Strategic partnership between Moroccan Government and Vision3

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 Ithmaar Bank Chairman Khalid Abdulla-Janahi, 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. 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,"

said H.E. Boussaid.

"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.