Abraaj makes second investment in Turkey and third in marine industry
Turkey is the world’s 7th largest producer of luxury yachts
Rising global demand for recreational boats expected to increase

Istanbul, August 27 2008: Dubai-based private equity firm Abraaj Capital has acquired a 50 per cent stake in Turkish luxury-yacht manufacturer Numarine, as global demand grows in the US$ 25 billion market for recreational boats.

Abraaj, the largest private equity firm in the Middle East and North Africa, will partner Numarine Chief Executive Officer Omer Malaz, who founded the company in 2002.

The investment is Abraaj’s second in Turkey and third in the marine business. Last year, it bought part of Acibadem, the only healthcare provider listed on the Istanbul exchange. Abraaj also owns stakes in Dubai-based luxury-yacht distributor ART Marine, and Gulf Marine Maintenance & Offshore Company.

“We are delighted to partner with Omer and Numarine, and believe that the company is extremely well positioned to benefit from growing demand for high quality, excellent value motor yachts,” said Abraaj Managing Director Mustafa Abdel-Wadood.

Global demand for recreational boats, which grew 11.4 per cent per year between 2000 and 2006, is expected to rise further, with Turkey’s market share expanding as it matches or exceeds comparable international makers in technology and style at more competitive prices.

Last year, Turkey became the world’s seventh-largest producer of luxury yachts.

The Gebze-based company produces three sizes of yachts; 55 feet (16.8 metres), 78 ft and 102 ft, and plans to introduce further sizes to its range. Numarine yachts are produced with vacuum-assisted infusion technology and state-of-the-art materials, resulting in light, strong, fast and luxurious vessels with high price-quality ratios.

Using the latest production techniques and in-house facilities for furniture, upholstery and steel parts, Numarine ensures consistent quality and timely delivery. Basic prices for Numarine vessels range from 645,000 euros ($954,500) to 5.8 million euros, depending on size. In 2004 and 2005, Numarine was a yacht-trophy finalist at the Cannes Boat Show.

“The opportunities for Numarine are significant, both in our core Turkish market and internationally,” said Omer Malaz. “Numarine’s combination of advanced technology and personal service makes us a compelling option for many yacht buyers.”

Before joining Numarine, General Manager Rob Billington was head of production at Princess Yachts International Plc, one of the world’s best known yacht brands.

The company is looking to tap growing markets in the Middle East, Asia and Eastern Europe.

“The leisure and luxury marine market has demonstrated positive, long-term growth through economic cycles,” Mustafa Abdel-Wadood said. “We expect Numarine to establish itself quickly as a brand of choice.”

Demand for yachts in the Middle East, for instance, has soared in the last few years, with the region now accounting for 8 per cent of global owners, compared with almost zero a decade ago, according to the Global Order Book 2008 survey.

Numarine will use the capital injection to expand its production facilities, as well as boost research and development, and product design.

Numarine targets an income more than 30 million Euros by the end of 2008 and more than 40 million Euros in 2009.