Istithmar PJSC appoints new Chief Executive Officer

The appointment is effective January 2, 2006 as the UAE based investment holding company seeks to further expand its investment activities within Dubai and globally. Tarmoom replaces Ahmed Butti who has been appointed as Director General of Dubai Customs.

Tarmoom brings with him years of experience including: heading the European equity investment team of 40 investment professionals at the world renowned Abu Dhabi Investment Authority (ADIA); non-executive board positions in international companies; setting up his own consulting practice; and active engagement in the development of effective turnaround strategies at a major oil company in the United Kingdom.

Commenting on the new appointment, Istithmar Executive Chairman Sultan Ahmed Bin Sulayem, said:

"Muneef's credentials are most suited to lead a dynamic organization such as ours. On behalf of the company, I'm extremely pleased to welcome him and wish him all the best in his new role."

Bin Sulayem then went on to thank Tarmoom's predecessor by saying: "I would also like to thank Ahmed for developing Istithmar since its inception. He was an asset to the company and his steady focus and determination helped Istithmar carve out an enviable reputation in the industry. The appointment of Tarmoom will allow Ahmed to focus his talents and energies on developing Dubai Customs."

On his part, Tarmoom stated: "Istithmar's proactive commitment to its projects will lead to the creation of enhanced long-term shareholder wealth and to the advancement of key sectors in the country, the Gulf region and other key international markets, during a period of unprecedented growth. The company is fully committed to building out its platform and I am personally excited at being given the opportunity to lead an exceptional team and achieve new strategic goals."

Tarmoom, a UAE National, is a Post Graduate from the University of Strathclyde (Glasgow), with an MBA Degree specializing in Finance, a "First Class" graduate of Middlesex Business School (London) and is an accredited member of the Institute of Investment Management and Research (United Kingdom). Tarmoom is a man who has an incessant drive to compete and succeed - he is a Triathlon competitor (finished 5th in the UAE Triathlon) and has climbed Mount Kilimanjaro in Tanzania.