Alexandra Investment Management invests in Saraya Aqaba

The initial target for the equity private placement of JD85 million (US$120 million) was subsequently increased to JD115 million (US$162 million) reflecting the strong demand for this unique development on the northern shores of the Gulf of Aqaba.

"Alexandra Investment Management is pleased to have the opportunity to support the financing of the Saraya Aqaba Project as it represents another major step in the economic development of the Hashemite Kingdom of Jordan under the leadership of HM King Abdullah II. The reality of this unique development will strategically position Aqaba as a premier destination of choice for both business and leisure travelers in the Middle-East," said Mr. Mikhail Filimonov, Chairman and CEO of Alexandra Investment Management.

Alexandra Investment Management, LLC manages a global multi-strategy hedge fund specializing in event-driven, relative value strategies generating strong risk adjusted returns. The Fund's expertise is in identifying company-specific investment opportunities in relative value arbitrage, convertible bond arbitrage, high yield, distressed debt, capital structure arbitrage, special situations, and long/short equity. As the Firm approaches two billion in assets under management, new disciplines continue to emerge to compliment existing asset classes in both developed and emerging markets and across all sectors. The Fund's objective is to generate consistent returns over the long-term, with primary focus being preservation of capital.

"Saraya Aqaba is very pleased to extend its appreciation for the confidence that Alexandra Investment Management have shown in the project, and welcomes them on board this exciting new partnership," said Mr. Ali Kolaghassi, Vice Chairman, Saraya Aqaba; further adding "Our strategic alliance comes from the strong belief in Saraya Aqaba and the positive impact it will have on transforming Aqaba into a premium sought after world destination."

Saraya Aqaba is scheduled to commence development and construction by end of this year and aims for completion by January 2009.