FOR IMMEDIATE RELEASE						        September 20, 1999


TAIB ACQUIRES A $78 MILLION PROPERTY PORTFOLIO


Bahrain based TAIB Bank E.C., announced that it has completed the acquisition of a $78 million apartment portfolio in Florida and Pennsylvania.

TAM I Residential Holdings, Inc., a subsidiary of TAIB Bank acquired an apartment portfolio consisting of five multi-family apartment complexes totaling 1,180 units located in Florida and Pennsylvania U.S.A.  TAM Management Florida, a subsidiary of TAIB Bank E.C. specialized in property management, will manage the Properties.  TAIB successfully arranged a mortgage financing from a leading U.S. financial institution and placed the quasi-equity largely with a group of investors from the GCC.

Mr. Iqbal G. Mamdani, TAIB Vice Chairman and Chief Executive Officer said: " The Residential Portfolio is a very attractive investment opportunity for investors to secure leverage and realize above market rate of return specifically due to its geographical diversification and market penetration. The properties are well located and have an average occupancy rate of over 96%, which is considerably higher than the national average. There is a lot of upside from the fact that three of the properties qualify from tax exempt financing. In addition, our property management team is experienced in improving acquired properties and enhancing their cash flow within a short period of time".

TAIB Bank E.C., an international investment and merchant bank based in Bahrain and listed on the Bahrain Stock Exchange, pursues business activities in the regional markets of the Gulf, the Indian Subcontinent, Turkey and Central Asia. In the last six years, TAIB has successfully completed acquisition of real estate holdings within the United States and United Kingdom, valued at approximately US$ 300 million.

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Mr. Ali Khunji (Tel: 533334, Fax: 533174)