IFA Hotels & Resorts achieves 130% increase on Q1 profits

Earnings per share increased by 134%, from 16.09 fils (6 cents) last year to 38 fils (14 cents) this quarter. Shareholders' equity also increased to KD90.53m ($340.21m) compared to KD56.07m ($201.45m) during quarter one 2007. The company's total assets increased by 27% to total KD301.84m ($1.134bn).

Talal Jassim Al-Bahar, Vice Chairman and CEO of IFA HR, stated: "We are very happy with our first quarter results. We can confidently say that our profits and revenues have grown healthily despite the recent unsteadiness in the global market. Following a positive start to the year, we anticipate a continued growth moving into the second quarter."

Werner Burger, President and COO of IFA HR, said "We believe that our positive growth resulted from strength in our core business. The majority of our existing developments have already been sold with fixed building contracts in place. We have a very strong customer base which has been re-purchasing and investing in properties across our international portfolio."

The company currently has three major projects in Dubai that are scheduled for hand over during 2009: The Palm Golden Mile, the Laguna Tower and the Fairmont Palm Residence. "We are concentrating heavily on our delivery dates and on schedule to deliver these projects. We look forward to welcoming more of our customers into their properties next year," added Burger.

In September, IFA HR opened a YOTEL at Amsterdam's Schiphol airport, the company's first project in The Netherlands. The 57 cabin YOTEL is located inside Schiphol's terminal and is the third YOTEL property to be opened.

IFA HR's current assets under management are valued at approximately KD3bn(approximately $10bn). The company has a staff of 522 global employees, with 40 projects completed or being developed, spanning 14 countries on four continents. At present, the Middle East makes up the majority of the company's assets and investments with 56%, followed by Africa and the Indian Ocean with 19%, Asia with 18% and finally Europe and the Americas with 7%.

Al-Bahar concluded: "We will continue focusing on our existing projects while also looking at new opportunities to further expand internationally. We hope to maintain our growth and profitability in order to maximise our shareholders' returns in the coming years."

ENDS


About IFA Hotels & Resorts:
IFA Hotels & Resorts is a leader in real estate development, specialising in premier integrated and mixed-use hotel and tourism resort projects throughout the Middle East, Europe, Africa, the Indian Ocean region, Asia and North America.

IFA Hotels & Resorts' activity in resort development began in the mid 80s with the acquisition and development of Pine Cliffs Resort in the Algarve, Portugal, through United Investments Portugal, which is part of the IFA Consortium.

The grandeur of Pine Cliffs provided the ideal environment for investment in the real estate sector as well as residential homes and resort living, and thus the consortium's link with the hospitality sector developed. Today, IFA Hotels & Resorts sets the international benchmark for the development of world class integrated real estate development.

A specialist in resort development, IFA Hotels & Resorts enjoys close links to premier hospitality operators such as Fairmont Hotels & Resorts, Mövenpick Hotels & Resorts, Kempinski Hotels and Sheraton Hotels & Resorts, appointed to manage properties around the world.

IFA Hotels & Resorts listed on the Kuwait Stock Exchange in January 2006, with a market capitalisation of over $1. The company also listed on the South African JSE Limited (Johannesburg Stock Exchange) during 2006 with plans to list on other major exchanges in the future. In January 2007, the company invested in listed Thai developer Raimon Land.

Globally, IFA Hotels & Resorts has entered into strategic alliances and joint venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), United Investments Portugal, YOTEL (UK), a strategic alliance with RCI (part of the Cendant's Group), Tongaat Hulett Developments (South Africa), Boschendal Ltd (South Africa), Raimon Land (Thailand), Ohlthaver & List (Namibia), Indian Ocean Resorts (Seychelles)and most recently Related (United States).

IFA Hotels & Resorts' current portfolio consists of 44 projects in total, of which 23 are hotels, with a total of 17,000 keys. Assets under management are valued at $11bn.

The company is present in 14 markets across 4 continents: Kuwait, Dubai, Lebanon, the United Kingdom, the Netherlands, Portugal, France, South Africa, Zanzibar, Namibia, Seychelles, Thailand, Caribbean and New York, with plans to link its resorts to new parts of the globe. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.

IFA Hotels & Resorts' programme of brand acquisition and developer partnerships will continue into the future, illustrated by the ever growing strength of its product range: residences, hotels, resorts, hotel ownership, fractional ownership, vacation clubs, lifestyle membership clubs, yacht ownership clubs and jet ownership clubs.

This unique product range enables IFA Hotels & Resorts to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe.