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2 Initial Public Offering of 86,005,000 Ordinary Shares of Gulf International

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2 Initial Public Offering of 86,005,000 Ordinary Shares of Gulf International Initial Public Offering of 86,005,000 ordinary shares of Gulf International Services Q.S.C This is an unofficial translation of the Arabic version of this prospectus (the “Arabic Prospectus”). The Qatar Financial Markets Authority (“QFMA”) has reviewed the Arabic Prospectus and approved its publication. The QFMA has not reviewed this prospectus (the “Prospectus”). The QFMA takes no responsibility for the contents of this Prospectus or Arabic Prospectus, makes no representations as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon any part of the contents of this Prospectus or the Arabic Prospectus Qatar Petroleum Q.S.C. (“QP”) is offering 86,005,000 ordinary shares (the “Offer Shares” and each an “Offer Share”) with a nominal value of QR10 each, of Gulf International Services Q.S.C. (“GIS” or the “Company”) through an Initial Public Offering (the “Offering”). The Offer Shares represent 69.9967 per cent of the total issued share capital of the Company, and are offered to Qatari individual investors (the “Individual Investors”) and certain selected Qatari institutions (the “Selected Institutions”). The Selected Institutions are: General Retirement and Pension Authority, Qatar Education and Health Fund and Qatar Foundation for Education, Science and Community Development. The Offer Shares are being offered at an Offer Price of QR21 per Offer Share, with additional QR0.6 offering costs per Offer Share. GIS was duly incorporated under the Commercial Companies Law No. 5 of 2002 of the State of Qatar (the “Companies Law”) as an Article (68) Qatari Shareholding Company by Ministry of Economy and Commerce (“MOEC”) Resolution No. 42, dated 12 February 2008. The authorised capital of GIS amounts to QR10,000,000,000, divided into 1 special share (the “Special Share”) with a par value of QR10 and 999,999 ordinary shares (each an “Ordinary Share” and collectively the “Ordinary Shares” and, together with the Special Share, the “Shares”). QP subscribed and fully paid for 1 Special Share and 499,999 Ordinary Shares. The issued share capital of GIS was subsequently increased on 24 February 2008, as a result of a reorganisation (as discussed herein), with all new Shares being issued to QP (as the sole shareholder of GIS). Currently, GIS’ share capital comprises 499,999 Ordinary Shares and 1 Special Share, all fully paid by QP. Prior to the Offering, there has been no public market for the Shares. Following the Offering, GIS will submit an application to the QFMA to list the Shares on the Doha Securities Market (“DSM”). ____________________________ See “Risk Factors” beginning on page 36 for a discussion of certain factors to be considered in connection with an investment in the Offer Shares. 2 TABLE OF CONTENTS IMPORTANT NOTICE .........................................................................................................................................4 DESCRIPTION OF THE OFFERING AND THE OFFER SHARES ...................................................................6 REGISTRATION, OBJECTS AND ACTIVITIES OF GIS ................................................................................10 RIGHTS AND LIABILITIES OF GIS SHAREHOLDERS.................................................................................13 USE OF PROCEEDS ...........................................................................................................................................15 BUSINESS OF THE COMPANY AND THE PORTFOLIO COMPANIES.......................................................16 RISK FACTORS ..................................................................................................................................................36 CAPITALISATION OF GIS................................................................................................................................44 FINANCIAL INFORMATION............................................................................................................................45 DIRECTORS AND MANAGEMENT OF GIS ...................................................................................................81 ECONOMY AND OIL & GAS SECTOR IN QATAR........................................................................................84 DOHA SECURITIES MARKET .........................................................................................................................94 TAXATION .........................................................................................................................................................95 UNDERTAKINGS BY THE COMPANY...........................................................................................................96 LEGAL COUNSEL’S REPORT..........................................................................................................................97 AUDITORS’ REPORT ........................................................................................................................................98 ADVISORY PARTIES ........................................................................................................................................99 GLOSSARY OF DEFINED TERMS.................................................................................................................101 3 IMPORTANT NOTICE The information in the Prospectus is provided to potential investors to inform their decision whether to invest in Offer Shares pursuant to the Offering, in accordance with the terms and conditions described in the Prospectus and in accordance with GIS’ Memorandum and Articles of Association. The Prospectus does not contain misleading information, nor has any material information been omitted that might affect potential investors’ decisions regarding their investment in Offer Shares. Potential investors are required to carefully review the Prospectus prior to making an investment decision regarding the Offer Shares, taking into account all facts described therein in light of their own investment considerations. The Board of Directors of GIS (the “Board”) and the Board of Directors of QP (the “QP Board”) each accepts responsibility for the information contained in the Prospectus. They declare that, to the best of their knowledge, the information contained in the Prospectus (for which each of them has assumed responsibility) is, at the date hereof, factually accurate in all material respects and that there is no omission of any information that would make any statement herein materially misleading. The QFMA and the DSM take no responsibility for the contents of this Prospectus or the Arabic Prospectus, make no representations as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon any part of the contents of this Prospectus or the Arabic Prospectus. The distribution of the Prospectus and the offer of the Offer Shares may, in certain jurisdictions, be restricted by law or may be subject to prior regulatory approvals. The Prospectus does not constitute an offer to sell or an invitation by or on behalf of QP or GIS to purchase any of the Offer Shares in any jurisdiction outside of the State of Qatar. The Prospectus may not be distributed in any jurisdiction where such distribution is, or may be, unlawful. QP, GIS, HSBC Bank Middle East Limited (“HSBC”) and the Receiving Banks require persons into whose possession the Prospectus comes to inform themselves of and observe all such restrictions. None of QP, GIS, HSBC or any of the Receiving Banks accept any legal responsibility for any violation of any such restrictions on the sale, offer to sell or solicitation to purchase Offer Shares by any person, whether or not a prospective purchaser of Offer Shares is in any jurisdiction outside of the State of Qatar, and whether such offer or solicitation was made orally or in writing, including by electronic mail. The Prospectus is not intended to constitute a financial promotion, an offer, sale or delivery of shares or other securities under the Dubai International Financial Centre (the “DIFC”) Markets Law (DIFC Law 12 of 2004, as amended) (the “Markets Law”) or under the Offered Securities Rules (the “OSR”) of the Dubai Financial Services Authority (the “DFSA”). The Offering and the Offer Shares and interests therein have not been approved or licensed by the DFSA, and do not constitute an offer of securities in the DIFC in accordance with the Markets Law or the OSR. None of the Offer Shares has been or will be registered under the United States of America’s (the “US”) Securities Act of 1933, as amended (the “Securities Act”). The Offer Shares may not be offered or sold within the US except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Neither the Prospectus nor any other document issued in connection with the Offering may be passed on to any person in the United Kingdom (“UK”). All applicable provisions of the Financial Services and Markets Act of 2000, as amended, must be complied with in respect of anything done in relation to the Offer Shares in, from or otherwise involving the UK. No person is or has been authorised to give any information or to make any representations other than the information and those representations contained herein in connection with the Offering. If given or made, such information or representations must not be relied upon as having been authorised
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