International bond market debut 'nothing short of sparkling' say judges

Dubai-UAE: 26 January, 2008 - Dubai Holding has received a prestigious award from EUROWEEK, a leading provider of information on global capital markets, for its inaugural triple tranche Eurobond transaction that raised US $2.46 billion.

In awarding Dubai Holding its 2007 Best Middle East/North Africa Borrower Award, EUROWEEK described the conglomerate's debut on the international debt capital markets as 'nothing short of sparkling'.

The EUROWEEK award was voted for by the emerging market teams at the leading investment banks in the international bond markets. Reflecting the significance of the issue, the award recognized that the deal's size, complexity and ambition were unprecedented in the region.

The judges also paid tribute to Dubai Holding's 'uncommon restraint' in not printing an oversized deal, despite being deluged with orders. As a result, they said, 'investors were rewarded with an issue that performed well in the secondary market.'

Fadel Al Ali, Executive Chairman Dubai Holding Operations said: "In recognising the Eurobond's significant achievements in the capital markets, this award highlights Dubai Holding's rapid rise in influence and strength and its ability to compete with the best borrowers across the world.

"The transaction demonstrated large international investor demand for Dubai and regional bonds. Investors showed very strong interest in the Dubai story and the role of Dubai Holding in contributing to the economic growth of Dubai."

The Eurobond issue, which was placed by the Dubai Holding Commercial Operations Group (DHOG) in January 2007, was showered with US $13bn of orders, ensuring that each of the three tranches - a US$500 million five year, a €750m seven year and a £500m ten year - was more than five times oversubscribed and priced at the tight end of revised guidance.

Of the almost 270 accounts that were allocated bonds, only six per cent were from the Middle East. It was the first time a Middle East deal had achieved such broad distribution outside the region.

JPMorgan acted as Global Co-ordinator, and JPMorgan and HSBC Middle East were Joint-Bookrunners on the transaction.

-Ends-

About Dubai Holding
Dubai Holding was launched in October 2004 to consolidate the various large-scale infrastructure and investment projects in Dubai, as well as to identify opportunities to develop future major projects that will benefit the UAE and the region.

The company has been created with the goal of providing a better future for all through the range of life-improving industries it is involved in. Each Dubai Holding operating company focuses on key areas which dynamically support the development of Dubai as a world-leading hub for commerce, leisure and finance.

Dubai Holding has created a strong foothold in various industries by developing pioneering initiatives spanning numerous sectors including healthcare, technology, finance, real estate, education, telecommunication, entertainment & leisure, energy, communication, industrial manufacturing, biotechnology, hospitality and aerospace.

Dubai Holding entities include: Dubai Internet City, Dubai Media City, Dubai Healthcare City, Dubailand, Dubai International Capital, Dubai Industrial City, Dubai Properties, Sama Dubai, Dubai Group, Dubai Energy, Dubai Knowledge Village, Dubai Outsource Zone, International Media Production Zone, e-Hosting Datafort, EMPOWER, Jumeirah Group, Dubiotech and Dubai Studio City.

For further information please visit: www.dubaiholding.com, or contact:
Sabah Ahmad
Dubai Holding
Tel: +971 4 362 2000       
Fax: +971 4 362 2091    
Email: sabah.ahmad@dubaiholding.com

Malcolm Ward
JiWin
The Public Relations Subsidiary of the Media Services Group
Dubai Media City
Tel: +971 4 3613333
Fax: + 971 4 3888001
Email: malcolm.ward@jiwin.ae

© Press Release 2008