Abu Dhabi, UAE, 19 November 2007: The National Investor (TNI) yesterday announced consolidated gross revenue of AED 82.6 million and consolidated net profit of AED 30.8 million for the six months ending September 30, 2007.

Chairman Abdullah M. Mazrui said "results for the period show significant revenue contribution from our asset management, real estate, and principal investment activities". The firm closed its mid-year results with a slowdown in its investment banking activities. On the other hand, shareholders' equity increased by AED 113.1 million mainly due to net profit generated during the period and an increase in the revaluation reserve from gains on available-for-sale investments.

During the period, TNI's Asset Management Division achieved significant growth fuelled by improvement witnessed in UAE and regional capital markets. Assets under management almost doubled, driven by capital gains realized across all investment funds and fund raising from new accounts. "The solid growth in asset management activity has resulted in an impressive 88% increase in revenue over the 12-month period of last year," Mazrui added.

Meanwhile, TNI's Real Estate Division focused mainly on existing developments. Major on-going activities, such as Al Mafraq Hotel redevelopment project and the two Capital Center towers construction project, witnessed significant strides. A hotel operator is in the process of being appointed for Al Mafraq Hotel and concept designs are now being finalized for all three real estate development projects.

CEO Orhan Osmansoy pointed out that the firm is well positioned to take advantage of existing opportunities in a bullish market despite fierce competition mainly in investment banking and asset management activities. He explained that TNI's asset management now offers a multitude of offerings including management of regional funds, investment consultancy services and holistic investment solutions including fund of funds. The firm's asset management funds, which have outperformed most of their peers in the region, have experienced a year-to-date trough to peak performance swing of 60% to 75%.

As far as investment banking activities are concerned, Osmansoy highlighted that efforts will be centered during the second half of the year on revenue optimization through the execution of existing mandates. On the other hand, TNI's private equity has successfully closed the fund-raising of its flagship late stage third-party fund, the TNI Growth Capital Fund (GCF). The fund has already achieved two successful exits, and is off to a strong start in returns. It has a significant transaction pipeline and is expected to be fully invested by the end of calendar year 2008. "We have a strong foundation in place, and through continuous incremental efforts and prudent growth we are in the process of transforming TNI into a full-service regional firm among the leaders in the markets we serve," Mazrui concluded.

About The National Investor:

The National Investor (TNI) is a privately owned regional investment and merchant banking group. The firm comprises seven strategic business units covering investment and merchant banking, private equity, asset management, real estate, investment research, principal investments and client advisory. In addition, the firm has an associate company, GNSC, which provides brokerage services as a registered member of the Abu Dhabi Securities Market (ADSM) and the Dubai Financial Market (DFM).

The National Investor announces 2006-2007 financial results

Abu Dhabi, UAE, 27 June 2007: The National Investor (TNI), one of the leading investment houses in the region, has just published its Annual Report and Accounts. The report detailed the achievements of the firm across its businesses for the fiscal year ended March 31, 2007.

Introducing the report, Chairman Abdullah M. Mazrui said the past year witnessed difficult capital markets across the region, which for most investment banks translated into weaker earnings. "Despite this, we have made important strides in establishing TNI as a full-service firm and becoming amongst the premier providers of advisory and investment services in the region," he added. TNI achieved consolidated revenues of AED 162.3 million for the year ended March 31, 2007 and net profits attributable to equity holders of AED 79.6 million.

TNI shareholders gathered for the firm's Annual General Ordinary and Extraordinary Meetings on June 21st evening at the Intercontinental hotel in Abu Dhabi. Business conducted included the approval of a cash dividend distribution of AED 0.5 per share for the 2006-2007 financial year, a cash equivalent of five per cent of the par value of outstanding shares.

TNI's CEO Orhan Osmansoy told shareholders that the firm's ambition today is to grow in its home markets and abroad. "We embarked during the year on an initiative to help our business grow by expanding our operations within GCC borders," he pointed out. TNI set up a new, private equity office at the Dubai International Financial Center (DIFC), one of the world's latest global financial hubs, and partnered with Saudi Arabia's Al Rajhi Investment Group (ARIG) to establish a closed joint stock company in Riyadh.

Mr. Osmansoy provided details about the results of each of the firm's divisions. "We achieved these results despite the impact of a weakening capital market, which squeezed industry profit margins," he highlighted in his speech.

TNI's Investment Banking Division recorded revenues of AED 82 million, an increase of 37% over the prior year. Net results for the year under review have been affected nonetheless by limited equity capital market investment banking revenues and falling GCC stock markets. "However, we have made significant progress in building on the strategic direction set out for the division in the previous year. To this end, we have successfully enhanced our product range and geographical reach beyond our market reputation as a UAE IPO advisory powerhouse," he explained.

