RAS AL-KHAIMAH, 9 January 2007 — The Hilton Ras Al-Khaimah Resort & Spa, Hilton’s second property and first “Worldwide Resort” in the emirate opens tomorrow, with the first phase involving the launch of 151 deluxe villa suites all within 30 meters of the 800-meter stretch of white, sandy beach. All have private patios with mountain and sea views. The new resort is set in a private bay. “Ras Al-Khaimah is UAE’s most favored weekend getaway destination offering a Riviera feel. With a burgeoning tourist sector, the emirate is one of the region’s most talked about hot spots,” said Mohab Ghali, the resort’s general manager.

DIB Launches Global Diversified Note

DUBAI, 9 January 2007 — Dubai Islamic Bank (DIB) yesterday announced the launch of an innovative investment product — Shariah-compliant 3-year Capital Protected Global Diversified Note. Conceptualized by DIB’s Wealth Management Division, the 3-year note will have a minimum investment of $10,000 and will offer investors protection on their capital while participating in a diversified basket of global equities, currencies, commodities and real estate. Besides, DIB will offer a maximum potential return of 7 percent per annum in the first year. The Fatwa & Shariah Supervisory board of Dar Al-Istithmar, London, is involved in overseeing Shariah compliance.

MTC, EMPA Unveil Joint Venture Unit

DUBAI, 9 January 2007 — Memory Technology Corporation (MTC) and EMPA Middle East, two of the largest IT distribution companies in the Middle East and North Africa (MENA) region, launched yesterday a joint venture retail arm called “e-retail” at a press conference held at Shangri-La Hotel, here. MTC and EMPA also announced that e-retail will be the exclusive distributor for HANNspree — the manufacturer of fashionable, innovative LCD TVs — in the MENA region excluding Saudi Arabia. In addition, e-retail will also offer its retail service to other leading multinational brands in the near future.

MECSC Annual Convention Set

DUBAI, 9 January 2007 — The Middle East Council of Shopping Centers (MECSC) will hold its annual convention on March 19-20 this year. The two-day leasing fair, trade expo and conference will see some of the region’s leading retail real estate developers come together to showcase new mixed retail projects and network at Hall 4 of the Dubai International Exhibition Center. MECSC president Mike Davidson said “retail is becoming a major contributor to gross domestic product (GDP) for a number of Arab countries, particularly in the GCC. The forum provides the ideal opportunity for the industry, retailers, analysts and other interested parties to see the scope for retail in the region.”