Dubai Holding launches AED 1 billion investment vehicle to target Jordan's booming economy

HM King Abdullah II receives preview of new fund from Gergawi

Dead Sea, Jordan- May 21, 2005: Dubai International Capital (DIC), the investment arm of Dubai Holding, today announced that following a meeting with HM King Abdullah II of Jordan it will launch an AED 1 billion (US$272 million) investment fund that will target opportunities in the Kingdom's booming economy. The fund was unveiled during the World Economic Forum (WEF) meeting on the Dead Sea by Mohammad Al Gergawi, Chief Executive Officer of Dubai Holding and Chairman of Dubai International Capital. He said: "There is a growing number of feasible and profitable investment opportunities in Jordan. "Through this fund we are looking to tap into the wealth of opportunities that exist in the country. We will invest in projects that will generate superior returns for investors. At the same time we are committed to contributing to the development of the country's economy and the scale and type of our investments, many of these in expansion projects, will reflect this."

Earlier today His Majesty met Mr. Gergawi and senior DIC officials to hear about the new venture and its main objectives. Mr. Gergawi thanked His Majesty for his support. Mr. Gergawi said: "The fund represents a significant strengthening of the partnership between Jordan and Dubai and demonstrates the strong determination by both to fully realise the benefits of a properly developed entrepreneurial culture." Mr. Gergawi revealed that DIC would be responsible for structuring the fund and identifying investment opportunities. Projected returns in excess of 25 per cent have been forecast on the back of the upturn in Jordan's economy.Since 1998, the country's annual GDP growth rate increased to 6 per cent last year from just 3.2 per cent on the back of economic reform, market liberalization, and major trade agreements that include USFTA, EU FTA, and WTO membership.

Sameer Al Ansari, CEO of Dubai International Capital, said: "Jordan offers a wealth of investment opportunities, from start-up projects to buyouts. These have emerged in a variety of sectors, from financial services to aviation."We are confident that by combining DIC's experience in managing and developing diverse investment portfolios with expertise in the Jordanian market, the new fund will provide strong returns for investors and enormous benefit for the local business community." Dr. Bassem Awadallah, Jordan's Minister of Finance, added: "The launch of this fund is a major vote of confidence in the economic potential of Jordan and provides a vital new vehicle to drive growth across all sectors of our economy. Dubai International Capital has had a huge impact on the international investment market and we are delighted that they have chosen to invest in Jordan."

Dubai International Capital ('DIC') is the international investment arm of Dubai Holding, which owns and manages a diversified portfolio of companies operating in the fields of leisure, healthcare, technology, finance, real estate, research, education, tourism, energy and communications. Established in October 2004, DIC employs an experienced team of international investment professionals and is committed to establishing itself as a dynamic international investor. DIC will look to build an international portfolio of diverse business assets in North America, Europe, Asia-Pacific and the Middle East/North Africa and will seek to create and maximize long term shareholder value as an active investor in different asset classes.

DIC has a $1 billion investment in DaimlerChrysler, making DIC the company's third largest shareholder, as well as the recently announced $1.5 billion agreement to purchase the Tussaud's Group.As a member of Dubai Holding, DIC will leverage the knowledge, experience and contacts of other Dubai Holding companies to help source investment opportunities and create long-term shareholder value. Dubai Holding was launched in October 2004 to consolidate the various large scale infrastructure and investment projects in Dubai that were created over the past five years as well as research, identify and execute future major projects that will benefit the emirate and the region. The company has been created with the goal of providing a better future for all - across the range of life-improving industries it is involved in. Each of the Dubai Holding operating companies focuses on key areas which will dynamically support the development of Dubai as a world leading hub for commerce, leisure and finance, in turn driving these companies to become leaders in their respective fields in the Middle East and beyond. Dubai Holding currently has more than 20 companies operating in a variety of sectors ranging from health, technology, finance, real estate, research, education, humanitarianism, tourism, energy, communication, industry, biotechnology and hospitality. These companies include: Dubai Internet City, Dubai Media City, Dubai Healthcare City, Dubai International Capital, Dubai Industrial City, Dubai Properties, Dubai International Properties, Dubai Humanitarian City, Dubai Knowledge Village, Arabian Radio Network, Dubai Outsource Zone, International Media Production Zone, E-Hosting Datafort, Empower, SamaCom, Jumeirah International, Dubiotech and Dubai Studio City, Dubai Investment Group and Dubailand.

