Press Release						        May 6th  2003



TAIB ACQUIRES OFFICE BUILDING IN PRESTIGIOUS ‘TEMPLE QUARTER’


TAIB Bank E.C. completed its second real estate transaction of the year in the acquisition of a prime Central Bristol office building in the prestigious ‘Temple Quarter’.  The four-story office building was acquired at a cost of £33.4 million.

‘100 Temple Street’ is a high quality headquarters office building constructed in two phases comprising of 129,515 ft2 of net lettable area within its two wings.  The building is 100% occupied and includes well-known institutional tenants in the likes of KPMG and Skandia Life.  The property is located in Bristol, the commercial capital of Southwest UK.

The investment also provides an opportunity to develop an additional 50,000 ft2 extension that can be disposed separately.

Mr. Iqbal G. Mamdani, Vice Chairman and CEO of TAIB Bank E.C. stated, "With the way the investment market has been recently, our investors have been asking for a more stable income stream and an opportunity for high return at time of sale.  We feel that this investment satisfies their needs.  The property is 100% occupied and has a development opportunity along with it."

Commenting on the acquisition, Ms. Susan Clark, Senior Vice President, TAIB Bank E.C. said, "Seeing how the market rents in the area are exceeding the existing average contract rent at the property, we feel that this investment gives us an opportunity to increase the rental income and turn around and sell the property at a good profit.  This along with the development opportunity available should allow our investors to achieve a highly respectable return within a short to medium term timeframe."

Over the past 20 years, the Bank  has built a strong reputation for originating and/or participating in real estate investments in the UK and the USA that have consistently generated yields for its investors at an above average rate of return.

TAIB Bank E.C. an International Investment Bank based in Bahrain and listed on the Bahrain Stock Exchange, conducts its activities in the United States, the United Kingdom and in the regional markets of the Gulf, the Indian sub continent, Turkey, and Central Asia.