(Left to right) Dr. Ahmed Al Janahi, Deputy Group CEO, Noor Investment Group, and Mr. Tom Volpe, Group CEO, Dubai Group. Three-Year Facility Lead Arranged by Noor Islamic and Consortium of Regional and International Banks

Dubai: 27 August, 2008 - Dubai Group Dubai Group , the leading diversified financial services company of Dubai Holding, has successfully closed the largest ever multicurrency syndicated commodity Murabaha transaction in the UAE. The US$1.5 billion facility was arranged for Dubai Financial Group Dubai Financial Group , the financial holding company of Dubai Group Dubai Group , to explore new growth opportunities, support current investments, and refinance existing debt.

With Noor Islamic Bank Noor Islamic Bank in the lead to arrange the underwriting group, Dubai Financial Group Dubai Financial Group mandated Al Hilal Bank, al khaliji, First Gulf Bank, The Royal Bank of Scotland, Standard Bank and Noor Islamic Bank Noor Islamic Bank to arrange and syndicate the three year commodity Murabaha facility.

The transaction was launched at US$1,500,000,000 and achieved a solid oversubscription at close. A total of 24 banks from across the Middle East, Europe and Asia participated in the multicurrency syndication. The profit rate for the transaction is 200 basis points per annum over the applicable benchmark with a three-year maturity period. Noor Islamic Bank Noor Islamic Bank also acted as the sole Shariah advisor and investment agent for the Facility.

Soud Ba'alawy, Executive Chairman, Dubai Group Dubai Group said: "This syndication demonstrates the confidence of regional and global banks in the Dubai model. Dubai Group Dubai Group remains committed to developing the region's financial services sector in line with international best practice and corporate governance. The participation

of some of the most well known and leading names in the banking sector endorses the strong economic fundamentals and reputation of Dubai-based companies in the global financial landscape."

Sayanta Basu, CEO, Dubai Financial Group Dubai Financial Group said: "We are very pleased with the outcome of this syndication, which attests not only to Dubai Financial Group Dubai Financial Group 's sound financial track record and growth performance, but also to the strength of our corporate strategy and business model. This syndication will allow us to further explore opportunities for strategic partnerships across the region, as well as augment our existing portfolio of international investments."

Speaking on behalf of the syndicate banks, Hussain Al Qemzi, CEO, Noor Islamic Bank Noor Islamic Bank said: "The overwhelming success of this syndication among regional and international institutions is evidence of the strong reputation Dubai enjoys in the international financial community. This transaction also reaffirms the important role Islamic finance plays in debt capital markets by providing versatile Sharia'a-compliant structures for conventional and Islamic investors alike."

Dubai Financial Group Dubai Financial Group has built up strategic stakes in a diversified group of leading financial institutions across the MENA region and South Eastern Europe, focusing on banking, consumer finance and financial exchanges.

Today, Dubai Financial Group Dubai Financial Group is recognised as a key investor in the global financial services sector. Its diverse investment portfolio comprises noted financial majors such as Bank Muscat, Global Investment House, EFG-Hermes, Marfin Popular Bank, Marfin Investment Group, Borse Dubai and TAIB Bank.

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Dubai Group Dubai Group Dubai Group is the leading diversified financial services company of Dubai Holding. Focused on banking, investments and insurance regionally and globally, Dubai Group Dubai Group has offices in Dubai, London, New York, Pittsburgh, Kuala Lumpur and Hong Kong. Through its subsidiaries and affiliates, Dubai Group Dubai Group has business interests in 26 countries that employ 16,000 individuals. Run by high-calibre industry veterans with proven track records, Dubai Group Dubai Group entities include Dubai Investment Group, Dubai Capital Group, Dubai Financial Group Dubai Financial Group , Dubai Banking Group, Dubai Insurance Group, Dubai Ventures Group, and Noor Investment Group. Dubai Group Dubai Group plays a pivotal role for the realisation of Dubai Strategic Plan by leading the development of the financial industry in the region. For more information, please visit www.dubaigroup.com

Dubai Financial Group Dubai Financial Group Dubai Financial Group is the financial holding company for Dubai Group Dubai Group , a member of Dubai Holding. Its core practice is the identification and acquisition of financial services companies, to build long-term value through state-of-the-art governance. Identifying opportunities across the banking, foreign exchange, brokerage and asset management sectors omar 1.1:zy