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MENAFN Press - 04/12/2012

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Top officials from Kanoo and AkzoNobel during the signing of joint venture
(MENAFN Press) Dubai, United Arab Emirates:

Yusuf Bin Ahmed Kanoo, a Gulf-based multinational group of companies which has been operating for over 120 years has announced its major partnership deal with AkzoNobel, the largest global paints and coatings firm and the leading producer of specialty chemicals. The agreement was recently signed on November 30, 2012.

The new deal strengthens the existing joint venture between AkzoNobel and Kanoo, which only covers the supply of the company's International Paint brand, along with coil and packaging coatings. Working closely with its partners, The Kanoo Group in the UAE and YBA Kanoo in Saudi Arabia, AkzoNobel will offer products from across its Performance Coatings portfolio, including professional woodcare, automotive refinish, marine, yacht, fire protection, protective and powder coatings.

"Extending the agreement will give us a firm foothold in the Middle East and a solid platform from which to deliver on our ambitious growth strategy in the region," said Peter Tomlinson, AkzoNobel's Managing Director for the Middle East. "We see many opportunities for our products and services to supply the construction, oil and gas and transportation sectors in the Middle East and this deal will ensure that we are better placed to serve our customers. We are also pleased to build on our long-standing relationship with the Kanoo family."

Khalid Kanoo, Deputy Chairman for Kanoo in Saudi Arabia said: "AkzoNobel and Kanoo complement each other, and I am very pleased to see that both companies committing to expand and grow. It is an excellent time to bring AkzoNobel's Performance Coatings into Saudi Arabia as the kingdom is looking to expand significantly over the coming period."

Mishal Kanoo, Deputy Chairman for Kanoo in the UAE and Oman, added: "Our relationship with AkzoNobel goes back over 30 years in the UAE and Saudi Arabia. Kanoo has been instrumental in assisting in setting up one of the first multinational paint companies in the region, and now very much look forward to supporting AkzoNobel in its ambition to be a leading supplier of Performance Coatings in both the UAE and Saudi Arabia."

The transaction is in line with the group's philosophy to expand its vision and to further strength its relationship with AkzoNobel.

About The YBA Kanoo (Kanoo Group)
The YBA Kanoo (Kanoo Group) is one of the largest independent, family owned, group of companies in the Gulf region. Established in Bahrain in 1890 by Haji Yusuf Bin Ahmed Kanoo, and grew from its early trading and shipping business to become one of the most diversified business houses in the gulf region and beyond. Kanoo operates extensively in the United Arab Emirates and Oman since the early 1960s.


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