Convrgnt Wins Jashanmal Group HQ Contract

Multi-level Development at Al Barsha Includes Civil and MEP Works

DUBAI, UAE, December 26 - Convrgnt Value Engineering LLC has signed multi-million Dirham
agreement with Jashanmal Group to build its new Headquarters at Al Barsha.

Working with the design consultants Architecture Consulting
Group (ACG), Convrgnt will deliver the multi-storey project within 14 months
from commencement.

Commenting on the contract win Mr. John Simms, Area Manager
Convrgnt, said: "We are pleased with the contract award. In the current
economic situation it was important for Convrgnt to respond to the challenge
of offering a competitive price without sacrificing the project demands. We
are now focused on selecting our key vendors to ensure timely delivery."

"We actively assist owners and consultants to take advantage
of the present market opportunities in lowering costs but maintaining their
development's deliverables" he added.

Convrgnt worked with ACG and the client in value engineering
the works to find cost savings without affecting the quality of the
development. "As contractors with extensive experience in value engineering
we know how to partner with designers and vendors for the benefit of a
development. Today, it is possible to arrive at a win-win solution for all
stakeholders" he said.

The development will comprise three basement parking levels, a
product show space on the entire ground level, with eleven upper floors of
custom designed user spaces serving the needs of Jashanmal's corporate HQ.
The building will house the various divisions of Jashanmal Group Speaking
about the design process and its challenges Mr Bchara Abouchakra (ACG, Area
Manager, Dubai/N.Emirates) said the challenge was to find through space
planning an optimum functional floor area to meet our client's department
sizes, but in the same time extend the allowable built-up area to maximum
possible number of floors as per our Client's need.

Our designer (Mr. Elie Kamel) responded successfully to the
challenge with simple architectural vocabulary applied to the building volume
& skin, somber but with an air of contemporary touch of fantasy

Jashanmal's decision to proceed with this capital investment
was explained by Mr Tony Jashanmal, Group Director, Jashanmal. said "We
think the timing is right. The costs today make much sense than they did a
few months back. The HO building will help us consolidate all our divisions
under one roof, improve synergies and result in significant cost savings as
well."

The contract award follows an extensive tender and negotiation
process. On selection of Convrgnt as the main contractor Mr Mehmood Taqui,
Owners Representative, added "that what tilted the decision in Convrgnt's
favor is its good reputation, professional organizational setup, competitive
prices with the assurance of timely delivery."

Established in 1974, Convrgnt consists of core divisions for
Building, Civil and MEP contracting as well as CNC equipped timber joinery
manufacture and switchgear assembly departments. Convrgnt's primary focus is
on implementing fast-track methodologies to high-rise towers, wide area
developments and industrial projects. Convrgnt's civil engineering division
is engaged in securing oil and gas and power sector contracts. The company
maintains offices in Dubai, Abu Dhabi, Sharjah and Ras Al Khaimah with
current expansion plans into other regional territories.

Convrgnt's client list includes Dubai Civil Aviation
Authority, Jumeriah International, Dubai Ports Authority, Dubai Electricity
and Water Department (DEWA), Dubai Dry Docks and The Ruler's Diwan - Ras Al
Khaimah.

Notes to Editors

About Convrgnt: Licensed as an unlimited category
main-contractor, Convrgnt is a multi-discipline enterprise focusing on
resorts, commercial, residential buildings, mass housing, industrial and
warehouse steel structures. Since it started its operations, Convrgnt is
working with prestigious clients across various sectors and industries. With
branches in Dubai, Abu Dhabi and Sharjah, Convrgnt Value Engineering LLC has
offered high quality construction projects in the UAE for the past 35 years
and it currently has nearly 1500 employees.

Issued by Convrgnt Value Engineering LLC. Tel +971-4-347 4441,
contact John Clarke for further information mailto:jclarke at convrgnt.com