Ecmg and Dubai Bank ink MoU for equity fund

6 March 2005

DUBAI -- Ecmg AG, a European Corporate Management Group and Dubai Bank have signed a Memorandum of Understanding (MoU) for launching innovative Islamic-German buyout private equity fund that would invest in German Middle Market Companies ("Mittelstandt").

The German Chancellor, Gerhard Schroeder, attended the signing ceremony and both parties agreed towards finalising the details, size and structure over the next couple of months.

Ziad Makkawi, chief executive officer, Dubai Bank, said: "Dubai Bank is very pleased to launch this initiative with Ecmg."

He said this initiative is core to the several initiatives that Dubai Bank intends to launch in the next couple of months, bringing world class investment banking, asset management and Islamic banking products to the regional markets. This MOU with ecmg is one step in that direction, he observed.

"The attendance of the German Federal Chancellor, Gerhard Schr?der, at the MoU sign-off emphasises the significance of this joint venture with Dubai Bank, which aims to be at the forefront of its chosen areas of expertise," commented Dr Tomas Vrana, Member of Ecmg AG's Board of Directors and part of the Chancellor's official economic delegation.

Ecmg AG, is an independent corporate finance and private equity consultancy with an international focus and presence.

BY A STAFF REPORTER