Dubai,May 12th,2007 (WAM) -- BMCE Capital, the investment banking subsidiary of BMCE Bank, the second largest private bank in Morocco, today unveils a unique opportunity for leading UAE based institutionsand individual investors to partner with leading Moroccan entities asa first step into successful investments in Morocco and the rest of theMaghreb region.

The Maghreb Siyaha Fund offers a variety of investment opportunitiesmanaged by multi-disciplined fund managers and experienced board of directors that have access to a huge network of deal flows, multifacetedexpertise, financial products and off market transactions. Whilst conformingwith international standards and transparent policies.

"The expansion and development of the Maghreb region has been exponentialin the past years, and the tourism and retail sectors specifically areforecasted to grow over six times by 2012, to reach over $20billion ininvestments," commented Jaloul Ayed, Chairman of the Board, BMCE Capitaland Maghreb Siyaha Fund. "This potential attracted significant investmentsfrom outside the Maghreb, predominantly from GCC states and Europe, andinitial enquiries indicate that a minimum of 25% of the overall fund'scapital will be raised from investors in the GCC region. Our road showmeetings this week aim to present this exclusive investment opportunityto a wider group of high net worth individuals and institutional investorslooking for high rates of return in a rapidly developing region." The fund is close ended and upon closing will be endowed with $250 millionin equity, enabling it to potentially accumulate more than $600 millionasset base constructed from the over $300 million of current deal flowthat are being negotiated for early closing. Primary targets for developmentare gated communities, with a 20% allocation target from the final fund,however greenfield developments, apartment hotels, new hotels and secondaryhomes are each slated to receive between 15% and 20% of the fund. Thefirst closing of the fund will be achieved in June 2007.

"Balancing the allocation of funds will ensure that the investments drivesocial and economic growth, as well as creating employment opportunities,at the same time as offering attractive rates to our GCC investors," commentedKacem El Bouanani, General Manager, Actif Invest, MSF Management Company.

"As the first fund to be fully dedicated to investing in a wide rangeof diversified yet complementary products in the tourism sector, we hopethat it will act as a platform to attract investors taking their firststep into successful investments in Morocco. Our experience in other realestate and private equity funds allow us to target a 20% net IRR overthe 7 years life of the fund.

The Moroccan Government has also indicated a strong commitment to thetourism sector by recently signing an "Open Sky" agreement with Europeto boost tourist numbers, targeted for 10 million arrivals by 2010. Witha current growth rate of 12% 6.5m tourists visited Morocco in 2006.

This growth is driving the injection of additional investment in thetourism sector from the government and both foreign and local privateinitiatives, BMCE is confident of strong rates of return for investorsconsidering this sector.

In a statement of support, Adel Douiri, Minister of Tourism, Handicraftand Social Economy commented "I am delighted to notice and fully supportthe strong interests from foreign investors and especially from the MiddleEast in our burgeoning tourism sector. Maghreb Siyaha Fund will play animportant role in financing those innovative projects that are likelyto re-shape our Moroccan Tourism sector."