Istithmar Completes Acquisition of Barneys

    DUBAI, United Arab Emirates, Sept. 7 /CNW/ - Istithmar announced today
the completion of its acquisition of luxury retailer Barneys New York at a
purchase price of USD 942.3 million. The company announced the closing
following the signing of definitive documents on 8 August 2007 and obtaining
clearance from U.S. antitrust authorities to buy the luxury retail chain.

    About Istithmar:

    Istithmar is a private equity and alternative investment house
headquartered in Dubai, the United Arab Emirates, with offices in Shanghai and
New York. Established in 2003, it is 100% owned by Dubai World which in turn
is wholly owned by the Government of Dubai. In the three years since its
inception, Istithmar has invested in over 30 companies in three sectors -
consumer, industrial and financial services. Istithmar's 'I' Investment
Philosophy is based around three core principles - Ideas, Inquiry and
Integrity - and is the foundation on which the firm has established a broad
portfolio of highly successful investments in the markets from North America
and Europe to Asia and the Middle East.


    Source: Istithmar PJSC

For further information:

For further information: Hwee-Suan Ong or Mohamed Tahboub, PanGulf PR,
Tel: +97150-786-2997, Fax: +9714-295-1027, E-mail:

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