Prince Faisal appointed President of the Saudi Water Sports Federation.

Riyadh, Dec 15th 2003: Prince Faisal bin Fahad bin Abdullah Al Saud, President of FAMA Holding Group and President of the new Saudi Water Sports Federation announced today at the Sunset Beach Resort in Al Khobar that the World Federation of Water Sports approved the listing of the Kingdom of Saudi Arabia on the calendar of the U.I.M. F1 Powerboat World Championship from 2004 onwards.

Mr. Nicolo di SAN GERMANO - Promoter U.I.M. F1 Powerboat World Championship, Mr. Mohammed Al Qubaisi UAE Marine Sports Federation Vice-Chairman, and leading Saudi F1 Powerboat pilot Laith Pharaon attended a press conference to announce the inclusion of the Kingdom of Saudi Arabia in the 2004 U.I.M. F1 Powerboat World Championship.

Prince Faisal said, "The U.I.M. decision to include the Kingdom of Saudi Arabia in the F1 Powerboat World Championship is a great achievement for Saudi sports and can be added to our many previous accomplishments in hosting and organizing all kinds of local and international sporting events."

" By hosting this great event, we aim to consolidate the Kingdom's position not only regionally but also internationally by attracting the world's attention to the Kingdom's growth, prosperity and ability to host any major event with expertise. Generally, water sports such as Powerboat races are very appealing to the kingdom's sport officials and youth. We believe that by hosting and organizing such events we can effectively promote this new sport and enable us to create a Saudi team to represent the Kingdom in every international event," Prince Faisal added.

Nicolo di SAN GERMANO - Promoter U.I.M F1 Powerboat World Championship said: "The U.I.M. is very happy that the Kingdom of Saudi Arabia will host a round of the F1 Powerboat World Championship. This represents a great addition to the championship given the Kingdom's position regionally and internationally. We are absolutely confident the Grand Prix of Saudi Arabia will be a great success."

On the same occasion, Saudi F1 Powerboat pilot Laith Pharaon said, "The U.I.M. F1 Powerboat World Championship is one of the main competitive water sports in the world. To host one of the championship rounds is a great achievement, and it proves the Kingdom of Saudi Arabia is a leader both regionally and internationally. This event will promote the sport in Saudi Arabia and will attract commercial and public attention helping us to build a Saudi team able to compete in various world events."

Prince Faisal called for the support of both public and private business sectors to turn the new initiative into a national push towards the development and growth of Powerboat racing. Businesses in the Kingdom will have a great opportunity to support the formation of a national team which will represent the country at international level.