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PIA links Ras Al Khaimah to Karachi with a weekly flight

Strategic partnership aims to increase RAK visibility in the Subcontinent

June 27, 2004

Pakistan International Airlines (PIA), Pakistan's national flag
carrier, now operates a weekly flight between Ras Al Khaimah (RAK) International
Airport and Karachi. The new link was announced at a gala dinner
organized at the Pakistan Centre, Ras Al Khaimah recently.

Addressing the dignitaries, H. E. Engr. Sheikh Salem Bin Sultan Al
Qassimi, Chairman, Department of Civil Aviation, Ras Al Khaimah, said: "Ras Al
Khaimah is stepping up efforts to emerge as an important destination in the
Middle East for travellers from all over the world. The move by Pakistan
International Airlines to link Ras Al Khaimah to Karachi will serve as a major factor
in boosting tourism and business by providing an easy access to Ras Al
Khaimah for people from the Subcontinent."

"The air-link between Ras Al Khaimah and Karachi will serve to
strengthen further the bonds between the UAE and Pakistan," said Air Marshal
(Retd.), Syed Qaiser Hussain, Ambassador of Pakistan to the UAE. "We are
positive that a direct link with Ras Al Khaimah would open up more business
investment opportunities for Pakistani businessmen as well as forge stronger
tourism links between the two sides."

"Ras Al Khaimah has excellent tourist attractions. Not only would this
service cater to the requirements of travellers from Pakistan and
people of other countries in the Subcontinent, it will also support the
booming tourism industry in the emirate. PIA will ensure that travelers between
Ras Al Khaimah and Karachi get the best of treatment and service during
the flight and on land," Zahir Hayat General Manager, UAE, Middle East,
PIA, said on the occasion.

PIA, which operates out of Karachi International Airport, has a fleet
of 47 aircraft, and serves more than 45 international destinations. It
also has an extensive regional network. The RAK- Karachi will be run once a
week, using a Boeing 737 aircraft. RAK International Airport has recorded a growth of over 20 per cent
between 1999 and 2003. An ambitious Dhs. 60 million expansion plan was launched
last year, that involves extension of the runway, installation of state
of the art equipment, setting up new facilities such as Automated Cargo
Warehouses, Parking Lots, Offices and Restaurants and other projects in
the near future such as the new Airport Hotel, Arrival and Departure
Lounge and a Free Trade Zone. The airport recently received ISO 9001-2000
certification, the second GCC airport to earn such recognition. (KM Bureau Dubai)

RADISSON SAS BEIRUT APPOINTS NEW GENERAL MANAGER

DUBAI - 27 June 04 The Radisson SAS Martinez Hotel, Beirut, part of the fast growing Rezidor SAS Group, has appointed Peter Schuler as its new General Manager. Schuler brings a wealth of experience in the hospitality industry after working with five-star hotels in Europe, Asia and the Middle East.

Having joined the Rezidor SAS Group in 1996 at the Radisson SAS Palais Hotel Vienna in his native Austria, Schuler moved firstly to China and then to Dubai before being appointed as Director of Food & Beverage at the Hotel Radisson Slavjanskya in Moscow.\He spent three years in Russia, overseeing the launch of three new restaurants, before moving back to the Middle East with the Radisson SAS Hotel in Kuwait.

Schuler replaces fellow Austrian Martin Kolb as General Manager at the 234-room Radisson SAS Martinez Hotel, who is moving to the Radisson SAS Grand Hotel in Sofia, Bulgaria."Peter has extensive hospitality industry experience, which also includes relevant experience in the Middle East," said Jean-Marc Busato, Vice President, Rezidor SAS Hospitality Middle East. "Having been part of the Rezidor SAS Group for eight years, Peter is ideally qualified to head up our Beirut operation."A graduate of the Schloss Hofen Tourism School in Austria, Schuler is fluent in both English and German.

DUBAI FESTIVAL CITY SIGNS 10-YEAR PROJECT FINANCING AGREEMENT WITH EMIRATES BANK AND STANDARD CHARTERED

Anis Al Jallaf (L), Omar Al Futtaim (C) and Ray Fergusson (R) share a light moment during the landmark project finance signing

DUBAI - 27 June 2004 Dubai Festival City, the waterfront ‘city-within-a-city’ being built on the banks of the Dubai Creek, has signed a ten-year, multi-million project financing agreement with Emirates Bank International (EBI) and Standard Chartered Bank (SCB). The financing is the first raised by Dubai Festival City for its multi-phase, 1600-acre project.

“This is a significant project finance arrangement for Dubai Festival City,” said Omar Al-Futtaim, CEO of the Al-Futtaim Group, the private developer behind Dubai Festival City. “This initial deal with EBI and SCB is to part finance the development of Dubai Festival City’s first phase which includes the value retail centre, automotive park and the Al Badia Golf Resort Residential which is currently under construction.”

The first phase of Dubai Festival City’s Al Badia Golf Resort Residential will be completed in August of this year and its retail and automotive parks in September 2005. These will be amongst the first elements to open on the mixed-use, multi-phase development.Anis Al Jallaf, EBI’s Managing Director and CEO said; "The Dubai Festival City transaction is a demonstration of EBI's continued commitment in supporting the ongoing development of landmark projects in Dubai. We are very satisfied to have structured and concluded this financing.

“EBI is genuinely pleased to be associated with one of the region’s premier business groups, on a project that is a significant addition to Dubai’s growing international reputation as a world-class tourism and business destination.”Ray Ferguson, Chief Executive, Standard Chartered Bank UAE, added: “Our association with the Al Futtaim Group goes back a long time and we are proud to be one of the first banks to have arranged financing for this development project. Dubai Festival City is an iconic project for Dubai and our involvement displays the commitment of the bank to partnering our customers to meet their strategic goals.”

Dubai Festival City is being developed on 1,600 acres along a 3.8km stretch of Dubai Creek. Comprising 15 distinct development zones, Dubai Festival City is the Middle East’s largest, privately-funded, mixed-use, real estate project.When complete, Dubai Festival City will comprise a unique mix of hospitality, entertainment, dining, shopping, edutainment, sport and leisure facilities, automotive dealerships, hotels, a marina, residential and office components.