ADIC raised the private equity investment, which closed in the second quarter of 1999, from a combination of institutions and high-net-worth individuals from Gulf Cooperation Council member countries. The investment is part of the more than $1.5 billion that Teledesic has raised to date.

"The diverse sources of this investment reflect the broad support that exists for Teledesic throughout the Middle East," said H.E. Hamed Ahmed Al Hamed, deputy general manager of ADIC. "We are fully supportive of the company's recent moves to pursue early-market-entry opportunities, and we believe they are prudent steps that will better position Teledesic for the future."

"We share Teledesic's optimism about the future of satellite communications services," said Steven W. Koinis, deputy chairman of Satellite Holdings, Ltd., one of the chief participants in the ADIC-led investment. "We view the investment by Craig McCaw and Teledesic in ICO Global Communications Ltd. as a positive step that strengthens the company's bright outlook."

Bill Owens, co-chief executive officer of Teledesic, said, "We are extremely honored to have the strategic counsel and assistance of the Abu Dhabi Investment Company. As one of the premier investment companies in the Middle East, ADIC will help us advance our goal of bringing high-quality, broadband services to the Middle East -- and to the world."

Operating from its headquarters in Abu Dhabi, the capital of the United Arab Emirates, ADIC is a public limited liability company that specializes in providing investment and corporate finance advisory services.

Owned by Abu Dhabi government institutions, ADIC is one of the leading Gulf-based financial institutions. Volumes in ADIC's dealing room, which is believed to be the largest in the region, reach up to $2 billion a day.

Telecommunications pioneer Craig McCaw and Microsoft founder Bill Gates are Teledesic's two primary founding investors. Strategic investors also include Motorola, Saudi Prince Alwaleed Bin Talal and The Boeing Company. Teledesic is the first licensed satellite communications network that will enable affordable, worldwide access to advanced telecommunications services such as computer networking, broadband Internet access and interactive multimedia. Teledesic is based in Bellevue, a suburb of Seattle.

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