IFA Hotels & Resorts achieves 75% profit above forecast for the year

Mr. Talal Jassim Al-Bahar, Chairman and Managing Director of IFA Hotels & Resorts (IFA HR) announced that the company has achieved year end profits of KD 6,700 million, which is (26) fils per share, with 75% increase on the expected forecast in the PPM.

Al-Bahar said "This is our first 6 months as a listed company and these results have exceeded the expected forecast during the time of listing at the start of this year. We are pleased with these results and equally so with the significant growth achieved by our South African subsidiary, which we announced last week. We are also pleased to announce to our shareholders share dividends of 15% bonus shares in this short term period which equals to 30% annualised basis since listing in January 2006."

IFA HR is widely recognized as one of the World"s leading international companies engaged in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa. IFA HR projects are in Dubai, Lebanon, London, South Africa, Zanzibar, Kenya and Portugal.

The positive results are attributed to the successful strategy that the company has adopted of diversifying investments and further developing its international presence. "We are conscious of the fact that our success has been built through mutually beneficial alliances with our world class strategic partners, and we will continue to build on these relationships in the future, especially on entering new markets. We are shortly going to announce expansions in Asia and further expansion into Africa," added Al-Bahar.

IFA HR will deliver one of it first projects in Dubai, The Palm Residence Shoreline apartments (Al Nabat and Al Haseer), to customers during the first quarter of 2007. These are from the first residential projects on the trunk of the Palm Jumeirah Island to be completed and handed over to owners.

Al-Bahar concluded: "We look forward to maximum growth and to the ongoing development of a varied portfolio that benefits investors and shareholders. We have confidence that next year will be a record year, as promised in our forecast to our shareholders."