Ishraq Holdings, a portfolio company of Addax Bank, completes the sale of Ishraq Dubai

Date : 13 November 2011

Manama, Kingdom of Bahrain, 13 November 2011: Addax Bank (“Addax”), a Bahrain-based wholesale bank announced the successful exit from Ishraq Dubai LLC (“Ishraq Dubai”), which is a joint-venture between Ishraq Gulf Real Estate Holdings (“Ishraq Holdings”) and Dubai International Capital (“DIC”). At its formation, Addax was a founding investor, sole structuring agent and sole placement agent of Ishraq Holdings.

Addax Bank conceived Ishraq Holdings in 2005 to develop high-quality, affordable hotels in the GCC (ex-Saudi) under the Holiday Inn Express franchise which is part of the InterContinental Hotels Group. Ishraq Dubai successfully developed and managed four Holiday Inn Express hotels in Dubai located in Dubai Internet City, Al Safa, Jumeirah and at Dubai International Airport.

In September 2011, Ishraq Holdings completed the sale of Ishraq Dubai to Almulla Group, one of the UAE’s leading private business groups. Mr. Saeed Almulla, Chairman of Almulla Group, said: "This acquisition is in line with our strategy to diversify our current hospitality portfolio to include the budget 2 and 3 star hotels category. We already have a relationship with InterContinental Hotels Group and the Holiday Inn Express brand enjoys a strong reputation amongst business travelers in Dubai."

Wael Aburida, Acting CEO of Addax Bank and Board Director of Ishraq Holdings said “the sale of Ishraq Dubai demonstrates the ability of Addax Bank to deliver a full investment cycle to our valued clients and investors. Under the current challenging economic climate, we are pleased to be able to announce the successful exit from Ishraq Dubai shortly after announcing a dividend to our investors in Addax Jordan Holding. Addax continues to work actively with our portfolio companies to enhance value and deliver positive returns on behalf of our clients, investors and shareholders.”

About Addax Bank
Founded in 2003, Addax Bank is a leading financial institution based in the Kingdom of Bahrain and regulated by the Central Bank of Bahrain.  Addax Bank’s principal lines of business include private equity, real estate, corporate and restructuring advisory and private placement.

The Bank aims to provide its investors and shareholders unique and profitable regional investment opportunities and create long-term shareholder value.

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Addax Bank