''Al Madina Al Zarqa - The Blue City, Oman'' - The Largest Urban Development Project in the Gulf - Investment Volume: More Than 15 Billion US$

Business Wire, August 14, 2005

MUSCAT, Oman -- The Sultanate of Oman's largest real estate project - an estimated investment volume of more than 15 billion US dollar - will start rising in October. "Al Madina Al Zarqa - The Blue City", a completely new city with many luxury hotels for at least 200,000 citizens. ,,This is definitively the most important and largest urban project in the Sultanate of Oman. The Omani Government appreciates the cooperation with the Al Sawadi Investment & Tourism Company LLC. (ASIT) and has assured them of their utmost support and cooperation in the creation of this spectacular development", says a speaker of the Omani Government.

With an area of 35 square kilometres and an investment volume of 15 billion US dollar "Al Madina Al Zarqa - The Blue City" is not only Oman's largest real estate project but currently also one of the most interesting projects world wide. "Although construction is only about to start, we are experiencing an unbelievable demand for all types of housing units. If this continues, all units will be gone within six months. This has exceeded all our expectations", says Anees Issa, Chairman of ASIT. In October construction will start in parallel with infrastructure, public facilities, four major luxury and ultra luxury hotels and housing units.

On the 15 billion US Dollar finance of this spectacular project ASIT is being advised by Swiss-based Oppenheimer Investments AG who have appointed Bear Stearns, the seventh largest investment bank in the U.S., to act as bond placement agent. "We are extremely honoured to be part of this great project and would like once again to reinforce our commitment to the success of "Al Madina Al Zarqa - The Blue City", says the spokes woman of Oppenheimer Investments AG in Switzerland.

"Al Madina Al Zarqa - The Blue City", however, will be much more than just a tourist city. It will promote tourism, education and health projects. "We want to create job opportunities for the approximately 30,000 Omani entering the job market every year", says Issa. "Al Madina al Zarqa for us is creating the perfect harmony between economic success and environmental commitment, between traditional values and modern spirit, between the pride of the Omani people and all our respect for the individual", says Ahmed Abubaker Janahi, President of Bahrain-based AAJ Holdings, one of the shareholders of ASIT.