Al-Futtaim, Qatar Islamic Bank and Aqar Sign AED 6bn JV for Mega Retail & Leisure Development in Doha

DUBAI, UAE, September 5, 2010 - Al-Futtaim, Qatar Islamic Bank and Aqar Real Estate Investment
signed an AED 6 billion (QAR 6 billion) joint venture agreement to construct
a state-of-the-art entertainment and retail complex in Doha slated to become
a driving force behind Qatar's diverse economic development.

The country's largest multipurpose complex is located on the
northern highway linking Doha International Airport with the proposed Bahrain
Causeway and will include a full retail centre, an entertainment park and two
hotels. Construction for the 433,000 sqm project-first of its kind in the
country — will begin in early 2011. The first retail phase is slated for
completion in the first quarter of 2012 and the remaining two phases will be
completed by 2015. IKEA, ACE Toys "R" Us, Marks & Spencer, Intersport - all
part of the Al-Futtaim group — have already confirmed as the project's
premier anchor tenants.

Al-Futtaim is one of the biggest family-owned enterprises in
the region and owners of the globally acknowledged Festival City brands in
the UAE and Egypt which have become the mainstay for leisure, shopping and
entertainment in the two countries. The group already has presence in Doha
through its automotive, retail, technology and engineering businesses.

The project is owned and developed by Bawabat Al-Shamal, the
parent company which is supplying the land to construct this iconic
development. Bawabat Al-Shamal comprises four primary shareholders including
Al-Futtaim Real Estate Services, Qatar Islamic Bank (QIB), Aqar Real Estate
Investment Company and a private company. This project is a result of the
partners' recognition that Qatar has a rapidly expanding population, strong
diversified financial standing and that its local citizens possess a high
level of disposable income.

Mr. Salah Jaidah, Chief Executive Officer of QIB, said: "This
Joint Venture agreement with the Al-Futtaim group demonstrates both parties'
firm commitment to not only enhance Qatar's development, but amplify its
positioning within the regional and global economy. QIB is excited to be
involved in this project as it represents a new phase in the country's
economic evolution and will raise Qatar's profile as a nation focused on
innovation, excellence, and dynamic sustainable development. Ultimately the
agreement is in accordance with QIB's strategy to fuel the countries
expansion and the State of Qatar's 2030 vision. I am immensely proud to have
Al-Futtaim as our partner in progress because if there's anyone who knows a
thing or two about customer centricity and the building of a lifestyle
enterprise, it is Al-Futtaim."

Al-Futtaim Group Real Estate, the real estate development arm
of the Group has built the award winning Dubai Festival City and Cairo
Festival City, both of which has attracted some of the biggest global retail
and leisure brands to these mixed use developments.

Mr. Robert Willett, Group Chief Executive Officer, Al-Futtaim,
said this project will transform the leisure, retail and entertainment
industry in Doha while providing visitors a very attractive destination.

"We are excited to be part of this mega venture which will be
a defining moment for Qatar's leisure, retail and entertainment industry. Our
involvement symbolises Al-Futtaim's desire to remain innovative across all
markets. Al-Futtaim brings not just its fine construction and real estate
development skills to this wonderful project but also its enduring vision to
enhance customer experiences.

"This project, as with our Festival City brand in Dubai and
Cairo, has been designed with the visitor in mind. Our knowledge in the
region's retailing and leisure industry has taught us to do the uncommon,
uncommonly well. Through these mini cities, Al-Futtaim will create a unique
level of customer and employee engagement that differentiates the experience.
Al-Futtaim is equally proud to partner with the Qatar Islamic Bank and Aqar
and are looking to extend this relationship which is a very important step in
our strategic growth plan."

Details of this landmark agreement were overseen by Q-Invest
which acted as the sole financial advisor for all parties. Q-Invest
specialise in Sharia'a compliant investment banking and delivers leading
financial solutions to its growing spectrum of clientele. The project has
also received outstanding support from the government of the State of Qatar.

The state-of-the-art complex's futuristic design separates
each individual area into its own uniquely identified space that will
transport clientele from the world of waterslides and roller coasters, into a
retail area populated with diverse international brands.

Ensuring a seamless integration of this one-of-a-kind
development has been achieved through an expertly designed infrastructure
system, accentuated by a 6-lane highway that will increase the flow of
traffic to this iconic destination. With its strategic positioning, the mega
complex is ideally equipped to meet the retail and entertainment needs of not
only Qatar, but also Bahrain and the neighbouring GCC countries.

The landmark agreement was signed by representatives of all
parties at Al Badia Golf Club, Dubai Festival City, Dubai, United Arab
Emirates.

    For any further media enquiries please contact:

    David D'Souza
    Director - Public Relations
    Al-Futtaim
    Tel: +971-4-228-2101
    Fax: +971-4-227-9801
    Email: David.Dsouza@gmasco.com

For any further media enquiries please contact: David D'Souza, Director - Public Relations, Al-Futtaim, Tel: +971-4-228-2101, Fax: +971-4-227-9801, Email: David.Dsouza at gmasco.com