Addax Investment Bank's USD 150 million deal breaks ground

Notes and media contacts

For further information, please contact:
For Addax:
Mona Akhtarzadeh
TEL: +973 17 535 246

About Addax Investment Bank
Addax Investment Bank has an authorised capital of US$100 million and is regulated by the Bahrain Monetary Agency (BMA). The Bank was formed in 2003 and has been involved in a number of high profile deals in the region.

Addax Investment Bank's landmark deals include: participation with Dubai International Capital and other lead investors in creating JD Capital, a US$300 million (approximately) company targeting investment opportunities in Jordan. Addax Investment Bank was also responsible for the structuring and placement of the US$ 150 million deal to finance 20 Express by Holiday Inn hotels across five countries in the GCC.

Additionally, Addax Investment Bank has launched a US$1 billion investment fund, the MENA Serviced Residence Fund, in collaboration with The Ascott Group of Singapore, to acquire and manage a chain of serviced residences throughout the Middle East and North Africa. The first phase of capital fund raising towards the US$ 1 billion MENA Serviced Residence Fund was successfully completed earlier this year; the private placement was well received by investors and was oversubscribed by 150% within record time.

Addax Investment Bank reported a consolidated net profit of US$3.2 million for the year ended 31 December 2005, an increase of 220% over the previous year.

Addax Investment Bank announced a consolidated net profit of US$3.4 million for the six-month period ended 30th June 2006, an increase of 170% over the previous year.

Addax is fast gaining a reputation for launching innovative and unique deals in the Middle East region.