Bahrain Bay secures USD150 million financing from Ahli United Bank

Notes and media contacts

About Bahrain Bay Development B.S.C.(c) (www.bahrainbay.com)
Bahrain Bay will be a balance of commercial, residential and retail spaces set around the Manama waterfront and the centrepiece will be the Kingdom's first Four Seasons hotel. The project will be executed in three distinct phases. Phase One will involve a 430,000m2 land reclamation and infrastructure development, which commenced in January 2006. Phase Two will involve the construction of the anchor developments: the Four Seasons hotel and the new global headquarters building for Arcapita. Phase Three will involve other development partners, such as CapitaLand, for the development of residential, retail and commercial sub-projects around the anchor developments. CapitaLand's Raffles City Bahrain is due for phased completion from 2010. At final completion, expected in phases from 2012, the total built area will be over 1.1 million m2. The Bahrain Bay sales centre is in Manama and can be reached on +973 16 55 66 77.

For further information, please contact:

Tim Doyne, Arcapita
Tel: +973 17 218333
Mob: +973 39 929009

About Ahli United Bank

Ahli United Bank B.S.C. is an offshore and full commercial banking institution based in Bahrain providing retail, commercial and investment banking business, global fund management and private banking services. It is targeting growth through the development of a larger client base in the Gulf states and through its close partnerships with customers, staff and product providers. The evolution of future mergers and acquisitions in the Gulf region remains central to the Bank's expansion strategy. AUB reported a consolidated net profit of US$ 207.5 million for the year ending 31 December 2006, an increase of 25.8% compared to the previous year. As of 31 December 2006, total assets for AUB stood at US$ 20.8 billion, up 49.6% on the year before.

During 2006, AUB was awarded: "Best Bank 2006 - Middle East and Africa" (awarded by Global Finance); "Global Bank of the Year 2006 - Middle East" (The Banker); "Best Foreign Exchange Bank - Middle East 2006" (Global Finance); "Best Bank and Bank of the Year 2006 - Bahrain" (Global Finance, Euromoney and The Banker).

In June 2006, AUB was reaffirmed with a foreign currency long-term rating of A- and a short-term rating of A2 with a stable outlook from Capital Intelligence. In November 2006, it was awarded a long-term rating of A- with a stable outlook by Fitch Ratings.