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QATARI DIAR ANNOUNCES A COLLABORATION AGREEMENT WITH ARCAPITA BANK

New Qatari company with world class credentials to specialize in utilities and infrastructure projects

DOHA (December 15, 2007) - Qatari Diar Real Estate Investment Company (“Diar”) announced today that it has reached an agreement with Arcapita Bank B.S.C.(c) (“Arcapita”) to establish a joint venture company that will specialize in the provision and operation of utilities and infrastructure services. The joint venture company will be named Diar Infrastructure Services Company (“Diar Infra”).

Diar Infra will be established as a Qatari company with an exclusive mandate to develop for all Diar owned, controlled or mandated real estate projects a number of utility services. These will include district cooling, sewerage treatment and waste management, water desalination and treatment solutions, power generation and energy management solutions, telecommunications and any other infrastructure or utility requirements deemed necessary by Diar.

Diar Infra's initial business and immediate focus will be to develop, own and operate the substantial utility requirements of Lusail Real Estate Project (“Lusail Project”) and will subsequently extend its offering to other real estate projects in the State of Qatar as well as other countries where Diar owns or develops real estate projects that require any of the above services.

For further information, please contact:
Abdul Aziz Al Sayed
Mobile: +974 5885978
Tel: +974 4974319
Press Officer, Qatari Diar

About Arcapita
A leading international investment firm headquartered in Bahrain with offices in Atlanta, London and Singapore, Arcapita’s four principal lines of business are corporate investment, real estate investment, asset-based investment and venture capital. To date, the Bank has completed 64 transactions with a total value exceeding $21 billion and has an equity capital base in excess of $950 million. Arcapita’s mission is to provide innovative and distinctive investment opportunities that generate superior risk-adjusted returns whilst adhering to Islamic principles.

Asset-based investment

Arcapita’s asset-based investment team focuses on investment opportunities in asset-rich industries such as the infrastructure, energy and utilities sectors, typically high asset value businesses which generate high quality cash flow with low business risk characteristics, and which often operate within regulated environments.

Typically, this asset class is attractive for the predictable stream of high quality earnings that its businesses generate. Investment returns are normally composed of a mix of cash flow distributions produced by the investment during the holding period, as well as some degree of capital appreciation.

To date, the Bank has completed 5 asset-based transactions totaling almost $6 billion in the renewable energy, aerospace, and utilities sectors.

About Qatari Diar Real Estate Investment Company
Qatari Diar Real Estate Investment Company, a company fully owned by Qatar Investment Authority, was established in 2004 with a capital of US $ 1 billion to support Qatar's national economy and lay real foundations for the boom the State of Qatar is currently witnessing, as well as to determine urban and real estate development priorities.

Qatari Diar Real Estate Investment Company, specialized in real estate investment, enjoys wide support from the Government of Qatar, and aims at capitalizing on economically feasible real estate investment opportunities, which are capable of yielding sustainable and substantial economic and social returns. Qatari Diar managed to invest in over 32 countries worldwide, with 60 projects totaling US $ 40 billion, in collaboration with over 125 international companies and offices. It also opened 11 foreign branches in a number of countries.

Qatari Diar employs over 250 employees. It aims at developing a leadership position, to become the trusted and most important real estate company, not only in Qatar, but also in the region as a whole, through clear vision and emphasis on unique and carefully planned architectural and real estate projects. Qatar Diar is planning to announce over the coming few monts a number of investment opportunities for local and international real estate developers in numerous projects in the State of Qatar and other countries.