For Immediate Release 		                    30th October,  2001


TAIB BANK EXITS FROM US$ 40 MILLION
REAL ESTATE PROPERTIES IN FLORIDA, USA


TAIB Bank E.C., the Bahrain-based Investment Bank, has exited from real estate properties in Florida, USA worth US$ 40 million. 

In his statement, Mr Iqbal G. Mamdani, Vice Chairman and Chief Executive Officer, said, "I am pleased to announce that the Bank has exited from three shopping centres totaling 300,000 square feet in Florida, USA. "

Kirkman Oaks Shopping Centre anchored by Publix Supermarkets, Walgreens Pharmacy and Blockbuster Video, was acquired in 1996. Metrowest Village Shopping Centre, also acquired in 1996, is anchored by the popular Sam Snead’s Restaurant and located at the heart of the golfing community. Both these shopping centres are situated at a close distance to Universal Studios in Orlando, Florida. Clermont Regional Shopping Centre, located in the City of Clermont, 20 miles away from Orlando and 13 miles way from Walt Disney World, was bought in 1997. Situated in a desirable residential area, it is part of a fast developing community emerging among the chain of Clermont lakes. 

"Orlando still remains one of the strongest retail markets in the State of Florida", added Mr. Mamdani.

"Despite the current economic conditions and the gradual decline in the real estate markets worldwide, TAIB Bank has managed to achieve returns in excess of 20% per annum. 

"TAIB Bank has performed exceptionally well for the last four consecutive years in both the UK and US real estate markets and into the future, we look forward to steadily increasing our acquisitions within these two markets both directly and through our joint venture partnerships," concluded Mr. Mamdani.

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:
Sue Clark
Tel: +973-533334
Fax:+973-533179
E-mail: sue@taib.com