Nafais Holding Company

Nafais Holding Company (“Nafais”) was established in Kuwait on October 31, 1984 as a Kuwaiti closed shareholding company under the name of Institute of Private Education (“IPE”) and was listed on the Kuwait Stock Exchange on May 8, 2005. The principal objective was to invest and operate educational institutions in Kuwait and in other regions.

In 2007, IPE changed its name to Nafais Holding Company transforming itself into a holding company with changed objectives to operate as a holding company and has already developed an investment platform whereby shareholders would benefit from its risk diversified investment portfolio targeted towards high and stable returns in various business sectors such as healthcare, contracting, education, investments, portfolio management and Islamic banking all throughout the MENA region.

Nafais vision is to create a world class investment holding group delivering superior returns to it’s shareholders through active strategic stewardship, financial engineering and leveraging its corporate brand, business promotion capabilities, network of relationships and financial resources. Nafais vision is to be the “Top in Quality” by delivering superior management performance and services from which investors can benefit.

Watheeqa’s stake in Nafais is 3.81% as of August 31, 2008.

Nafais’ paid up capital stands at KWD 2.25 million divided into 22,471,669 common shares, with a par value of 100 fils each. Total shareholders’ equity stood at KWD 7.43 million and total assets at KWD 49.86 million as of December 2007.