Kuwait City, 6 November 2008 - The Capital Market Authority (CMA) in Saudi Arabia has announced its approval for OSK Investment House (KFH) to establish Saudi OSK Investment House (SKFH). The wholly-owned subsidiary of KFH has a capital of SR 500 million, and is able to commence its investment business in Saudi Arabia.

Mr Abdul Nasser Al-Subeih, Acting Assistant General Manager for the Investment Sector at KFH, said the official approval which the CMA has announced on the Stock Exchange Market, complements the final approval. In addition, he stated that KFH is prepared to start up and equip the offices for operations.

He added that the Saudi market is one of the most promising markets, and this promise has led to KFH investing in the country. With the accumulated wealth of experience in real estate, most of the investments conducted by KFH have been in that area. In view of the residential sector in Saudi Arabia requiring 1.5 million residential units, KFH has earlier established a real estate company with SR 2.5 billion. The company has tapped into the potential in this sector and entered into several projects, either individually or with business partners.

Mr Al-Subeih mentioned that KFH hopes to contribute in supporting several development projects in Saudi Arabia, after the successes of KFH in global markets such as Turkey, Malaysia, Bahrain and the new countries of Jordan and Singapore this year.

Gulf Cooperation Council (GCC) Regional Expansion