Reviewed IFA's Present and Future Investments

South African President Mbeki receives Jassim M.Al- Bahar

South African President Thabo Mbeki received Jassim M. Al-Bahar Chairman & Managing Director International Financial Advisors(IFA) on Friday 2nd July in Pretoria. During the meeting IFA's present and future investments in South Africa were discussed stressing IFA's long term commitment to tourism in South Africa.

Jassim M.Al-Bahar outlined the international strategy of IFA to develop a network of high quality resorts for covering Europe, Middle East and Africa, thereby creating a network between these three important regions.

Jassim M Al Bahar discussed IFA's strategic investment plan for South Africa totalling $300 million of which $150 million is already committed to cover two major international hotels in the Zimbali area as well as the recently acquired Sun International Zimbali Lodge Hotel together with other investments in various economic activities in South Africa. It is expected that IFA's South African projects will generate 2,000 jobs in Zimbali.

Al Bahar added 'The implementation of IFA's strategy in South Africa is based on the strategic alliance between IFA and two major players in the real estate development as well as resort management. The first alliance was formed with Moreland Developments, in late 2003, with one of South Africa's leading land developers and property subsidiary of the Tongaat-Hulett Group in a 50:50 joint venture involving the development of Zimbali Resort, on a 7,000,000 sq metres parcel of land. The second strategic alliance was finalised earlier this year with Sun International and IFA Hotels & Resorts covering Zimbali Lodge, and the future resorts:-Zimbali Sun Resort, Palm Sun(Dubai)and Zanzibar Sun.

At the meeting Jassim M Al Bahar outlined IFA's other major investments in the Middle East and Europe specially Palm Jumeirah, Dubai which totals $1 billion plus IFA's managed investments of $300 million at the Sheraton Algarve in Portugal as well as IFA's recent investments in Zanzibar and its future resort in Lebanon.

Jassim M Al Bahar stated-'South Africa is a model for developing nations in terms of political and economic development as evidenced over the last 10 years of achievements in South Africa.

Present at the meeting were Mr Mendi Msimang, Treasurer General of the

African National Congress and James Wilson, President & COO IFA Hotels

and Resorts.

During the visit by IFA's Chairman there were further meetings with senior government officials involving S'bu Ndebele Premier of KwaZulu-Natal covering IFA's tourism developments in Zimbali, Kwa Zulu Natal; Aziz Pahd, Deputy Minister Foreign Affairs, Mantombazana Botha Deputy Minister Tourism.

The Chairman & Managing Director of IFA, Jassim M Al Bahar concluded by expressing his appreciation for the support that IFA is receiving at the National and Regional government levels for its investment projects in South Africa which have already shown positive results for all the respective parties.