Hotel developer to develop and manage over 22 Express by Holiday Inn hotels in region within four years to meet increasing demand for affordable, quality limited- service hotels

Express by Holiday Inn to provide value-driven hospitality services to business and leisure travellers in most GCC countries

Dubai: November 1, 2007 - Ishraq Gulf Real Estate Holding Company BSC today officially opened the 244-room Express by Holiday Inn Dubai-Internet City, under the patronage of HE Mohammad Al Gergawi, Minister of State for Cabinet Affairs and Executive Chairman of Dubai Holding.

The US$30 million limited service hotel, located in the heart of new Dubai, will cater to price-conscious business and leisure travellers seeking quality lodging at affordable rates.

The VIP event was hosted by Sameer Al Ansari, Executive Chairman and CEO of Dubai International Capital and Chairman of Ishraq Gulf Real Estate Holding Company, and included senior executives and key business partners of Ishraq Gulf Real Estate Holding Company and InterContinental Hotels Group.

With the small number of internationally branded limited service hotels currently available in the Middle East, the Express by Holiday Inn brand is set to meet the rising demands for affordable accommodation with the development of more than 22 properties. Approximately US$600 million will be invested by Ishraq within the next few years to develop the Express by Holiday Inn brand across most GCC countries.

Speaking at the opening ceremony, Sameer Al Ansari emphasised the demand for limited service hotels given the growing number of visitors to Dubai, which has evolved into a regional business centre and tourist destination.

"We are delighted to open the first Express by Holiday Inn in the Middle East. This achievement for Ishraq is one which will help to establish it as a leader in the affordable quality accommodation sector in the Middle East.

InterContinental Hotels Group's expertise in hospitality combined with Ishraq's approach to meeting the current and future demands of the limited-service hotel industry represent a unique force in the industry. This sector possesses immense potential for growth and we are confident that the Express by Holiday Inn hotels will benefit value-conscious guests at extremely competitive rates," he said.

The four-storey Express by Holiday Inn Dubai-Internet City offers a host of onsite facilities that include a mini-gym, an 'Express Communications Centre' equipped with essential business facilities such as fax, internet, printing and copying services, in addition to the lounge, the 'Great Room' restaurant and a complimentary daily 'Great Breakfast' .

Ishraq will develop four more Express branded properties in Dubai within the next three years. A further six hotels are planned across the U.A.E in the next few years. The details of these plans will be announced shortly.

Additional Express by Holiday Inn hotels will also be developed in Bahrain, Oman, Qatar, and Kuwait within the same period.

Beyond the GCC, Ishraq and Jordan Dubai Capital have jointly agreed to develop three Express by Holiday Inn hotels in Jordan within the next three years to serve business and leisure travellers visiting Jordan.

According to a recent survey by Jones Lang LaSalle, a real estate services and money management firm, Dubai will continue to witness record occupancy numbers and high average room rates in the foreseeable future even as more global brands enter the region's hospitality market. The report also predicts a shift in demand to mid-range budget and limited-service hotels.

Developed by InterContinental Hotels Group, Express by Holiday Inn is the world's largest limited-service hotel brand. Globally, there are more than 1,750 Express by Holiday Inn properties with over 155,000 rooms offering comfort, value and convenience to international business and leisure travellers.

Since its inception in 1991, Express by Holiday Inn has rapidly become one of the world's most preferred hotel brands.

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About Ishraq Gulf Real Estate Holding Company BSC
Ishraq Gulf Real Estate Holding Company BSC is a real estate developer and investor that was established to invest in the development of high-quality, affordable hotels in the Middle East market. Headquartered in Dubai, Ishraq is the exclusive developer of the Express by Holiday Inn hotels in the entire GCC (except Saudi Arabia), Middle East & North Africa. Ishraq will develop more than 22 Hotels within a four year roll-out plan. Dubai International Capital, the Investment arm of Dubai Holding is the major shareholder of ISHRAQ (47%). Its investors and partners also include Addax Investment Bank, Pearl Investment SPC from Bahrain, Al Saif Investment from the Kingdom of Saudi Arabia and International Financial Advisors from Kuwait.  Please visit: http://www.ishraqholding.com for additional information.

About Dubai International Capital LLC:
Established in 2004, Dubai International Capital LLC ('DIC') is a Dubai-based international investment company. It is a wholly owned subsidiary of Dubai Holding. DIC manages an international portfolio of diverse assets that provide its stakeholders with value growth, diversification, and strategic investments and relationships.

DIC's investments have included: £800 million acquisition of The Tussauds Group (UK), one of the largest operators of visitor attractions in Europe and its subsequent partnership with Merlin Entertainments Group "Merlin" which positioned the combined Group as the world's second biggest visitor attractions operator after Disney. DIC retained a 20% stake in the combined company. DIC's investments also included £675 million acquisition of Travelodge (UK), Britain's fastest growing budget hotel company, US$ 1 billion stake in DaimlerChrysler, one of the world's leading carmakers;  £700 million acquisition of Doncasters Group (UK), an industrial manufacturing firm that produces precision engineering components across various industrial sectors; and €850 million acquisition of Mauser AG, a world market leader in industrial packaging with approximately 3,700 employees operating in more than 50 locations across Europe, North America, Latin America and Asia.

DIC is also a substantial investor in the Middle East and North Africa (MENA) region. Investments include a significant stake in the Rivoli Group, one of the Gulf Co-operation Council's (GCC) leading luxury retailers with over 215 outlets; Ishraq, a US$150 million investment company that was formed to bring the Holiday Inn Express brand of hotels to the GCC except Saudi Arabia; and the MENA Infrastructure Fund, a US$500 million fund targeting investment opportunities in infrastructure projects in the MENA region. In 2005, DIC launched Jordan Dubai Capital, a US$300 million investment company that targets private equity opportunities in the Jordanian economy. DIC is also a founding shareholder of Dubai Aerospace Enterprise, a company building a global aerospace corporation that encompasses aircraft leasing, manufacturing, services, airports and education. In addition, DIC has a joint venture with CBRE that provides real estate asset management services in Dubai and the broader Middle East region.

DIC also invests in publicly listed equities through its US$2 billion Global Strategic Equities Fund ('GSEF'). The fund aims to make structured investments in Fortune 500 global companies and seeks to become a leading shareholder in pre-eminent large global capitalisation stocks. GSEF's investments to date include a substantial stake in HSBC and a 3.12% stake in EADS, the parent company of Airbus.

Additional information about Dubai International Capital LLC is available at: www.dubaiic.com.

For media queries, please contact:
Dubai International Capital LLC
Jehad Saleh at Jehad.Saleh@dubaiic.com
Maliha Aqeel
Jiwin
Exclusive Affiliate of Burson-Marsteller in the Middle East
Tel: +9714-3613598
Mob: +97150-6331976
Fax: +9714-3688001
Email: maliha.aqeel@jiwin.ae

© Press Release 2007