Solar Polysilicon Plant in Dubai to Complement UAE's Existing Solar Activities

DUBAI, August 2, 2010 - MBM Holdings has announced the formation of MBM Solar Holding Inc., which
will build a 2500MT/a solar-grade polysilicon plant in the UAE. The planned
polysilicon plant will have a total capacity of 2,500 tons per annum of high
quality solar-grade polysilicon product and is expected to start production
in early 2012. The project is being sponsored by MBM Holdings and will be
developed jointly with ERC Private Limited Singapore which has an extensive
experience in developing similar plants. This $400M project will be the first
upstream plant of its kind to be constructed in the UAE and has synergies
with Abu Dhabi's focus on downstream solar projects. Currently MBM is in
negotiations with local authorities for land and power for this project.
MBM's vision is to take UAE to the forefront of the solar energy industry in
the MENA and subcontinent. The project will be the first of its kind in the
Middle East to produce polysilicon as it utilizes ERC's existing designs that
will shave off at least 18 months from a typical project lead-time.

(Photo:
www.newscom.com/cgi-bin/prnh/20100802/400716/ )

The project will be constructed in total area of approximately 250,000
square meters in a yet to be decided location. MBM Holdings will soon give
out a mandate to an Investment Bank to seek the residual parts of equity and
debt for this project. The feasibility study has been conducted and the
project engineering partners have been identified. This state-of-the-art
plant will use the latest equipment and produce polysilicon at prices
competitive to Chinese or Middle East plants being planned. Sheikh Mohammed
bin Maktoum Bin Juma Al Maktoum, Chairman of MBM commented that "ERC
Singapore is our equity and technology partner given their worldwide
networks, technical-commercial expertise, existing management team and their
ability to plan and execute a project in record time." He opines that MBM
Solar Holding Inc. will form the anchor for supporting other private sector
developers in the solar downstream sector. He added further that the plant
will be build to accommodate incremental production capacity so as to
increase production beyond 2500MT/a.

Mr. Kassym Abzhanov, Director of ERC stated that "The project will be the
bank's first major strategic initiative in renewable sector and will benefit
from the world class infrastructure available in the UAE in terms of
facilities and personnel. We are proud to work with MBM Holdings who have a
track record in Dubai and a strong reputation for excellence. MBM has an
excellent partnership approach and the right people to execute the strategy.
This project will be lucrative for sovereign and private investors in MENA."

The project is in line with the declaration of Green Dubai 2008 by His
Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime
Minister of the UAE and Ruler of Dubai. The declaration included the
announcement of green building legislation in the UAE, the first of its kind
in the world, which is being implemented in new buildings from the start of
2008, and the beginning of Dubai's objective of a pioneering role in
sustainable development. The development of the MBM Polysilicon project is in
line with the Dubai government's economic diversification strategy and its
thrust on alternative energy. It also supports the UAE's industrial base
expansion plans with the anticipated development of the downstream sector of
the solar energy chain. It is envisioned that MBM Solar will forward
integrated into the solar value chain and also will spawn downstream
activities solar manufacturing. This project enables the creation of
employment opportunities within UAE, helping diversify its economic base.

For more information please contact: mbmsolar@mbmholdings.com

Photo:
www.newscom.com/cgi-bin/prnh/20100802/400716/

For more information please contact: mbmsolar at mbmholdings.com