Kuwait, February 20, 2007: Gulf Bank is to manage the private placement of 27 million shares in the leading Kuwaiti sports and health centers company, Flex Resorts, under a contract signed between the Bank and Flex Real Estate Company.

The contract was signed this week by Gulf Bank's Acting Chief General Manager, Mrs. Sana Juma, and Chairman and Managing Director of Flex Real Estate Company, Dr. Hussein Jaafar Al-Sayegh. Chairman and Managing Director of Flex Resorts, Mr. Khalid Jaafar Al-Sayegh, Board Member and VP, Mr. Abdul Reda Abbas and VP Business Development , Mr. Anwar Al Beloushi from Flex also attended the contract signing.

Flex Resorts operates and manages sports and health centers and resorts in Kuwait and abroad. It currently operates four centers and has under its management many international brands and agencies specialized in the areas of sports, health and beauty.

Flex Resorts will open three health centers in April 2007 and is preparing to open two centers outside of Kuwait in early 2008 as part of its integrated expansion plan.

Photo caption pic 1. Mrs. Sana Juma & Dr. Hussain Jaafar Al Sayegh

Photo 2 : Mrs. Sana Juma , Simon Whatman, Tarek Maalouf, Karim Rasheed , Ali Behbehani from Gulf Bank and Mr. Hussein Jaafar Al Sayegh, Mr. Khaled Jaafar Al Sayegh, Mr. Abdul Reda Abbas, Mr Anwar AL Beloushi from Flex.