, Labranda’s work boats and passenger ferries exported to Europe and Afria.