World Economic Forum, Dead Sea, Jordan, May 19th, 2007 - Under the patronage of His Majesty King Abdullah II, Jordan Dubai Capital (JD Capital), Dubai International Capital LLC (DIC) and Dubai Islamic Bank (DIB) announced strategic partnership with the Industrial Development Bank (IDB). Dubai International Capital LLC, the international investment arm of Dubai Holding had announced the establishment of JDC during the World Economic Forum at the Dead Sea in 2005. The MOU signed stipulates the parties will collaborate to establish a strategic partnership with the Bank under which they will acquire a major stake at the Bank via capital increase exceeding 100 million USD in transaction value.

The MOU was signed at a ceremony held Saturday by their Excellencies Mr. Samir Z. Al-Rifai, CEO of JD Capital, Mr. Sa'ad Razzak, group CEO of Dubai Islamic Bank, and Mr. Mufleh Akel, Chairman of Industrial Development Bank. The signing took place in the presence of Dr. Umayya Toukan, Governor of Central Bank of Jordan, H.H. Faris Sharaf, Deputy Governor of Central Bank of Jordan, H.E. Mr. Mohammad Al Gergawi, Executive Chairman of Dubai Holding, and Mr. Sameer Al Ansari, Executive Chairman and CEO of Dubai International Capital.

"This partnership is of a great importance to all parties; it goes in line with our vision in diversifying our investments and bringing new talent and experience to the business sector in Jordan and is proof of our long term commitment towards Jordan. We believe that the banking regulatory environment in Jordan provide a solid basis for future growth. We hope that this partnership will open the door for serious restructuring in the financial sector; on a later stage we will be requesting a license for an Islamic Bank, that will be offering world-class services", reiterated Mr. Al-Rifai.

Mr. Saad Razzak, group CEO of Dubai Islamic bank added that the partnership is in line with the bank's vision to expand regionally into attractive markets and the greater goal of enhancing the age old ties between the UAE and Jordan.

Mr. Razzak also added that Jordan offers long term returns to investors and is a secure investment destination. He also said that Islamic banking is one of the fastest growing sectors globally and that the entry of DIB, the first Islamic bank in the world, will encourage the growth of Islamic banking in Jordan.

Mr. Akel reconfirmed the bank's enthusiasm: "This partnership brings in the right expertise and knowledge to the bank. JD Capital, DIC and DIB are all financial giants that will definitely support the emergence of the bank as a key player in the local market. "

Dubai Islamic Bank is the world's first fully fledged Islamic bank and the region's biggest. JD Capital and DIB both approached the Industrial Development Bank for partnership mid-2006 among other interested parties. The Industrial Development Bank was established as a specialized credit institution, in accordance with a special law that was constituted in 1965.