IIB has entered into a partnership with Islamic Corporation for Development of the Private Sector ("ICD"), an affiliate of the Islamic Development Bank ("IDB"), and Saudi Economic and Development Company ("SEDCO") to create Ewaan International Housing Ltd ("Ewaan") in Saudi Arabia. This real estate company has a primary focus on the development and project management of large-scale, self-contained and affordable residential units in Saudi Arabia. Other reputable strategic shareholders have joined the founders such as the Saudi Public Pension Agency.

The company's initial paid up capital is US$ 106.7 million. The projected Internal Rate of Return ("IRR") for IIB investors is approximately 20% per annum over the anticipated investment horizon of 5 years.

The aggregate real estate sector in Saudi Arabia is estimated to be more than SR1 trillion and it was the leading choice for investment in Saudi Arabia in 2006. Given current growth rates, the gap between the demand and supply for high-quality low-cost housing is expected to widen in the years to come and this is an opportunity that IIB wishes to exploit through Ewaan. This transaction gives IIB an opportunity to gain an important position in the attractive real estate market in the Kingdom of Saudi Arabia.