Global GCC Real Estate Fund sells 100% of Omani residential project

Mr. Sameer A. Al-Gharaballi, Executive Vice President at Global - the Fund's Manager - said that the demand has been excellent. The Hail Villa Project, since its inauguration, has received exceptional demand from locals due to the fact that the villas have been priced with affordability in mind and huge pent up demand for these kind of villas.

The project is strategically located in South of Muscat and consists of 100 villas, a mosque and retail outlets. Construction of roads and infrastructure is also within the project scope. This project is well-positioned with a total land size of approx. 40,000 square meters.

Al-Gharaballi stated, "The project was well received by both end-users and investors who see an opportunity for capital appreciation. Our analysis of the market has shown that there is strong demand for affordable villas and the success in our sales validate our findings. This reflects our exceptional investment strategies in choosing the right kind of project for the right kind of people."

Mr. Fawaz Al-Najadah, Project Management Officer at Global, stated that development work is progressing very well and towards its timely completion date. The expected delivery date of the villas is in the first quarter of 2008.

It is worth mentioning that the fund has conducted this investment with Al-Argan Towell which is a subsidiary of Al-Argan International Real Estate Company who is also the asset advisor of the fund. The fund is fully invested and its investments are well diversified.

It is worth mentioning that the GCC Real Estate Fund was launched in April 2005 with the objective of investing into development projects and income producing assets focusing on residential development assets in the GCC countries, in accordance with Sharia'a Compliant Principles.