Mr. Osmansoy highlighted the firm's strides in this area. "During the year, our Investment Banking Division continued to help clients raise capital despite a quiet IPO market, and the investment banking team completed several private placements including the structuring and joint lead management of a US$ 300 million private placement for Thuraya Satellite," he said. As a testament to these achievements, and for the second consecutive year, the firm was voted "Best Equities House in the UAE" by Euromoney in June 2006.

The firm's Private Equity activities were equally notable. TNI's PE Group closed the first round of capital raising for the TNI Growth Capital Fund (GCF) in July 2006. The fund has been designed to provide superior risk-adjusted returns by targeting late-stage growth capital investments in the GCC, North Africa and the Asian Subcontinent. "GCF, which we consider to be our flagship private equity product, is already off to a very good start. The fund partially exited its first private equity investment, Depa United Group, in the last quarter of 2006 at an IRR above 300 per cent," pointed out Mr. Osmansoy. "This outcome underlines our ability to exit investments even in difficult markets," he added. For the year under review, private equity revenues stood at AED 0.6 million.

Despite unfavorable market conditions as witnessed by the negative performance of most GCC and Arab markets indices, TNI was relatively successful in preserving assets under management, while launching new product lines adapted to market changes. "Our Asset Management Division is well positioned today to grow in the coming years," highlighted Mr. Osmansoy. In the year ending March 2007, revenue contribution from the Asset Management Division amounted to AED 9 million.

TNI's flagship UAE Blue Chip Fund (BCF) currently stands as best performer amongst UAE equity funds, beating the MSCI UAE Index by 15 per cent with much lower volatility. Similarly, the firm's Middle East and North Africa Real Estate Active Fund (MENA REAF) also stands as best performer in its class, beating the MSCI Arabia Index by over 20 per cent. "The strong performance of both regional equity funds has attracted interest from foreign institutional investors, strengthening and further diversifying our client-base," stressed Mr. Osmansoy. "During the year, we launched new product lines, which will help us cover a wider range of clients and risk profiles. Our innovative structured products are gaining momentum, amassing nearly AED 30 million in subscriptions during the second half of the year," he said. TNI's Asset Management Division was awarded Banker Middle East's "Best Asset Management House" Award for 2006.

Revenue contribution from the Real Estate Division to TNI's activities in investment banking, asset management, and development amounted to AED 2 million. "From mid fiscal year, our real estate strategy focused on the buy-side. As a result, we acquired the Mafraq Hotel and two plots of land in Abu Dhabi," he emphasized.

In June 2006, the firm's Real Estate Division launched a new close-ended fund, the TNI Real Estate Development Fund (REDF). The fund invests in new property developments and the repositioning and refurbishment of existing properties across the Middle East and North Africa region. Another new initiative, the TNI Real Estate Investment Fund of Funds (REIFF), was launched to make equity investments primarily in closed-ended private equity real estate funds from around the world that are managed by top-tier managers. To date, REIFF has made three investments and is expected to close one more in the coming months. In recognition of its achievements, TNI's Real Estate Division received in 2006 the London-based ICG Award for "Best Investment House" in Real Estate.

The firm's revenues from principal investments amounted to AED 28.1 million. Principal revenues were generated from money market instruments, direct investments and capital markets activity. "During the year, we decided due to excessive market volatility, to wind down our proprietary portfolio of listed UAE equities. Our defensive stance has yielded positive results as we minimized the effects of market uncertainty. The contribution to consolidated revenues of the firm's principal capital markets investments decreased from 78% two years ago to -9% today, underscoring the firm's improved business mix," he explained.

As part of the firm's Investment Research Department mission to offer investment recommendations to all of TNI's clients, it has issued more than a dozen reports since its launch in mid June. "To date, our reports have covered five main areas including real estate, industrials, transportation, technical research and strategy," said Mr. Osmansoy. "Our sales team has been streamlines and is now better focused on understanding our clients and their needs, and on offering creative idea generation," he added.

TNI's ability to commit its own capital remains an important long term differentiator. "As our firm expands into new geographies and broadens its product scope, we will carry-on growing our principal investment activity, as part of our overall strategy of diversifying our business mix.

"We continue to believe that our strategy is a promising one. As we look forward to 2007 and beyond, we see additional areas that would benefit from our capabilities as well as opportunities to significantly increase our market share in our existing markets. Whilst doing so, we will maintain our focus on execution, and at the same time continue to grow our core businesses by capitalizing on the opportunities that lie ahead. We have a strong foundation in place, and through continuous incremental efforts and prudent growth we can transform TNI into a full-service regional firm that is a leader in the markets we serve," he concluded.

About The National Investor: The National Investor (TNI) is a privately owned regional investment banking group. The firm comprises six strategic business units covering investment banking, private equity, asset management, real estate, investment research, and principal investments. In addition, the firm has an associate company, GNSC, which provides brokerage services as a registered member of the Abu Dhabi Securities Market (ADSM) and the Dubai Financial Market (DFM).

