For Immediate Release 			27th March,  2002


TAIB BANK ACQUIRES GBP 20.5 MILLION
REAL ESTATE PROPERTIES IN THE UK


TAIB Bank E.C., the Bahrain-based Investment Bank, has acquired two real estate properties in the UK worth GBP 20.5 million.

In her statement, Ms. Susan Clark, Senior Vice President, said, "I am pleased to announce that TAIB Bank has acquired two factory outlet centres worth GBP 20.5 million in the UK, as of March 2002."

The properties were acquired by TAIB Bank E.C. in joint venture with Guinea Group and Dunalastair Limited. 

Clacton Factory Shopping Village, which comprises of 48 units and provides approximately 117,000 square feet. It was constructed in 1998 and is located in Clacton-on-Sea on the East coast of Northeast Essex. It has a current average occupancy level of 93%.

The Galleries, Aldershot  is located within the Borough of Rushmore in Northeast 
Hampshire. Built in the late 1980’s, it was later refurbished in 1999. The centre comprises of a total of 20 units and several kiosks providing approximately 80,000 square feet with an occupancy level of 100%.

The outlets will be managed by The Guinea Group based in Edinburgh, specialists in retail development and asset management and established in 1985. The group has focused mainly on factory outlet and off-price retail formats both in new buildings and in repositioning existing developments since 1993. 

"We project that this acquisition will yield a substantial profit both for the bank and our investors and returns are expected to be in excess of 25% per annum", stated  Ms. Clark.

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.
 
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For more information, please contact:
Vivian Jamal
Stark Middle East
Tel: +973-537594
Fax:+973-537593
E-mail: vivian@taib.com