Visiting high-level Iraqi delegation sees bigger role for UAE in reconstruction efforts in southern Iraq

DNRD hosts the visit aimed at highlighting opportunities for Emarati
companies to join reconstruction efforts in Iraq

February 19, 2004

DUBAI - A high level Iraqi delegation, led by the Governor of Basra, His
Excellency Wael Abdelateef Hussain, is currently in Dubai to discuss opportunities
for cooperation on several reconstruction projects in southern Iraq
with Emirati companies and UAE government officials. The delegation,
comprising twenty prominent Iraqi business and government representatives was
hosted by Dubai Naturalisation and Residency Department (DNRD).

At a press conference held in Dubai today, (Thursday, February 19,
2004), the Governor of Basra, His Excellency Wael Abdelateef Hussain expressed
his appreciation of the role played by the UAE in supporting the
reconstruction efforts in Iraq, especially its ports. The press conference, organised
by DNRD was addressed by Colonel Saeed bin Belailah, Director, DNRD and
the Governor of Basra.

"The past few months have seen Iraq emerging out of a grave crisis and
making a new beginning towards building a strong future for the Iraqi
people," said Colonel bin Belailah. "The task is challenging, but Iraqi
officials are determined to fulfil their mission in the shortest possible time.
The presence of this delegation from Basra today amply demonstrates these
intentions. The UAE government was among the first to offer aid and support to
Iraq, especially in the reconstruction of Umm Qasr port. The delegation is
now seeking further cooperation from Emirati businesses to participate in
this important project."

"DNRD has played an active role in supporting the Iraqi cause. The UAE
has always maintained cordial relations with Iraq, and we consider it
our humanitarian duty to reach out to our brothers in Iraq and extend a
helping hand at their time of need. Lieutenant Colonel Khalid Lootah, our
Assistant Director in charge of IT and Total Quality, visited Iraqi authorities
in southern Iraq earlier this year to assess the situation and identify
the areas in which we could make a meaningful contribution. The port of Umm
Qasr needed immediate assistance and we responded very quickly by
offering our expertise in rebuilding the port. As we welcome the Basra
delegation in Dubai today, we feel there is lot of work still left to be done in
the full reconstruction of Iraq. DNRD extends its full support to the
reconstruction program and will offer expertise in areas of Information Technology and
HR, at all the ports in Basra," added Belailah.

The Basra delegation raised several important issues regarding the
reconstruction programme during the press conference. Iraq has made considerable
progress in a short period of time. The government has instituted progressive
investment and banking laws to encourage growth in the country and essential
infrastructure is being restored at a rapid pace. The delegation has scheduled
meetings with several prominent Emirati businesses and local government bodies
including the World Trade Centre and Emaar Properties to highlight the
opportunities available in the reconstruction process and discuss projects of mutual
benefit. Colonel bin Belailah added, "The visit of the Governor of Basra and his
delegation in Dubai presents a unique opportunity for Emirati companies
to establish contact with key Iraqi officials and explore ways in which
they can work together in the reconstruction project. We are aiming to
bring together both parties to initiate discussion for mutual trade and
business".

H.E. Wael Abdelateef Hussain, Governor of Basra said, "We are here to
study how best UAE organisations and companies can assist us further in
accelerating the reconstruction process. We feel we have a lot to gain from the
experience of the UAE in building a modern state. We are confident this visit will
be the first step in building long-standing ties between Iraq and the
UAE in various sectors, leading to a strong infrastructure that will help
Iraq become a modern financially strong country."

"The people of Iraq are grateful to the UAE for the financial and moral
support already given to us. We are here today to personally thank HH
General Sheikh Mohammed bin Rashid Al Maktoum and the UAE authorities for the
support and assistance offered to us in times of crisis. We are especially
grateful to Dubai for its invaluable contribution towards the rebuilding of the
Umm Qasr Port in Basra as well as other reconstruction projects in
Iraq.
We look forward to building stronger relations with the UAE business
community by exploring new avenues of mutual trade and business," concluded
Hussain.

