Al Ghurair to Chair Arab Business Angels Network

Notes and media contacts

For further information, please call:
Arab Business Angels Network (ABAN)
Lisa LaBonte
Tel: +9714 3621888

Rami Adwan, JiWiN
The Public Relations arm of Dubai Press Club
Tel: +9714 361 3 333
Fax: +9714 388 8 001

Dubai International Capital (DIC)
Joanna Macdonald
Tel: +971 4 362 1888

About Mashreqbank

Mashreqbank is the largest private bank in the UAE. It is also the country's second oldest commercial bank, having originally been established as Bank of Oman in 1967 and changing its name to Mashreq - which in Arabic means both sunrise and the East - in 1993.

With 46 branches in the UAE, four in Qatar, two in India and one each in Bahrain, Egypt, Hong Kong, United Kingdom and United States of America, its considered to be one of the fastest growing banks in the region

Mashreqbank has received numerous international awards, particularly for quality management. According to independent researchers it has more ISO certified operations than any other bank in the region "by a wide margin".

About Mr. Abdul Aziz Al Ghurair:
Mr. Abdul Aziz Al Ghurair is Director and Chief Executive Officer of Mashreqbank, one of most profitable banks in the UAE, with $6 billion in assets. Mr. Al Ghurair also owns a variety of businesses, including a flour mill, edible oil refinery, cement company, shopping malls, and other real estate holdings. An industrial engineer by training, Abdul Aziz Al Ghurair graduated with honors from the California Polytechnic State University.

About ABAN:
The Arab Business Angels Network (ABAN) was conceived by the Young Arab Leaders during the Clinton Global Initiative in September 2005, with Dubai International Capital as its founder and lead corporate Angel.

Headquartered in Dubai, ABAN will complement the economic development objectives of the Arab world by participating in the success of high potential entrepreneurial ventures. ABAN's private investors will directly contribute to the growth of entrepreneurship and improved economic vitality by spearheading seed and early stage investments for emerging businesses across the MENA region.

Background:

The Arab Business Challenge is the first initiative of the Arab Business Angels Network (ABAN). Stakeholders include Dubai International Capital, the Young Arab Leaders, and Dubai Holding. The Challenge is sponsored by SHUAA Capital and HSBC and is supported by partners Al-Arabiya TV, McKinsey & Company, PricewaterhouseCoopers, the American University Dubai, the Lebanese American University and Yarmouk University Jordan.

About Dubai International Capital:
Established in 2004, Dubai International Capital (DIC) is a Dubai-based, international investment company that primarily focuses on private equity. It is a wholly owned subsidiary of Dubai Holding. DIC manages an international portfolio of diverse assets that provide its stakeholders with value growth, diversification, and strategic investments and relationships.

DIC's expanding portfolio includes:
• US$ 1.23 billion acquisition of Travelodge (UK), Britain's fastest growing hotel company
• US$ 1.5 billion acquisition of The Tussauds Group (UK), the largest operator of visitor attractions in Europe.
• US$ 1.2 billion acquisition of Doncasters Group (UK), an industrial manufacturing firm that produces precision engineering components across various industrial sectors.
• US$ 1 billion investment in DaimlerChrysler, making it the company's third largest shareholder.
• US$ 300 million in commitments to private equity funds, across the Middle East, Asia, Europe and North America.
• US$ 294 million investment company Jordan Dubai Capital (JD Capital), targeting investment opportunities in Jordan.
• US$ 150 million investments by Ishraq Holding, bringing the world's leading budget hospitality brand, Express by Holiday Inn, to the GCC.

About Young Arab Leaders:
The Young Arab Leaders is a network of Arab men and women who have seen the power of action in their own lives, reached unprecedented levels of success for their age, are positive, can see beyond today's challenges, and envision a prosperous future for the Arab world. These leaders are currently in prominent positions of responsibility and are destined for extraordinary achievement, and they believe that their efforts today can have an impact on their communities, countries and the region as a whole.

Better opportunities for education, new means of income generation and a belief in the ability to achieve is what will help Arab youth become tomorrow's leaders. Members of Young Arab Leaders bring together their capabilities and resources to building the necessary environment that will facilitate the way for tomorrow's young Arab leaders.

Each year, the Young Arab Leaders commit to implementing an Action Plan that sets the strategic vision of the organization. They undertake projects focusing on mentorship and education, while producing sector-specific plans that aim to increase income generation opportunities for youth.