Kuwait, 14 November 2006: Gulf Bank is proud to announce that it is the first-placed recipient of the prestigious Localization Award from the GCC Council of Ministers of Labour and Social Affairs for the second 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 in Abu Dhabi today.

Surour Al-Samerai, General Manager - Human Resources, commented that Gulf Bank had far exceeded the Kuwaitization targets set by the Central Bank of Kuwait. "Gulf Bank is committed to serving the Kuwait community and to be the employer of choice in the private sector," Mr. Al-Samerai said.

As well as winning the Localization Award for two consecutive years, Gulf Bank has also received the coveted Stevie International Business Award for Best Human Resources Team. The Stevies are recognized as the Oscars of the business world and Gulf Bank is the first Kuwaiti company to receive an International Business Award trophy.

"These awards are testament to the efforts of our Human Resources team in building a strong, well-trained base of Kuwaiti talent. Gulf Bank will not rest on our achievement and we will be working hard to maintain our position of leadership in the banking industry", Mr. Alghanim concluded.