Negotiations in an advanced stage, says Chairman

Dubai, March 13, 2007: Madaares, the AED500 million private joint stock company launched by National Bonds Corporation (NBC) recently to raise educational standards in the UAE and the region, is well on course to establishing strategic partnerships with major property developers and international educational firms.

A groundbreaking initiative from NBC, Madaares aims to boost the standard and quality of education in the Gulf region by combining its local knowledge with expertise drawn from different parts of the world. Both nationals as well as expatriates in the region will benefit from this initiative that has set a target of opening 14 primary and secondary schools over the next five years and up to 20 by 2014.

"We have identified some key local and international acquisition targets. There has also been significant progress in our negotiations with reputed property developers and operators of international education facilities," said Nasser Bin Hassan Al-Shaikh, Board Chairman of Madaares, who is also NBC's Vice chairman and CEO.

The Madaares board chaired by Al-Shaikh, has Saleh Saeed Lootah as its Vice Chairman. Abdullah Saif Al-Nuaimi, Firas Al-Oda (Kuwait) and Buti Abdullah Al-Jumairi are the other members.

NBC has a 20% stake in Madaares while the remaining is held by strategic institutional investors including Emirates Islamic Bank, Amlak Finance, Zabeel Investments, Manazel Real Estate, Awqaf & Minor Affairs Foundation, Al Mal Capital, Kuwait-based Global Investment House and Educational Holding Group as well as prominent individuals in the region. Eighty per cent of the shareholders are from the UAE and the rest from other GCC countries.

"Madaares will make use of its resources, expertise, and relations in building strong fundamentals among the youth in the region. Our plan of action is to build and manage schools that offer rigorous curricula, modern facilities and convenient locations," added Al-Shaikh.

-Ends- 

About National Bonds Corporation
A private shareholding company, National Bonds Corporation is a Dubai-based entity with local shareholders comprising Dubai Bank, Dubai Holding and Emaar Properties. Overseen by the UAE Central Bank, National Bonds Corporation is subject to the same regulatory procedures as those applicable to other financial institutions in the country. Licensed to operate throughout the UAE, National Bonds Corporation is Shari'a compliant, with a dedicated Shari'a Board to oversee all financial aspects including product-related operations and investments. The Shari'a Board is chaired by Dr. Hussain Hamid Hassan, a leading Shari'a scholar who is currently presiding over the Fatwa and Shari'a Supervision Boards of most Islamic financial institutions in the United Arab Emirates, and many abroad.

For further information, please contact:
Lina Anani/ Sami Alshorafa
ASDA'A Public Relations                                            
Tel: +971-4-3344550,
Fax: +971-4-3344556              
E-Mail: l.anani@asdaa.com / s.alshorafa@asdaa.com

© Press Release 2007