IFA increases investments in South Africa

Notes and media contacts

ABOUT SUN INTERNATIONAL
Sun International forms the major part of the Kersaf Investment Group which is listed on the JSE Securities Exchange in South Africa. Sun International invests in and provides development and operational management services in the hotel and resort industry. The portfolio currently comprises 22 hotels. These properties together with the related management activities generated revenues of R4.2 billion (circa $626 million) and EBITDA R1.3 billion (Circa $194 million) in 2003.

The Kersaf Investments Group is also invested in the City Lodge Hotel Group which operates an extensive limited services hotel chain in South Africa. The Kersaf Investments Group currently has a market capitalization of R3.5 billion (circa $522million)

Africa's most significant tourism and leisure group, Sun International, was incorporated in 1983 and is listed on The Johannesburg Stock Exchange. The group's operations include resorts and luxury hotels in South Africa, Zambia, Botswana, Namibia, Lesotho and Swaziland. The group operates 22 hotels and in 2003 the group's hotel related revenues were in excess of $100 million.

Sun International is the only significant operator of superior luxury hotels and major resorts in southern Africa. This focus was initiated with the first hotel at the internationally recognized and acclaimed Sun City Resort in 1979. The success of these resorts and hotels lies in their appeal to the international markets and their ability to continue to attract customers from the upper end of the local market. The Palace of the Lost City, The Table Bay and Royal Livingstone are all members of The Leading Hotels of the World. SI has developed two of Africa's premier luxury hotel resort properties, Zimbali in KwaZulu-Natal and The Table Bay at the Victoria and Alfred Waterfront in Cape Town. These hotels have been linked to the internationally focused 'Route of the African Sun', a network of southern Africa's most popular attractions for tourists. Sun International has received a number of awards including Africa's Leading Hotel Group and Table Bay Hotel was voted as the leading hotel in Africa by Conde Naste.

ABOUT IFA HOTELS & RESORTS -
IFA Hotels & Resorts is a subsidiary of the Kuwait-based International Financial Advisors Company (IFA), with expanding tourism interests spanning Europe, the Middle East and Africa.

In South Africa, IFA is involved in a joint venture in the existing Zimbali Coastal Resort (www.zimbali.co.za) which covers 3.7 million square metres (370 Hectares) and the expansion of the resort will add a further 3.0 million square metres (300 hectares). It also recently agreed to purchase one of South Africa's most exclusive hideaway resorts - the Zimbali Lodge - from South African leisure operator Afrisun Kwa-Zulu Natal, which will continue to be managed by Sun International Management Limited. The move is further evidence of IFA's commitment to build and position Zimbali as an exclusive destination for the discerning international traveller.

In the Middle East , IFA Hotels & Resorts is the largest investor in The Palm, Jumeirah, a man-made island offshore Dubai in the United Arab Emirates.. These include: The Palm Hotel & Beach Resort with 300-rooms, with its five-star Palm Vacation Club on the island's trunk, a 1000 room five-star Hotel and Vacation Club on the island's crescent. In addition, the company is behind The Palm Residence, with more than 1000 apartments in three buildings - Al Nabat, Al Haseer and The Palm Golden Mile.

The Golden Mile development, a joint-venture with Nahkeel, developers of The Palm, includes a shopping and residential complex which will cost US $300 million and will feature 780 luxury apartments as well as 220 boutique shops and restaurants. The project will overlook a 1.5 kilometre canalside Corniche which will transform it into one of the world's most sought-after Corniche-style shopping destinations.

The depth and strength of IFA places it in the forefront of companies engaged in the development of tourism projects, hotels and resorts in Europe, the Middle East and Africa. It is the force behind the management of the super-premium Sheraton Algarve Hotel and Pine Cliffs Resort in Portugal; part of Starwood's Luxury Collection, and behind the Zanzibar Beach Hotel and Resort - the largest destination resort on the historic spice island.

IFA Hotels & Resorts aims to link its resorts in The Palm, Jumeirah - Dubai, Zimbali-South Africa, Zanzibar and Portugal with future planned resorts in Lebanon. This will offer tourists in Europe, the Middle East and Africa a unique network linking the company's respective hotels, resorts, timeshare and residence club destinations.

For further information please call Peter Bacon on (011) 780-7717 or
James Wilson on (09965) 6644998 or:

Kuwait
IFA Hotels & Resorts PR
Laya
Tel: +965 2403796
Fax: + 965 2407179

Portugal
IFA Hotels & Resorts PR
Teresa Chatillon
Tel: +351-289-500106
Fax: + 351-289-501795

Dubai
IFA Hotels & Resorts PR
Barbara Saunders, MCS/Action
Tel: +9714 390 2960

South Africa
IFA Hotels & Resorts PR
Melanie Robert
Tel: +27-82 3787486