Dubai Naturalisation and Residency Department (DNRD), was established
in 1971. It consists of 12 Sections, six of which are main sections
located within the premises of the administration, namely: Naturalization and
Passports Section, Entry Permits Section, Residency Section, Investigation and
Control Section, Administration and Finance Section and Information Technology
Section. The other six sections are spread over Dubai and neighboring
area and include Dubai Airport passports Section, Rashid Port Passports
Section, Shindegah Port Passports Section, Hamriah port Passports Section, Jebel
Ali Port Passports Section and Hatta Passports Section.

DNRD has recently installed a fast-track electronic passport control
system at the Dubai International Airport, eGate, that offers card-operated
access to the airport to travelers through pre-registration. eGate helps
passengers complete passport control within a few seconds, using an electronically
operated foolproof fingerprint identification system. Dubai Airport is
the first airport in the Middle East and the third in the world to
install such an advanced passenger clearance system.

PALM PROPERTIES TO BE SHOWCASED IN UAE CAPITAL

Dubai 19, February, 2004 IFA Hotels & Resorts, a subsidiary of Kuwait based International Financial Advisors (IFA), is to showcase its luxury Palm Jumeriah Residence apartments for the first time in Abu Dhabi, at next week’s Global Real Estate show.

“This high profile real-estate show, running in the Sheraton Abu Dhabi Resort and Towers on February 21 and 22, presents a prime opportunity for IFA Hotels & Resorts to target high-net worth individuals and corporate investors in the UAE capital,” said Bassam El-Khoury, Marketing Manager, IFA Hotels & Resorts.“Abu Dhabi investors have been keenly involved in the Dubai real estate scene for some time now and the high potential for returns from The Palm Jumeirah development is expected to produce intense interest.”

IFA Hotels & Resorts is developing the twin – Al Nabat and Al Haseer – residential towers on The Palm Jumeirah with some 246 apartments in all, of which only around 50 remain on the inventory. Heavy international demand has seen prices rise by almost a third in the past six months. The freehold Palm Residence apartments, which sell for around US $320,000 to US $1.5 million for penthouses, will have stunning marina and ocean views, iconic architecture, luxurious interior design and their own private beach club.

IFA Hotels & Resorts is shortly to appoint an international five-star hospitality operator will provide a range of exclusive services, including apartment servicing, housekeeping and maintenance, rental administration systems, condominium management and owners’ association, clubhouse management, services and security.

“While there is competition in the market, IFA’s properties are preferred because of the sales package which includes a repayment guarantee, rental administration and the management services,” said El-Khoury.Meanwhile, IFA Hotels & Resorts has entered into a joint venture with Nakheel, developers of The Palm, to develop a major shopping complex – Souq Palm – and freehold residences – The Palm Residence-Souq covering 60,000 square metres on the trunk of The Palm Jumeirah. The complex will overlook a 1.5 kilometre canalside Corniche to be called ‘The Golden Mile,’ which will transform it into one of the world’s most sought-after Corniche-style shopping destinations.

IFA Hotels & Resorts is a subsidiary of the Kuwait-based International Financial Advisors Company (IFA). The depth and strength of the group places it in the forefront of companies engaged in the development of tourism projects, hotels and resorts in Europe, the Middle East and Africa. It is the force behind the management of the super-premium Sheraton Algarve Hotel and Pine Cliffs Resort in Portugal; part of Starwood’s Luxury Collection, and behind the Zanzibar Beach Hotel and Resort – the largest destination resort on the historic spice island.

In 2003 IFA acquired a 50% shareholding in the existing Zimbali Coastal Resort (www.zimbali.c.za) in South Africa which covers 3.7 million square metres (370 Hectares) and the expansion of the resort will add a further 3.0 million square metres (300 hectares). Additionally, IFA Hotels & Resorts purchased 1 million square metres of land to build

IFA Hotels & Resorts aims to link its resorts in Zanzibar, Palm-Jumeirah, Dubai, South Africa and Portugal with future planned resorts in Lebanon. This will offer tourists in Europe, the Middle East and Africa a unique network linking the company’s respective hotels, resorts, timeshare and vacation club destinations.