04 June 2007 The Directors of Boulder Steel Ltd ("Boulder") are pleased to advise that they have received the final version of the business plan for the Boulder's Seamless Tube Project in Australia (including the finishing plant in the UAE) from British Engineering firm McLellan.

The National Investor ("TNI"), Boulder's financial advisors based in Abu Dhabi, who had commissioned McLellan with the preparation of the study, are satisfied with the business plan and they are now presenting the document to ten selected equity and strategic investors who have previously expressed their interest in contributing to the project funding.

These investors are now evaluating the results of the business plan.

The business plan has also been delivered to a European bank which previously provided Boulder with a letter of interest to raise the debt finance required. This bank recently re-confirmed its interest and specified a number of documents required from Boulder to make a final commitment. The delivery of the business plan to the bank now completes the list of documents it had requested. The company will keep the market informed on further developments

Doha, Qatar, June 2007: The National Investor (TNI) was recognized by regional finance magazine Banker Middle East as "Best Asset Management House" in the region at the 2007 Banker ME Awards for Excellence in Doha, Qatar.

Over 500 of the region's leading financiers looked on as Banker Middle East Magazine Managing Editor & Associate Publisher Paul McNamara presented the award to Dr. Reza Hadizad, Managing Director of The National Investor's Asset Management Division. Banker ME cited The National Investor's "innovation, caliber and high performance standards that distinguish TNI Asset Management from all others in the region".

Banker ME was also impressed with The National Investor's comprehensive suite of asset management products and services available. Mr. Orhan Osmansoy noted "We are proud to be the first to have won this award two years in a row, which confirms the strength of our UAE franchise. Our track record in delivering innovative products and performance is second to none". Finalists for this category were Goldman Sachs, Citi and Deutsche Bank.

According to Dr. Hadizad, a clear communication policy is paramount to the success of any asset management team in particular one that has chosen "Client Focus" as one of its main ideological pillars. "This is in recognition of the fact that we have already reached some milestones in the creation of an achievement culture that emphasizes our main ideological pillars: Ethical standards; Superior Performance, Client Focus and Innovation," he pointed out.

Regarded as the benchmark awards for financial services regionally, the Banker Middle East Awards for Excellence are now in their 7th consecutive year. "The awards have been designed to encourage, inspire and reward excellence within the banking community in the Middle East. Furthermore, it is essential that we recognize those financial institutions that are leading the regional industry. It is not enough just identifying the needs of your customers, meeting and exceeding their expectations is the key to success," Mr. McNamara said in his welcoming speech. The final accolade of the evening was the Lifetime achievement Award, which was presented to HE Ahmed Humaid Al Tayer, Chairman of Emirates Bank.

About The National Investor: The National Investor (TNI) is a privately owned regional investment banking group. The firm comprises seven strategic business units covering investment banking, private equity, asset management, real estate, investment research, principal investments and client advisory. In addition, the firm has an associate company, GNSC, which provides brokerage services as a registered member of the Abu Dhabi Securities Market (ADSM) and the Dubai Financial Market (DFM).

Abu Dhabi, UAE, 23 May 2007: The National Investor (TNI), one of the region's leading investment banking firm, reported yesterday that it had achieved consolidated revenues of AED 162.4 million for the year ended March 31, 2007 and net profits of AED 79.6 million.

"We have made important strides in establishing TNI as a full-service firm and becoming amongst the premier providers of advisory and investment services in the region," said a company spokesperson. "The past year had witnessed difficult capital markets across the region, which for most investment banks translated into weaker earnings. Despite this, we have achieved meaningful results and we are keen to continue to build and grow our firm, while being mindful of the competitive landscape and the cyclical nature of the industry in which we operate," the spokesperson added.

About The National Investor: The National Investor (TNI) is a privately owned regional investment banking group. The firm comprises seven strategic business units covering investment banking, private equity, asset management, real estate, investment research, principal investments and client advisory. In addition, the firm has an associate company, GNSC, which provides brokerage services as a registered member of the Abu Dhabi Securities Market (ADSM) and the Dubai Financial Market (DFM).

Abu Dhabi, UAE, 20 May 2007: Total installed District Cooling (DC) capacity in the UAE is expected to reach four million tons of refrigeration (TR) by 2012 at a compounded annual growth rate of 63 per cent, according to a report. In 2005, total DC capacity in UAE was 130,000 TR.

Based on the findings of the report, the UAE appears to be the most promising market in the GCC region. "The country is not the largest market in terms of size, but the initiatives taken by firms in the UAE to adopt and promote DC systems have made it the focal point of the industry for the entire region," said the report, which was prepared by Eric Chang of The National Investor (TNI). "In fact, leading firms based in the UAE, such as Tabreed have formed alliances and/or subsidiaries in the other countries such as Oman and Bahrain," it pointed out.

