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News Article

12 June 2006

ADCB and Macquarie Bank announces real estate investment banking joint venture

Abu Dhabi 30th May, 2006: The Abu Dhabi Commercial Bank and Macquarie Bank of Australia today announced the formation of a real estate investment banking joint venture, augmenting ADCB and Macquarie's existing partnership in the United Arab Emirates (UAE). The joint venture, called ADCB Macquarie Real Estate Capital, will expand on the existing relationships between the two Banks to take advantage of the growth in the regional real estate sector. It will provide a full range of broad-based real estate investment banking services to clients in the UAE. Under the joint venture arrangement, ADCB will hold majority ownership with Macquarie as the joint venture partner. Saeed Al Hajeri, Chairman of ADCB, said:" Our partnership with Macquarie will create tremendous synergies with ADCB's strong corporate relationships.

Macquarie's global investment banking and real estate experience will allow us to provide customers with access to innovative, world-class funds that cover a broad range of real estate sectors in sought-after markets around the world". Eirvin Knox, Chief Executive Officer of ADCB said "ADCB is delighted at the expansion of its strategic relationship with Macquarie. It will enable us to achieve our objective of providing world-class property services to Abu Dhabi and the UAE. The early success of our existing associations with Macquarie gives us great confidence for the success of this real estate partnership." "This Joint Venture is an exciting initiative for Macquarie as it allows us to participate in the dynamic growth of the UAE property sector," said Allan Moss, Managing Director of Macquarie. "We are very excited about the opportunities this venture creates. The joint venture will have access to ADCB's presence in the region, combined with Macquarie's internationally-respected real estate investment banking capabilities and skills as a global leader in wholesale and listed funds development." Mr Moss added that "ADCB have established themselves as an excellent partner for Macquarie in the UAE following the successes of the two existing joint ventures with Macquarie's Investment Banking and Treasury & Commodities groups. These partnerships have united Macquarie's expertise in corporate finance, infrastructure and treasury & commodities products together with staff and resources with ADCB's extensive franchise in the region. Stephen Girdis, Executive Director and Global Head of Real Estate at Macquarie, said "Due to the range of opportunities in the region we intend to resource the Joint Venture with ADCB and Macquarie staff coupled with direct hires from the market. The range of activities to be covered by the Joint Venture includes large ticket project structuring, property development, real estate funds, property management, and real estate investment banking." Barry Barakat, Division Director of Macquarie Bank's Real Estate Capital group, said that "Macquarie Real Estate's strategy is to form alliances and joint ventures with best of breed partners around the world and this is a further expansion of our global platform. ADCB has strong relationships in the UAE with excellent retail and institutional distribution through its branch network. Through this joint venture we will be well-placed to provide real estate investment banking services to the local business community".

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