Dubai Financial Acquires License for Thomas Cook in the Middle East DF Furthers its Strategy in broadening the Thomas Cook Brand

3 August 2006

Dubai: UAE, Oberursel - 3 August 2006: Dubai Financial (DF), a subsidiary of Dubai Investment Group (DIG) - the global financial investor of Dubai Holding - has obtained the license to use the Thomas Cook brand in the Middle East, in addition to its acquisition of Thomas Cook Overseas Ltd. and Thomas Cook Lebanon S.A.L..

Earlier in the year, Dubai Financial acquired Thomas Cook (India) Ltd. (TCIL).

Thomas Cook Overseas Ltd. (TCO), a 100 percent subsidiary of Thomas Cook UK Ltd., bundles the group's activities in Egypt. Thomas Cook has had a long history with Egypt dating back to 1869.

Thomas Cook Lebanon S.A.L., founded in June 2004, operates a travel agency and a currency exchange in Beirut. The Lebanon operations conduct corporate and leisure travel, inbound travel and foreign exchange services including money transfers and travellers cheque transactions.

Soud Ba'alawy, CEO of DIG, said: "The acquisitions complement our investment in TCIL, as we implement our growth strategy beyond the Subcontinent under the Thomas Cook brand.

"Innovators in foreign exchange, Thomas Cook's strong business-to-consumer brand and global footprint will help drive Dubai Financial's presence in the travel and financial services industry.

"The company has an in-depth understanding of the Middle East region, which perfectly complements our strategy to strengthen the regional presence of Dubai Financial", added Ba'alawy.

In January 2006, Dubai Financial acquired Thomas Cook International Markets, UK, which gave it a controlling interest in Thomas Cook India, Mauritius and Sri Lanka and licences to operate in Pakistan, Nepal and Bangladesh.

Thomas Cook AG's main business is the sale of package holidays, components and services that are tailored to customers' specific requirements, utilising the full breadth of its sales channels.

Dubai Financial has the licenses for using the Thomas Cook brand for Leisure Inbound and Outbound Businesses, Corporate Travel Management and Financial Services in Bahrain, Oman, Qatar, UAE, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Palestine, Saudi Arabia, Sudan, Syria, and Yemen.