Another factor has also played a major role in DC capacity growth in the UAE. "The real estate activity in the UAE far exceeds that of other countries in the Gulf region. In 2005, the UAE accounted for 45 per cent of projects under construction in the GCC and 65 per cent of the total value of real estate projects. Saudi Arabia, the largest economy of the GCC, is the second largest property market with 14.3 per cent of the total," the report added.

The market for district cooling in the GCC is also expected to witness significant growth.

In fact, the climatic conditions in this region, coupled with strong economic growth and a booming real estate market, will give a strong boost to DC capacity in the GCC in the next five years. According the report's statistics, total installed DC capacity in the GCC region is expected to reach 9.6 million TR by 2010 as compared with 745,000 TR in 2005, a compounded growth rate of 66.7 per cent.

Among other companies, UAE-based Tabreed is ideally based to reap the benefits of this growth. Founded in 1998, Tabreed is the Middle-East's first commercial district cooling company. It designs and builds district cooling plants to supply chilled water through a pipeline network. Tabreed is one of the world's largest DC operators and the largest in the GCC region. It is the only DC pure-play in the world. Until recently, Tabreed was the only DC firm in the UAE. However, four other firms have been launched in the past three years. Three of these (Emaar District Cooling, Palm District Cooling, and Emirates District Cooling) are affiliated with property developers. The fourth entrant (Empower) is a Dubai government-owned venture serving the cooling needs of all Dubai Holding projects. "These affiliations ensure a steady projects pipeline given the long-term nature of DC contracts (usually 15-20 years)," the TNI report concluded.

-Ends-

About The National Investor:

The National Investor (TNI) is a privately owned regional investment and merchant banking group. The firm comprises seven strategic business units covering investment and merchant banking, private equity, asset management, real estate, investment research, principal investments and client advisory. In addition, the firm has an associate company, GNSC, which provides brokerage services as a registered member of the Abu Dhabi Securities Market (ADSM) and the Dubai Financial Market (DFM).

The National Investor opens private equity office in Dubai

Abu Dhabi, UAE, 24 April 2007The National Investor (TNI) today announced the opening of its private equity office in Dubai to expand its investment activities in the GCC region. Based at the Dubai International Financial Centre (DIFC), the new office is part of TNI's expansion drive.

"We've selected this location because it focuses on several sectors of financial activity, such as banking services, capital markets, asset management and fund registration and Islamic finance," said Orhan Osmansoy, TNI's Chief Executive Officer. The move is part of the firm's mid-term strategy to boost its presence in GCC markets, such as Dubai and Saudi Arabia, and other regional markets within the MENA region.

"We're very excited about being in Dubai because it places us at the heart of private equity deal flow in the region," pointed out Yahya Jalil, TNI's Senior Vice President of Private Equity. Jalil will head the expanded Dubai office along with a team of senior private equity managers.

"At TNI, we have an established private equity track record and we are recognized as one of the leaders in private equity investing in the GCC. Until recently, private equity investing was undertaken purely by the firm's principal investment group. Over the last decade this group has generated an impressive blended IRR of over 60% on its private equity portfolio. In recognition of these achievements the firm was awarded "Best Institution for Private Equity" from Banker Middle East in May 2005," highlighted Jalil.

"Being part of a full-service financial services firm, it is important to create some clear Chinese walls between investment banking and private equity - the Limited Partners in our fund would expect no less. Situating ourselves in Dubai, while the parent business continues to operate out of Abu Dhabi achieves a clear physical / spatial separation of the private equity advisory team from the investment baking business. Dubai will also provide us with the opportunity to benefit from its booming business environment and take advantage of its rapid progress and significant economic development to expand our activities in the UAE and the wider region," he explained.

Yahya has no reservations on whether private equity will catch up in the region: "As the private equity business booms, there is definitely a favorable tailwind blowing in this direction today. The private equity asset class in the GCC and MENA region has burgeoned over the past few months, with a plethora of new funds being announced, launched or closed by both established players and new upstarts in the industry. We believe this is a healthy development in raising the awareness of private equity as an alternative asset class to investors in the region, as well as creating a value-adding source of capital to potential investees".

While the primary focus of the expanded Dubai office will be structuring and advising on new private equity transactions, the office will also assist existing portfolio companies in entering or expanding in the region and providing support for TNI's other businesses.

Jalil says: "I am tremendously excited about the challenge and opportunity of building our business in Dubai. It is one of the most dynamic cities in the GCC region and one that will have the most impact on the regional economy in our lifetime." TNI will build its Dubai presence by drawing upon a combination of experienced staff from its operations in Abu Dhabi as well as hiring established, successful professionals. The firm may open additional offices in the region as its business grows.

