Istithmar PJSC receives Euromoney Best Finance House Award

The award by the London-based Euromoney Magazine is in recognition of Istithmar's expertise, professionalism and dominant position in the UAE investment community. The accolade reflects the company's impressive growth and its proactive investment philosophy, which has resulted in a broad portfolio since its inception in 2003. By focusing on its "Idea" based investment philosophy, Istithmar has not only built a strong portfolio, but has helped blaze a trail in new and innovative financing structures.

Marwan Abedin, Director at Istithmar, received the award at a glittering Gala Awards Dinner held recently at Legends Headquarters at Dubailand. The Gala Dinner was held on the sidelines of the Islamic Real Estate Middle East 2005 forum organised in Dubai between December 17 and 19, 2005.

In his comments on the award, Mr. Sultan Ahmed Bin Sulayem, Chairman of Istithmar said:

"We would like to thank Euromoney for recognizing the landmark financing of the Atlantis project. Our approach to financing Atlantis has taken us down an uncharted road, but one we hope will open up financing for multiple projects in the Middle East."

He added: "With our core expertise in investments, Istithmar has explored the Middle East real estate market and hotel sector in great detail. The Atlantis, Palm project symbolises the immense opportunities on offer in the regional hotel sector and our association with it is an extension of our investment philosophy."

The award recognises Istithmar's performance in the UAE, where it has demonstrated expertise in project finance and syndicated investment capability besides undertaking regular private equity investments and leveraged boy outs.

The Atlantis, The Palm will be the first major destination resort of its kind in the region and will be built over a total of approximately 103 acres at the apex of the Crescent on The Palm, Jumeirah at a total estimated costs of USD 1.2 billion. It will consists of 2000 room hotel, a world class water theme park with dolphin experience, a convention center, retail and other leisure attractions.