For Immediate Release	                                                       March 25th, 2001





TAIB TOWER CONSTRUCTION CONTRACT AWARDED TO G P Z 



TAIB Bank E.C. today announced the awarding of the main construction contract for TAIB Tower, its new corporate office building in Manama’s Diplomatic Area, to G.P. ZACHARIADES (OVERSEAS) LTD,  Bahrain, the well--known construction and civil engineering company. "We are pleased that GPZ has been chosen as the main contractor and believe that, true to their reputation, they will meet our expectations", said Mr Iqbal G. Mamdani, TAIB’s Vice Chairman & CEO, at the Bank’s headquarters shortly after the Board of Directors approved the selection. Ahmed Abubaker Janahi Architects, the Bahrain based firm of architects,  are the consultants for the  BD 3.75 million (USD 10 million) project.

Construction of  TAIB Tower - a 15-storey curved glass and steel structure located adjacent to TAIB’s current offices -- will commence shortly.  Completion is  expected  by October 2002.  Aside from office space, the building will have three parking levels,  a staff health club and cafeteria, as well as daycare facilities. 

"The commencement of work on the TAIB Tower is a further manifestation of our commitment to Bahrain", said Mr. Mamdani. "The Bank has grown and prospered here in large part due to the stable regulatory and financial environment provided by the Government of the State of Bahrain." 

TAIB Bank E.C., an international investment bank based in Bahrain and listed on the Bahrain Stock Exchange, conducts its business in the United States of America, the United Kingdom and in the regional markets of the Gulf, the Indian Sub-continent, Turkey and Central Asia. 



-END-

For more information, please contact:

Eng. Vivian Jamal 
Sehl Centre, Diplomatic Area.
Tel: 534485
Fax: 537593