With over 10 years of experience in private equity and mergers & acquisitions, at leading financial services firms such as Jefferies & Company, GE Capital and Credit Suisse First Boston, Jalil achieved significant investment success and high double digit IRRs over his career. Previously Jalil was a senior investment professional at GE Capital's $6 billion private equity division in Stamford, Connecticut (USA) where he focused on leveraged buyouts and growth capital investments in telecommunications, media, entertainment and technology sectors. He has an MBA with Honors from The Wharton School at the University of Pennsylvania and a BS degree in Electrical Engineering from Stanford University.

About The National Investor:The National Investor (TNI) is a privately owned regional investment and merchant banking group. The firm comprises seven strategic business units covering investment and merchant banking, private equity, asset management, real estate, investment research, principal investments and client advisory. In addition, the firm has an associate company, GNSC, which provides brokerage services as a registered member of the Abu Dhabi Securities Market (ADSM) and the Dubai Financial Market (DFM).The National Investor (Dubai) Limited is a 100% owned subsidiary registered with the Dubai Financial Services Authority (DFSA).

Abu Dhabi, UAE, 11 April 2007: The National Investor (TNI), one of the leading investment firms in the GCC, yesterday published its "Quarterly Results Publication Calendar". The report aims to forecast the results publication dates of all listed companies in the UAE and is a follow-on to TNI's publication dated October 2006 entitled "Third Quarter Results Calendar". The calendar is the first initiative of its kind in the UAE and based on the success of last year's calendar, TNI has decided to turn this into a quarterly publication.

The report makes several recommendations, including the need for UAE-listed companies to invest time in providing shareholder information, possibly by way of dedicated investor relations officers. "There seems to be generally very little communication between corporations and their shareholders," the report highlighted as part of its recommendations for a "better disclosure world". The report also calls for the market regulator to continue its crack-down on non-compliance, a centralization of information and legislation by the markets and regulators as well as the early communication of results announcement dates to the market.

TNI's report compares the financial reporting trends of the last two seasons with the previous six seasons. The findings are summarized by five major takeaways: Companies are taking disclosure increasingly seriously; there has been continued progress in companies' compliance; official disclosure rules could be confusing at times; results dissemination is insufficiently centralized and there is significant discrepancy in the quality of earnings data.

- Ends -

About The National Investor:

The National Investor (TNI) is a privately owned regional investment and merchant banking group. The firm comprises seven strategic business units covering investment and merchant banking, private equity, asset management, real estate, investment research, principal investments and client advisory. In addition, the firm has an associate company, GNSC, which provides brokerage services as a registered member of the Abu Dhabi Securities Market (ADSM) and the Dubai Financial Market (DFM).

Abu Dhabi, United Arab Emirates, 3 April 2007: The National Investor (TNI), one of the region's leading merchant banking firms, has acquired the Abu Dhabi Mafraq Hotel, previously owned by the Tourism Development and Investment Company (TDIC). The transaction has now been closed and the ownership of the hotel has been transferred to TNI as of April 1, 2007.

TNI plans to redevelop the property at a cost of around AED 70 million. This will be implemented in three stages: Construction of new adjoining 115-rooms, four-star hotel, refurbishment of the hotel's existing 120 rooms to international standards, and addition of commercial space linking the existing and new hotels

"These are exciting times for TNI. The move is consistent with our strategy of expanding our presence in key markets. We believe that the addition of the Mafraq Hotel to our unique portfolio of properties will create value for all our shareholders and be a strong contributor to TNI's long-term growth and profitability," said Mr. Orhan Osmansoy, TNI Chief Executive Officer. "The Mafraq Hotel has enormous potential and we look forward to moving ahead with the many opportunities related to the hotel's assets".

According to Mr. Emile Habib, Managing Director of TNI's Real Estate Division, design development will begin in April 2007. Construction of the new hotel will take 18 months to complete, while the refurbishment of the existing hotel will be completed in around eight months. Situated on a plot of land of around 29,000 square meters, the hotel was opened in 1996 and refurbished later in 2006.

The Hotel is located at the heart of a newly-developed area in Mafraq, close to the Dubai-Saudi highway. It is only ten minutes away from Abu Dhabi's International Airport and 20 minutes away from the city center and Musaffah Industrial Area. While certain demand may originate from leisure travelers due to the hotel's proximity to the airport, Mr. Habib expected primary demand to come from the corporate segment in the industrial areas of Musaffah and Free Zone.

He also anticipated that the Hotel's occupancy rates for the next couple of years would remain high at around 85 per cent. According to government figures, the number of tourists visiting Abu Dhabi is expected to increase from 800,000 visitors at present to three million visitors annually by 2015. Hotel rooms are also expected to increase to 9,886 rooms by 2010.

-Ends-

About The National Investor:

The National Investor (TNI) is a privately owned regional investment and merchant banking group. The firm comprises seven strategic business units covering investment and merchant banking, private equity, asset management, real estate, investment research, principal investments and client advisory.

