Strategic Partnership between Moroccan Government and Vision3

• Deal worth US$ 1.8 billion
• Project to encourage foreign investment and tourism into Morocco

DAVOS, Switzerland 31st January 2009 – Vision3 and the Moroccan government announced today the signing of Letter of Intent (LOI) to develop a US$ 1.8 billion mixed-use health resort over a massive 270 hectare area in Essaouira, Morocco to promote tourism and foreign direct investment.

Signing the LOI on behalf of the Moroccan government was H.E. Mohammed Boussaid, Minister of Tourism and Handicrafts, and on behalf of the Vision3 alliance Mr. Mohammed Khalil Alsayed, Board Member of Vision3 and Ithmaar Development Company’s Chief Executive and Member of the Board.

The LOI was signed on the sidelines of the ongoing Annual Summit of the World Economic Forum 2009 in Davos. Also present at the signing ceremony were Mr. Imad Nesnas vision3 board member , high-ranking officials from the Government of the Kingdom of Morocco and senior representatives of the Vision3 alliance. This step would be followed by the signature of a memorandum of understanding.

Following the signing ceremony, H.E. Boussaid welcomed the move and described the LOI as a step in the right direction.

“The signing of the Letter of Intent with Vision3 is a continuation of our discussions over the past few months to develop a mixed-use health resort in the Province of Essaouira,” said H.E. Boussaid. “The development will not only help develop the health and wellness sector in the Kingdom of Morocco, but will also help promote health tourism, commercial and residential development sectors in Morocco,” he said.

“This strategic initiative will also contribute to further stimulating the national economy through the direct employment of Moroccans,” said H.E. Boussaid. “We look forward to working closely with Vision3 towards realizing the full benefit of this project,” he said.

Alsayed said the project, in the South of Essaouira, will prove a landmark development and will include health and wellness as an anchor theme with surrounding tourism and other real estate developments. He added that Ithmaar Development Company is signing on behalf of the Vision3 strategic alliance which groups Ithmaar Bank, Gulf Finance House and Abu Dhabi Investment House.

“We are honored to partner with the Government of the Kingdom of Morocco for this prestigious mixed-use development in Essaouira which would also further strengthen the relationship between the Kingdoms of Bahrain and Morocco,” said Alsayed. “We are excited about this project which signals our intention to further expand our existing geographical footprint,” he said.

“We stand committed to execute this venture in keeping with best-of-breed practices in all aspects of such complex projects – and we bring with us an established track record in similar developments,” said Alsayed. “We are confident that our vision for the project would further cement the status of the Medina of Essaouira as a UNESCO world heritage site,” he concluded.

Vision 2010: A clear strategy and tangible results (Tourism strategy of the Government of the Kingdom of Morocco)

In recognition of the tourism industry’s great potential, Morocco has elevated the development of the sector to a national priority since the signature, under the patronage of His Majesty the King Mohamed VI, on January 10th 2001, of the Tourism agreement between Government and the Confederation of Moroccan Companies or CGEM. This event was followed by the signature, on October 29th, 2001, of the Exceptional Plan of Tourism Agreement, which defines the measures to be set up to achieve the new tourism policy called the ‘2010 Vision’.

This vision has defined clear and ambitious objectives both in terms of quality and quantity that have been determined as follows:

• 10 million tourists in 2010, including 7 million international visitors staying in ranked hotels;
• 160,000 hotels beds to be built by 2010 raising total capacity in the country to 230,000 beds;
• The volume of direct Investments in hospitality should reach 8 to 9 billion Euros, (planning of the new sea tourist resorts, infrastructures, hotel trade and entertainment)
• Expectation to reach 48 billion of Euros concerning receipts in foreign currency
• The creation of 600,000 new jobs;
• The contribution of tourism to the GDP. This contribution should annually rise by 8.5% (approximately) which would raise it to around 20% by 2010;

Actually, and inspite of the world current tendency of recession, Morocco remains an excellent destination of investment with an economy and a sector of the tourism rapidly expanding. Moreover, its political stability, quality of life and its sunny weather explain why several foreign investors choose Morocco as a destination to develop their businesses.

About Ithmaar Development Company:

Ithmaar Development Company (IDC) which was set up by Ithmaar Bank in 2006 and commenced operations in 2007 has been mandated to manage and execute major development projects, with a focus on real estate, infrastructure, resorts, hotels, medical facilities and commercial buildings. IDC’s activities also include, among others, management and development of property and related consultancy services, as well as facility management.

IDC’s initial portfolio of projects consists of the Health Island project, Aljazayer Beach Resort, and a hotel/office tower project. The total value of these prestigious developments alone, is estimated at around $3.3 billion.

The $1.6 billion Health Island (Dilmunia) entails the creation of international standard health and wellness facilities in a resort-style environment. The project will be constructed on a man-made island off the north-east coast of Bahrain and will include a state-of-the-art diagnostic centre, nutrition/diabetes centre, cosmetic surgery, aesthetic medicine centre, women and children centre, alternative medicine centre and sports medicine centre. The project will also include deluxe spas and boutique hotels as well as residential clusters, commercial facilities and recreational amenities. Reclamation which commenced in May 2008 is at an advanced stage with progress proceeding ahead of schedule.

About Ithmaar banking group:

The Ithmaar banking group consists of: Ithmaar Bank, Shamil Bank, Solidarity (an Islamic insurance company), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing Bank and Ithmaar Development Company. The group’s services, including investment, private, retail, and commercial banking, private equity, mergers & acquisition advice, takaful, leasing, and real estate development, form a 360 degrees value chain that embraces the entire spectrum of banking and financial services.