Dubai's Largest businesses Chart Out Middle East Expansion Plans at the WEF

His Excellency Sultan Ahmed bin Sulayem says Dubai is a positive role model for Middle East prosperity and emphasises the importance of world-class infrastructure

Dubai, UAE, May 20, 2005 - The Corporate Office, Dubai (TCO) presented Dubai as a role model for growth and economic prosperity in the Middle East region at the World Economic Forum in Jordan today. His Excellency Sultan Ahmed bin Sulayem, head of the UAE delegation from The Corporate Office, outlined ideas to help both private and public sector entities maximise opportunities in the current climate of change and opportunity in the region.

Bin Sulayem, who is also Executive Chairman of the Ports Customs and Free Zone Corporation, put forward several strategies for improving co-operation between Middle East states and other markets around the world. His audience included a number of ministers, senior government representatives and chair persons of rivate and public sector companies.

Citing the example of Dubai as a role model for the region, Bin Sulayem said that the future of the region lay in building an investment-driven economy and moving to an innovation-driven environment. "Through a combination of making ourselves more attractive to foreign investors, by developing global marketing platforms, and by investing in technological infrastructure, Dubai has become an international commercial and economic hub and a leading tourist destination. "The city of Dubai is now on the global stage and clearly offers itself as a successful role model for other nations in the region."

He continued: "There is a growing need for public and private sectors to invest in the future of the region by creating jobs, speeding economic development and reducing our dependence on natural resources. Given the region's rapidly increasing population, which is estimated to rise to more than 400 million in the next 15 years, and the unabated pace of industrialisation, our collective focus should be on building forward-thinking infrastructural networks - be they physical or information based."

He urged Middle Eastern states to emulate the recent success of the portfolio of companies under the TCO banner which have inspired international acclaim including the Ports, Customs and Free Zone Corporation, Jebel Ali Free Zone Authority and Nakheel's spectacular real estate developments including The Palm islands and The World.
"With more than US$25-billion worth of properties currently under various stages of development, Nakheel provides direction to sustainable growth in the Middle East, where mixed use developments like The Palm create truly sustainable communities with services and utilities serving a single area. Our Ports and Free Zone operations are recognised as world-class, showing that we can provide the necessary air, rail, sea and road infrastructures to fuel growth. Dubai Maritime City will become another example as the first purpose-built maritime facility designed to meet the needs of a diverse global marine and maritime audience."

Addressing the issue of intra-regional cooperation, Bin Sulayem said that despite several projects that are underway with a mission to create long-term economic wealth and new business opportunities in the region, much more is needed to strengthen ties. He called upon governments to support a broad spectrum of reforms in pursuit of greater transparency, openness and development to cater to young and growing populations. "Almost 70 percent of the Arab population is under the age of 30 while another 50 percent is under the age of 18, and this signals tremendous hope for the region, if we get it right and foster new talent and grow wisely.

"Dubai has shown the world that progressive reform in the Middle East can be achieved. We now seek to inspire and work with opinion formers and to play a key part in bringing about real change in business, government and society. Without such reforms, we jointly face the prospect of missing out on the advantages of playing a leading role in the world economy and failing to develop the potential of our people," he said. His Excellency Sultan Ahmed bin Sulayem was accompanied by a delegation comprising Mr. Jamal Majid Bin Thaniah - CEO of Dubai Ports Authority, Mr. Hamed Ahmed Kazim - CFO and Head of TCO, Mr. Mahmood Saleh - Executive Director of Shared Services and Secretary General of TCO, Mr. Adel Al Shirawi - CEO of Tamweel, Mr. Ahmed Bin Sulayem - COO of Dubai Metals & Commodities Centre, Mr. Yousuf Kazim - Executive Vice President (Projects) of Istithmar, Mr. Amer Ali - Director of Public Relations, Promotions & Exhibitions at Ports, Customs and Free Zone Corporation, Mrs. Salma Hareb - Senior Manager Strategic, Planning and IT Development at Jebel Ali Free Zone Authority, and Mrs. Barbara Castek - Head Of Dubai Aid City. Notes to the editor: The Corporate Office manages and supervises a portfolio of businesses and a series of projects on behalf of the Government of Dubai, which are known as Ports, Customs and Free Zone Corporation (PCFC), Nakheel, Istithmar, Dubai Metals and Commodities Center (DMCC), Tejari and Dubai Maritime City.