As a regional firm TNI operates from Abu Dhabi and Dubai in the UAE and is currently developing operations in the Kingdom of Saudi Arabia. The firm provides a wide range of investment, advisory and fund management services to a substantial client base that includes listed and unlisted companies, financial and government institutions and high net worth individuals.

Over the last twelve years, TNI has been successful in positioning itself amongst the region's most trusted and reputed financial institutions. With a proven track record across all of its lines of business, the firm ranks as the leading arranger of public share offerings with total transaction value exceeding AED 9.9 billion. The firm focuses on delivering consistently superior results in line with its growing reputation as a regional leader. As the financial environment evolves, both regionally and globally, TNI's goal remains unchanged: "guiding you towards success."

Budget carriers have strong growth prospects, says TNI report

Abu Dhabi, United Arab Emirates, April 2007: The National Investor (TNI), one of the region's leading merchant banking firms, has acquired the Abu Dhabi Mafraq Hotel, previously owned by the Tourism Development and Investment Company (TDIC). The transaction has now been closed and the ownership of the hotel has been transferred to TNI as of April 1, 2007.

TNI plans to redevelop the property at a cost of around AED 70 million. This will be implemented in three stages: Construction of new adjoining 115-rooms, four-star hotel, refurbishment of the hotel's existing 120 rooms to international standards, and addition of commercial space linking the existing and new hotels

"These are exciting times for TNI. The move is consistent with our strategy of expanding our presence in key markets. We believe that the addition of the Mafraq Hotel to our unique portfolio of properties will create value for all our shareholders and be a strong contributor to TNI's long-term growth and profitability," said Mr. Orhan Osmansoy, TNI Chief Executive Officer. "The Mafraq Hotel has enormous potential and we look forward to moving ahead with the many opportunities related to the hotel's assets".

According to Mr. Emile Habib, Managing Director of TNI's Real Estate Division, design development will begin in April 2007. Construction of the new hotel will take 18 months to complete, while the refurbishment of the existing hotel will be completed in around eight months. Situated on a plot of land of around 29,000 square meters, the hotel was opened in 1996 and refurbished later in 2006.

The Hotel is located at the heart of a newly-developed area in Mafraq, close to the Dubai-Saudi highway. It is only ten minutes away from Abu Dhabi's International Airport and 20 minutes away from the city center and Musaffah Industrial Area. While certain demand may originate from leisure travelers due to the hotel's proximity to the airport, Mr. Habib expected primary demand to come from the corporate segment in the industrial areas of Musaffah and Free Zone.

He also anticipated that the Hotel's occupancy rates for the next couple of years would remain high at around 85 per cent. According to government figures, the number of tourists visiting Abu Dhabi is expected to increase from 800,000 visitors at present to three million visitors annually by 2015. Hotel rooms are also expected to increase to 9,886 rooms by 2010.

About The National Investor:The National Investor (TNI) is a privately owned regional investment and merchant banking group. The firm comprises seven strategic business units covering investment and merchant banking, private equity, asset management, real estate, investment research, principal investments and client advisory.

As a regional firm TNI operates from Abu Dhabi and Dubai in the UAE and is currently developing operations in the Kingdom of Saudi Arabia. The firm provides a wide range of investment, advisory and fund management services to a substantial client base that includes listed and unlisted companies, financial and government institutions and high net worth individuals.

Over the last twelve years, TNI has been successful in positioning itself amongst the region's most trusted and reputed financial institutions. With a proven track record across all of its lines of business, the firm ranks as the leading arranger of public share offerings with total transaction value exceeding AED 9.9 billion. The firm focuses on delivering consistently superior results in line with its growing reputation as a regional leader. As the financial environment evolves, both regionally and globally, TNI's goal remains unchanged: "guiding you towards success."

Dubai, United Arab Emirates, February 28, 2007 - 3iC Group announced today the extension of the public offering of Enmaa' (Dubai Growth Fund) Class A shares through Emirates Islamic Bank branches throughout the UAE until March 21st to accommodate subscriber demand.

The group also announced that starting next month, Enmaa' will be available for subscription in the Kingdom of Saudi Arabia, positioning the fund as a regional fund not only from an investment standpoint but also in terms of subscription base as well.

"We are excited about the market reception of Enmaa' as average investors are finally offered the same investment tool that institutional investors have been enjoying for years. Entering the Saudi market puts us a step closer from achieving our long term objective of being one of the leading mutual funds in the region" said Mr. Yousef Saeed Amin, Managing Partner of 3iC Group who is in charge of Enmaa' in the Saudi market and head of European operations.

Mr. Tarek Heiba, Associate Partner and Senior Vice President of 3iC Group added "with a Middle East market where our target segment is millions of potential investors, Enmaa', as the 1st affordable public shariah-compliant fund, is positioned well to fill in a huge vacuum over the next few years".

