Dubai: 8 July 2012 - Jordan Dubai Capital ('JD Capital'), the Amman-based investment company, today announced that the Hong Kong-based HPF Private Investment Fund Company Ltd ('HPF') has bought 100% of its share capital at JD 0.90 per share for an aggregate consideration of JD 92 million.

JD Capital was acquired by HPF from Dubai International Capital ('DIC') and other shareholders, including the Social Security Investment Fund of Jordan, Arab Bank, Bahrain-based Addax Bank, Oger Jordan, Unique Vantage and a number of other prominent investors.

JD Capital was founded in 2005 by DIC as an investment company focused on opportunities in the Jordanian economy. Since inception it has made numerous investments in the energy, financial services and real estate sectors. HPF is expected to change Jordan Dubai Capital's name to reflect the new ownership.

David Smoot, Chairman of JD Capital and Chief Executive Officer of DIC, said: "The successful sale of JD Capital is accretive to the original investment made by all founding shareholders and represents an opportune exit for us. Having established JD Capital in 2005, the time is now right to introduce a new investor able to take the business to the next stage of its development. We believe that the Hashemite Kingdom of Jordan continues to offer a wealth of compelling investment opportunities and believe that JD Capital under the new leadership of HPF will remain a leading platform for investment in the country and beyond. In particular, HPF being a buyer with committed resources, will not only be able to invest in regional growth, but also bridge and support underlying trade and capital flow opportunities between Asia and the Middle East".

Alan Siu, Managing Director of HPF and new Board Member of JD Capital, said: "The acquisition of JD Capital will enable us to fast track the establishment of our investment fund in the MENA region. JD Capital is a well-established and successful investment company in Jordan and one of the most notable in the region. HPF's interest in JD Capital stemmed from two main drivers: its strong track record and the strength of its asset base, in particular its Property Portfolio. JD Capital presented the right opportunity for us to gain a foothold in the Levant and wider MENA region - a region with growing economies, maturing capital markets and significant opportunities. With teams already deployed on the ground, we have a pipeline of investments ready to be explored and we will invest heavily in local teams with deep industry expertise, unique local market knowledge and wide networks to drive deal flow."

Latham & Watkins LLP acted as international legal counsel to selling shareholders, with Dubai-based Will Seivewright leading the transaction. Jordanian legal counsel to selling shareholders was Obeidhat Freihat led by Hussam Al-Kurd. HPF was advised by Hong Kong-based law firm Phyllis Ka Yin Kwong Kwong & Associates, and Barghouthi & Co. L.L.C in Amman, Jordan.

-Ends-

About Jordan Dubai Capital:
Jordan Dubai Capital was established as an investment company intended to source and execute investment opportunities solely in Jordan. Today, its assets in the portfolio include: Jordan Dubai Properties, which is developing major real estate, hospitality and leisure projects throughout Jordan; Jordan Dubai Islamic Bank, Jordan's fastest growing Shariah-compliant banking institution; and First Insurance, an Islamic insurer.

www.jdc.jo  

About HPF Private Investment Fund Company Ltd:
HPF is a Hong Kong-based private investment company with a professional team that boasts over 20 years of industry experience across Asia and China. HPF investors include prominent corporate and high net worth individuals from Hong Kong, China and Europe. HPF's investors established HPF on January 2012 as their dedicated vehicle for investment in the MENA region. The management team of HPF was completed by February 2012, and we are very proud as a management team for being able to source and close this transaction in a record time.

www.hpf.com.hk

For media inquiries on JDC, please contact:
Bidaya Corporate Communications
Tel: +962 6 5692008/9
Fax: +962 6 5692007
E-mail: media@bidayacorp.com

For media inquiries on DIC, please contact:
Brunswick
Rupert Young
Tel: +971 4 446 6270
Email: ryoung@brunswickgroup.com

© Press Release 2012