The Largest Private Equity MENA Deal of the Year to Close in Iraq

MerchantBridge's Ongoing Investments in Iraq now Over US$1.5bn in Debt & Equity Following Recent US$200m Deal in Kerbala Cement Rehabilitation Program

DUBAI, UAE, May 18, 2010 - With its latest deal, MerchantBridge, a direct investment and
private equity company focused on Middle East investments, has now invested
and managed in excess of US$1.5bn in debt and equity in Iraq.

MerchantBridge has recently been awarded an existing cement
plant contract under a 15-year lease in the Kerbala Governerate, 80 miles
south west of the capital Baghdad. The contract was awarded by the Government
of Iraq's Ministry of Industry and Minerals. This transaction marks the
largest privatization and debt arrangement in Iraq (outside oil and gas), as
well as the largest contract in the Middle East region so far this year. The
plant will go through a complete rehabilitation program via an investment of
US$200m and it is expected the facility will achieve production in excess of
1.8million tons per year. By 2013 the rehabilitated plant could contribute
approximately 10% of the total cement market in Iraq. Lafarge, the world
leader in cement production, is joint partner and will be operating the
plant.

The plant is operating at 300,000 tons per year, which is well below
capacity. Domestic production currently meets around half of the local
demand, a trend which is expected to continue for the coming decade.

The current Kerbala project has already attracted investment interest
from foreign direct investors, including the International Finance
Corporation ("IFC"), the private arm of the World Bank, and France's
Proparco, which is 67% owned by the French Development Agency ("AFD").

Basil Al-Rahim, MerchantBridge's Chief Executive Officer, confirms: "Our
strategy is to engage MENA investors and partner them on entering Iraq, the
potential is huge. With projects such as the Kerbala plant, MerchantBridge is
at the forefront of creating unique investment opportunities, from their
inception, identification of partners, deal development and on right through
to the end."

Ameen Killidar, Managing Director, explains: "Iraq represents a unique
opportunity for early investors given the expected economic growth to be
generated by the massive investments announced by the IOCs and the large
government reconstruction plan."

The Iraqi government has estimated US$180bn of investment is needed over
four years to fulfil its reconstruction and infrastructure programme,
targeting sectors that will create a heavy demand for cement.

    For more information please contact:

    Samantha Bartel Al Khalaf
    Mob: +971-50-657-5405
    Email: bartel@mcomgroup.com

For more information please contact: Samantha Bartel Al Khalaf, Mob: +971-50-657-5405, Email: bartel at mcomgroup.com