Enmaa' (Class A shares) is a Shariah-compliant open-ended public fund with a total size of US$100,000,000. The minimum investment amount per customer is US$1000. It is first of the three classes of shares that form the AED 1 billion Dubai Growth Fund announced by the group last quarter during the GCC stock market conference in Dubai.

Emirates Islamic Bank PJSC, a leading Islamic bank of the UAE, is the receiving bank and also in charge of processing subscriptions and redemptions for the fund. HSBC Bank Middle East Ltd is the custodian and administrator of the fund while The National Investor (TNI), a leading UAE asset manager, is the portfolio manager.

3iC Group, an international investment firm licensed by the Financial Services Commission of the British Virgin Islands with operations in Malaysia and the United States, is the sponsor and manager of Enmaa'. The fund will primarily invest in high growth equities and pre-IPO opportunities in the Middle East and selected international markets and shall be following the Dow Jones Islamic Indexes criteria.

Abu Dhabi, UAE, 27 February 2007: The National Investor, one of the leading investment houses in the region, released yesterday its Market Insight entitled "Founder Shares causing market overhang?" The purpose is to list all companies which will be subject to Founder Share lock-up expirations in 2007/08, as well as to assess the timing and stock market impact of such events.

According to the TNI report, the current UAE regulation demands, in most cases, that a company going public lists at least 55% of its capital. The remaining, privately-held 45% must belong to a special type of investors called "Founders". The latter are meant to be core long-term shareholders, hence the regulatory lock-up on their stake, which spans two Ordinary General Meetings (OGM's) post-IPO - roughly two years. Considering the significant size of any founding stake, the expiration of the lock-up presents an opportunity for investors - even strategic ones - to sell at least some of their shares and to take some profits. In addition, the past year of consolidation and stock market losses has left many investors hungry for capital gains. "We believe the opportunity of cashing-in on some of the substantial upside provided by Founder Shares will not be missed," the TNI report said.

In 2006, the Founder Shares of Amlak expired, but this event had minimal impact on the stock as the main founding shareholder is a strategic trading partner: Emaar, who did not sell out. This year, no less than five companies will "free" their Founders, representing a total, aggregate amount of about AED 7.1bn that can possibly flow back to the market. This is roughly 1.2% of total UAE market capitalization, a large number by any standard. "The purpose of this note is to list all companies which will be subject to Founder Share lock-up expirations in 2007/08, and to assess the timing and stock market impact of such events. Our general conclusion is that any flow-back in the currently weak market environment should be interpreted as a potentially negative event for listed companies, and could come in the way of any share price appreciation," pointed out TNI's Director of Securities Mr. Amer Halawi. 2007 lock-up expiration candidates are: Aabar, Aldar, Arabtec, Aramex and Finance House.

-Ends-

About The National Investor:

The National Investor (TNI) is a privately owned regional investment and merchant banking group. The firm comprises seven strategic business units covering investment and merchant banking, private equity, asset management, real estate, investment research, principal investments and client advisory. In addition, the firm has an associate company, GNSC, which provides brokerage services as a registered member of the Abu Dhabi Securities Market (ADSM) and the Dubai Financial Market (DFM).

The National Investor manages 1st public SHARIAH-COMPLIANT fund in the UAE

Abu Dhabi, UAE, 13 March 2007: Middle East airlines have solid fundamentals, according to a report released yesterday by UAE-based The National Investor (TNI). Quoting data from the International Civil Aviation Organization (ICAO), TNI said "passenger traffic in the Middle East is expected to grow at an average annual growth rate of 6.4% until 2015". This high passenger traffic growth will be sustained by several factors: Population growth, expanding tourism in the Middle-East, economic growth fuelled by high oil prices, significant airport construction, lack of railway systems, potential liberalization and a competitive cost base.

The Middle East is one the fastest growing regions for passenger airlines. Six of the 20 countries with the highest projected passenger growth belong to the area. Airport authorities are planning major construction projects to match projected passenger growth. Airlines and airports throughout the entire MENA region are revamping their fleets and infrastructure by purchasing large numbers of modern planes and by erecting dozen new international terminals and airports. In fact, authorities are pouring over $25 billion in airport construction projects in the region. The UAE itself accounts for nearly three quarters of the region's airport investments.

"In our opinion, budget carriers have strong growth prospects," said Mr. Eric Chang, Senior Associate, TNI Investment Research. Firstly, the region's highly urbanized population means a LCC's choice of hub will have a wide catchment area. In addition, the plane is the sole transportation mode for intra-MEA travels given the absence of rail systems in the Gulf region. Lastly, Middle Eastern LCCs have a low share (1.4%) of passengers. In contrast, US and European LCCs have nearly 25% market share while Asia Pacific budget carriers have 8% of the market. Ultimately, the success of LCCs in the Middle East hinges on political support to open routes.

