Dubai, Nov. 11th, 2006 (WAM)-- Dubai Financial Market (DFM)said that its landmark initial public offering (IPO) is now openfor subscription as of tomorrow.Dubai Government, the founderand main shareholder of DFM,intends to offer AED 1.6 billion(US$ 435 million), representing 20% of the DFM share capitalof AED 8 billion, through this IPO. The IPO starts Sunday, November12, 2006 for 12-day to close on Thursday, November 23, 2006.

DFM has appointed Dubai Bank as the Lead Advisor, Manager,Arranger and Book Runner. Dubai Bank has appointed 16 receivingbanks, namely, Emirates Bank International, National Bank ofDubai, Commercial Bank of Dubai, Commercial Bank International,Emirates Financial Services, HSBC, National Bank of Fujairah,Mashreq Bank, Dubai Islamic Bank, Sharjah Islamic Bank, FirstGulf Bank, National Bank of Abu Dhabi, Abu Dhabi Commercial Bank,Finance House, Union National Bank and Abu Dhabi Islamic Bank.

The 1.6 billion shares on offer are divided into two offerings,the private offering of 720 million shares and public offeringof 880 million shares. The private offering (or preferentialallocation) is meant for specified investors and includes thecurrent national employees of the Government of Dubai, employeesof Companies owned 100% by Dubai Government, retired nationalsfrom Dubai as well as companies where the Dubai Government ownsnot less than 99% of its equity. Other segments of the privateoffering comprise stock brokerages and listed companies, bothconsidered by DFM as an integral part of its huge success sinceits incorporation,DFM shares offered through the IPO are priced at AED 1 (AED One)per share, a kind gesture by H H Sheikh Mohammed Bin Rashid AlMaktoum, Vice President and prime minister of UAE, Ruler of Dubai.

In addition, there is an "offering cost" of AED 0.03 per share,which covers all costs and expenses incurred on the IPO.

Essa Kazim, Director General of DFM said: "DFM's IPO is the firstof its kind IPO in the Middle East and we have heralded a newtrend. Our lead advisor, Dubai Bank has appointed a record numberof 16 receiving banks, in anticipation of strong demand. Thebest part of this IPO is that every possible class of investorhas been taken into account which is a pioneering effort" "The whole idea is to create and share wealth with Dubai Governmentemployees, locals, our valued partners comprising brokers & listedcompanies, foreigners, expatriates and institutions, ensuringat the same time fair distribution amongst private & public categoryinvestors", he added A statement from the Fatwa committee, headed by Dr. Hussain HamedHassan, stated that: "DFM's decision to become a joint stockcompany complies with Shari'a rules and principles. Its operationsare Shari'a compliant and the Company holds no liabilities andhas no investments that contradict with the Shari'a rules andregulations. DFM is allowed to maintain two books of accountsand therefore buying and selling of its shares is Halal".

The details of the different IPO tranches are as follow:A preferential share allocation of 720 million shares representing45% of the 1.6 billion shares as part of the IPO is availablefor subscription to the following eligible investors:1.400 million shares for Employees of Dubai Government & employeesof Companies owned 100% by Dubai Government and retired UAE nationalsfrom Dubai (irrespective of who their employer was prior to retirement)2.80 million shares for Stock Brokerages accredited to the DFM3.80 million shares for Companies listed on the DFM 4.and 160 million shares for companies where the Dubai Governmentowns not less than 99% of its equityThe balance of 880 million shares representing 55% of the 1.6billion shares as part of the IPO is available for subscriptionto UAE Nationals, GCC Nationals, foreigners and institutionswithin and outside the UAE and GCC.

200 million shares for UAE Nationals who do not qualify under"Preferential Share Allocation" with a minimum subscription of15,000 shares and a maximum of 99,000 shares.

680 million shares for Public investors from UAE nationals andGCC Nationals, Foreigners and institutions within and outsidethe UAE, with a minimum subscription of 100,000 shares and amaximum of 680 million shares.

DFM is a trusted brand name and is the primary listing venuein the UAE for 43 companies, (as of October 31, 2006) 6 bondsand Sukuks and 11 mutual funds. DFM provides a gamut of servicesranging from listing and trade execution to clearing and settlementas well as data and information services. DFM has a network of93 brokers. For the year 2005, DFM's total revenues stood atAED 1.289 billion and net income stood at AED 1.253 billion.