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Completion of transaction combining Arkan and Emirates Steel

creates the UAE’s largest steel and building materials company

The Combined Group is the UAE’s largest steel and building materials company The Group is well placed to scale and grow, ensuring that homegrown manufacturers

are at the forefront of driving a sustainable, diversified national economy

The transaction marks the first time that investors have access to a steel producer on a

UAE public market

Abu Dhabi, UAE, 6 October 2021 – Following the shareholder vote on 9 August 2021 and the receipt

of all regulatory approvals, Arkan Building Materials Company PJSC (“Arkan”), a leading construction

and building materials company in the UAE, confirms the legal completion of its combination with

Emirates Steel Industries PJSC (“Emirates Steel”), a leading integrated steel manufacturer in the

Middle East.

The combination of Arkan and Emirates Steel (the "Combined Group") creates the UAE’s largest steel

and building materials company with a compelling strategic proposition and strong potential for

growth in the UAE and internationally. The transaction provides significant revenue diversification

for the Combined Group and marks the first time that investors have access to a steel producer on a

UAE public market.

The Group is well placed to scale and grow, create new business opportunities and ensure that

homegrown manufacturers are at the forefront of driving a sustainable, diversified national

economy.

Under key terms of the offer, Arkan issued to Senaat a convertible instrument, which converted into

5.1 billion ordinary Arkan shares.

- ENDS – For further information please contact: Brunswick Phone: +971 (0)2 234 4600 / +971 (0)4 560 9600 Email: arkan@brunswickgroup.com ABOUT ARKAN Arkan Building Materials Company PJSC (ADX: ARKAN), is a public joint stock company specialising in the manufacturing of building and construction products in the UAE. Arkan’s vision is to build a large integrated building products business that serves the local and regional construction

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industries. Arkan’s portfolio companies include the Al Ain Cement Factory, Emirates Blocks Factories, ANABEEB and Arkan Dry Mortar. Through Senaat, Arkan is part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy. For more information, please visit our website: www.arkan.ae ABOUT EMIRATES STEEL Emirates Steel is a leading integrated steel manufacturer in the Middle East region, based in the UAE capital, Abu Dhabi. Through Senaat, Emirates Steel is part of ADQ, one of the region's largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi's diversified economy. Established in 1998, Emirates Steel boasts cutting-edge rolling mill technology, and supplies the domestic and international markets with high quality finished products including wire rods, rebars, heavy sections and sheet piles. Emirates Steel is one of the first steelmakers in the world to capture its CO2 emissions. The company plays an enabling role in building the UAE's future and contributes to achieving the Abu Dhabi Economic Vision 2030 and UAE Centennial 2071 through its delivery of market-leading products to local industries and provision of career opportunities for talented UAE nationals. For more information, please visit our website: www.emiratessteel.com