Based on the TNI report, "Open skies" agreements provide opportunities for smaller LCCs to enter new markets and compete with Air Arabia, the leading budget carrier in the Middle East, which has transported more than 3.4 million passengers since its launch in 2003. According to the TNI report, Air Arabia has the first mover advantage. Kuwait-based Jazeera Airways, a privately-owned budget carrier, has benefited from the partial liberalization existing in the Middle East. In Saudi Arabia, NAS Air started commercial operations in February 2007 while Sama Airlines will debut on March 18 2007.

In addition, Mr. Chang believes the passenger market is large enough to accommodate the growth of Full Service Carriers (FSCs) as well. "Fears of oversupply have so far not materialized," he pointed out. "We believe that a few FSCs - namely Emirates, Qatar Airways and Etihad Airways - have the potential to give their European and Asian competitors a run for their money due to their competitive cost base. In addition, the region is an ideal hub for Europe-Asia Pacific and Asia Pacific-Africa routes. The availability of long range aircrafts means that Dubai-Sydney or Doha-Los Angeles is possible. This fits with Dubai and Doha's strategy to become the most attractive transit hubs in the world," he added.

About The National Investor:The National Investor (TNI) is a privately owned regional investment and merchant banking group. The firm comprises seven strategic business units covering investment and merchant banking, private equity, asset management, real estate, investment research, principal investments and client advisory. As a regional firm TNI operates from Abu Dhabi and Dubai in the UAE and is currently developing operations in the Kingdom of Saudi Arabia. The firm provides a wide range of investment, advisory and fund management services to a substantial client base that includes listed and unlisted companies, financial and government institutions and high net worth individuals. Over the last twelve years, TNI has been successful in positioning itself amongst the region's most trusted and reputed financial institutions. With a proven track record across all of its lines of business, the firm ranks as the leading arranger of public share offerings with total transaction value exceeding AED 9.9 billion. The firm focuses on delivering consistently superior results in line with its growing reputation as a regional leader. As the financial environment evolves, both regionally and globally, TNI's goal remains unchanged: "guiding you towards success."

31 January 2007

The National Investor (TNI), one of the leading Abu Dhabi-based investment and merchant banking firms, today announced the appointment of Dr. Reza Hadizad as Managing Director of its Asset Management Division.

Dr. Hadizad has 16 years of extensive experience in various aspects of equity and equity derivative trading, including portfolio management. He has managed a large team of quantitative analysts, proprietary traders, investment professionals, fundamental/technical analysts and execution traders. He has also had direct and indirect responsibility for the production of profit and loss accounts and teams of accountants engaged in the production of audited accounts for a variety of financial vehicles.

Commenting on the appointment, Mr. Orhan Osmansoy, Chief Executive Officer of TNI, said: 'We are continuously looking for a strong management team to maintain our leading position in the market. With over 16 years of extensive experience in asset management and finance, Dr. Reza brings valuable insight and knowledge to his post in particular, and to our Management Committee in general'.

Prior to joining TNI, Dr. Hadizad directly traded and managed investments in a broad range of settings. Amongst these have been Unit Trusts comprised of Equities, Equity Derivatives and other Equity related products, including credit instruments and OTC structured products. He has also defined and set mandates for a variety of corporate vehicles and determined the strategic direction of divisional and institutional investments. In senior roles at well known investment banks, such as HSBC and Paribas and large investment institutions, such as Pioneer, he had a broad range of responsibilities which included financial oversight and control.

Mr. Osmansoy pointed out:

'This appointment is a declaration of our intent and demonstrates our on going commitment to asset management. We are delighted to be joined by Dr. Reza who brings a rare combination of profitable market experience and business building capability. He will complement other divisional Managing Directors at TNI and will be an asset to the firm and instrumental in enhancing its reputation. I am also confident that he will play a pivotal role in the firm's continuous growth and success'.

Dr. Hadizad said: 'I am pleased to be part of an organization that has made such a strong commitment to the growth of the asset management business. I am also very excited to be working with the management team that has built TNI's reputation as the market leader.'

TNI's asset management division was formed in 2005. As an investment management firm, TNI offers regional investment management and advisory services to institutional and high-net-worth investors. In addition to managing third party funds, TNI also provides both discretionary and non-discretionary portfolio management services tailored to suit the changing needs of its discerning clients. In recognition of TNI's remarkable results in asset management, the firm was awarded In May 2006 the prize for 'Best Asset Management House' during the 7th Annual Banker Middle East Industry Awards, which took place in Bahrain.

-Ends-

About The National Investor:

The National Investor (TNI) is a privately owned regional investment and merchant banking group. The firm comprises seven strategic business units covering investment and merchant banking, private equity, asset management, real estate, investment research, principal investments and client advisory. In addition, the firm has an associate company, GNSC, which provides brokerage services as a registered member of the Abu Dhabi Securities Market (ADSM) and the Dubai Financial Market (DFM).