Novaar Announces Joint Venture With Key Russian Federation Development Initiative

RIYADH, Saudi Arabia, December 24 - Novaar Capital Management SPC ("Novaar") today announced the
creation of a Joint Venture with JSC Ural Industrial-Ural Polar ("Ural
Polar") an entity owned by state institutions of the Russian Federation, to
facilitate Foreign Direct Investment ("FDI") in the natural resource-rich
Urals region of the country.

Novaar, a Saudi-led investment concern, in cooperation with
preferred strategic partners, will invest through the newly-formed Joint
Venture, in designated infrastructure projects throughout the Urals Federal
District.

The Ural Federal District, described by some as "Russia's
Klondike of raw materials," represents 92% of all Russian gas production, 66%
of all oil production and 45% of all ferrous and 42% of all non-ferrous
metals. However, most of these assets remain "in the ground" awaiting the
development of specialized regional infrastructure to best allow for the
efficient exploitation, processing and transportation of these precious
resources.

To this end, Ural Polar has been tasked to transform the
industrial and economic infrastructure of the Urals region - a part of Russia
that contains 11 million people and accounts for 19% of its current
industrial output - by modernizing its economy, increasing its power
generation capacity, and transforming its inter and intra-regional
transportation links.

This announcement follows the recent meeting between the
Founder of Novaar, His Royal Highness Prince Saud bin Mansour F.S. Abdul Aziz
Al Saud, and the Presidential Envoy to the Urals Federal District, Mr.
Nikolai Vinnichenko at which various investment projects were discussed and a
Memorandum of Understanding was signed.

Mr. David Mapplebeck, Chief Investment Officer of Novaar,
commented: "Novaar is delighted to support the development of the Urals
Federal District by providing investment capital and its team's expertise to
the Ural Polar mega-project. We look forward to working together with the
Ural Polar team to implement their vision and demonstrate how private capital
from the GCC can work with Russian State organizations to the benefit of
all."

Initially, the Joint Venture will concentrate on developing
the transportation and power generation infrastructure of the region,
including the 354 kilometre Salekhard-Nadym railway line, which should enable
the more efficient conduct of freight movements from Europe to Eastern
Siberia. The construction of the railways, associated power generation
facilities and electricity transmission will provide further impetus to the
development of the region's natural resources and energy sectors.

The Presidential Envoy to the Urals Federal District, Mr.
Nikolai Vinnichenko commented: "While the investment landscape in Western
Europe is well known to Gulf investors, we believe this partnership
reinforces the fact that there are meaningful investment opportunities
available, not only within the Urals Federal District, but more broadly
within the Russian economy at large." Mr. Vinnichenko continued: "The
continued development of the Urals Region is a high priority for the
Federation, and as such, this Project and its successful realization is being
custodied by our country's most Senior Government Executives."

In total, the Ural Polar projects are estimated to require
investment of over 831.2 Billion Roubles (USD$27.7 Billion) over the coming
years, with three-quarters expected from private investment sources. The
Russian Investment Fund has already committed 126.8 Billion Roubles (USD$4.2
Billion) to Ural Polar. As such, the project is one of the largest
public-private partnerships in the world, with many of Russia's largest
companies, including TNK-BP, LUKOIL and SIBUR expected to participate as both
operating and strategic partners.

About Novaar

Novaar is a sovereign-affiliated private investment office
commissioned by members of the Royal Family of the Kingdom of Saudi Arabia
and specifically designed to service the unique investment requirements of
politically exposed families, institutions and related operating concerns.
Led by a management team drawn from across the globe, and strategically
allied to Europe's leading multi-family office group, Novaar uses its deep
connectivity within the global financial community to seek out and develop
unique investment opportunities for its principals.

About Ural Polar

The JSC Ural Industrial - Ural Polar Company has been
established to fulfill the objectives of the "Ural Industrial - Ural Polar
"Project." The purpose of the Project is to develop the transportation
accessibility to the major reserves of natural resources in the Ural Polar
and Pre-Polar Region by means of earlier development of transportation and
energy infrastructure. Main Shareholders of the Corporation are: Tyumen
Region, Khanty-Mansiyskiy Autonomous Area, Cheljabinskaya Region and
Yamalo-Nenetskiy Autonomous Area.

For Ural Polar: Mr. Boris Kirillov, Manager-Corporate Communications, Ural Polar, Tel: +7495 644 3744, Mobile: +7912 2835452, Email: kirillov at cupp.ru; For Novaar: Mr. Nicholas Lunt, Director, M Communications, Ph.: +971-4-325-9674, Mob: +971-55-270-0216, Email: lunt at mcomgroup.com