Kuwait, November 13, 2007: Gulf Bank is proud to announce that it is the winner of the prestigious Localization Award from the GCC Council of Ministers of Labour and Social Affairs for the third year in a row.

The award recognizes Gulf Bank's outstanding success in achieving the highest percentage of Kuwaiti nationals in employment in the private sector in Kuwait.

"Gulf Bank is honoured to receive this important award," said Bassam Y. Alghanim, Gulf Bank's Chairman and Managing Director. "The Bank has invested heavily in the professional development of Kuwaiti talent and in giving young Kuwaitis the opportunity to build a career and contribute to our country's economic advancement."

"This award is proof that Gulf Bank leads the banking industry and the entire private sector in Kuwaitization. No other bank in Kuwait has been able to match our record or the strength of our commitment."

Gulf Bank received the Localization Award at a meeting of the GCC Council of Ministers of Labour and Social Affairs at an event held in Saudi Arabia.