Solidere International Launches EUR40 Billion Al Zorah Project in Europe

Milan (ots/PRNewswire) - Solidere International, one of the
Mediterranean region's largest and most successful master-plan
developers has launched its ambitious EUR40 billion mixed use
development, Al Zorah, to an international audience during its
participation in the Expo Italia Real Estate (EIRE), the leading
property exhibition held in Milan, June 10-13, 2008.

(Photo: http://www.newscom.com/cgi-bin/prnh/20080609/307506 )

The landmark development brings the city building skills of
Solidere International, famous for its reconstruction of Beirut City
Centre, to the newest real estate and investor destination in the
Arabian Gulf, Ajman, one of the seven emirates of the United Arab
Emirates. Solidere International, is also planning to expand its
investment portfolio to include landmark projects in Turkey, Portugal
and Montenegro. The company has also partnered with "VINCI", the
leading French company and was shortlisted to develop the
"Urbanisation en mer" huge real estate project in Monaco.

Located along Ajman's pristine coast, Al Zorah will be a
self-contained, master-planned city containing varied residences,
offices, retail, schools, hospitals and leisure facilities including
a championship golf course, marinas and 5-star resort hotels. It will
be 12 square kilometers in area, with a built up area of 22 million
square meters and 16 kilometers of beaches and waterside walks.
Overall, 60 per cent of the development will be public space, about a
third of the density of the average city.

"Al Zorah is a truly spectacular project that will transform the
relatively unknown emirate of Ajman into a world-class residential,
business and leisure destination," said Nasser Chammaa, Chairman and
CEO of Solidere International. "It is a milestone for the emirate of
Ajman, which will be built in line with the vision of the emirate's
ruler and in a way that will reflect the tradition and culture of the
region."

The new coastal city with an expected population of 200,000 will
be developed by the Al Zorah Development Company, a joint venture
between the government of Ajman and Solidere International. It is the
largest development to be launched to date in Ajman and has already
secured pre-sales of EUR1.75 billion with investors from Asia,
Europe, the Indian sub-continent and the Middle East.

Rami Dabbas, Head of Ajman's Real Estate Development and
Investment Authority, and Board Member of Al Zorah Development
Company added that the development will adopt best practices in
environmentally friendly construction and living.

"The natural beauty of Al Zorah will not only be left unharmed,
but also enriched with lush landscaping, parks, islands and
waterways. The nature of Al Zorah and the fact it will be located in
one of the fastest growing real estate regions of the world are its
greatest assets and will make it an attractive investment choice for
those we are presenting to at Expo Italia Real Estate (EIRE)."

Solidere International and the Al Zorah project can be visited in
Pad 4 Stand A11-A19 B12-B20,10 - 13 June 2008 at the Expo Italia Real
Estate.

Facts and Figures

- Al Zorah will be developed by the Al Zorah Development
Company, a joint venture between the government of Ajman and Solidere
International

- Solidere International is partly owned by Solidere, the
Lebanese Company responsible for the development and reconstruction
of Beirut City Centre

- Solidere International and the government of Ajman are both 50
per cent shareholders in the Al Zorah Development Company

- Al Zorah Is a freehold AED 220 billion mixed use development
located on the northern coast of Ajman and is the biggest master plan
announced by the emirate of Ajman

- The development will cover 12 square kilometers, with a built
up area of 22 million square meters and large areas of water and
green public spaces

- It will be a self-contained, master-planned city comprising
varied residences, offices, retail, schools, clinics and leisure
facilities including marinas and a number of 5-star hotels and
resorts

- Resident and working population will be around 200,000, with
residents making up about 85 per cent of this; the development will
promote an environment for working and living

- The development will feature residential waterfront villages,
low rise villa communities, apartments with some having direct indoor
access to retail, office accommodation, a 200,000 square meter mall
and 16 kilometers of sandy white beaches and waterside walks

- It will be linked to Emirates Road with a new 8.5 kilometers
access road

- The location is just 25 minutes away from Dubai International
Airport, and 10 minutes away from Sharjah International Airport, via
the new link road

- It is divided into several mixed use areas, including the city
centre, resorts, villages, golf course, and parkway development

- The master plan is focused on the preservation of the natural
environment which includes, 30 species of mangroves, more than 20
species of birds, other wildlife, countless coastal fish, trees and
sand dunes

- The new city will encourage people to leave their cars at home
with an integrated network of walkways, canals, waterways, bicycle
paths and public transport facilities

- It incorporates environmentally-friendly design and
energy-efficient infrastructure

- It will be a sustainable development that will use building
aspect, maximum shade, energy efficient building materials and modern
construction methods that will cut energy use by up to 50 per cent

- There will be an attractive mix of building height, including
low and higher-rise buildings, with an average height of 10 storeys

- Of the built up area, residential buildings will make up 52 per
cent, offices 22 per cent, retail stores 11 per cent, hotels 8 per
cent, with warehousing, storage and infrastructure making up the
remaining 7 per cent

Amenities

- Sixteen kilometers of sandy white beaches and waterside walks

- An 18-hole championship golf course and club house

- Five public marinas, with private marinas adjacent of
residential communities, 20 kilometers of canals and waterways

- 5-star resort hotels

- Retail mall of 200,000 square meters

- Equestrian Centre

- Jogging and horse trekking tracks

- Hospitals and other community healthcare facilities

- Three schools, offering American, French and Indian curriculum

- Public transport facilities

About Solidere

Solidere, the Lebanese Company for the Development and
Reconstruction of Beirut Central District, is a joint stock company
formed in 1994 to spearhead the reconstruction and development of
Beirut city centre and its restoration to its famed beauty and
architectural marvel. Solidere was capitalized by bringing together
property rightholders and cash investors. Over the years the company
has established a track record and a unique interdisciplinary team
with practical experience in urban planning, real estate development,
property management and marketing of large scale developments,
including public utilities.

About Solidere International

Solidere International, partly owned by Solidere, is registered
in Dubai International Financial Centre. Other shareholders in the
company include individual and institutional investors from the
Middle East and Europe as well as international funds. Drawing on
Solidere's 15-year expertise in urban planning, project consultancy
and management, Solidere International offers a complete package that
includes master planning, financing, marketing and management for
developers and planners in the region and beyond.

ots Originaltext: Solidere International
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Contact:
For more information, please contact: Nizar Saab/Sara Hamam, ASDA'A
Public Relations, Tel: +971-4-3344550, Fax: +971-4-3344556, E-Mail:
n.saab@asdaa.com/ s.hamam@asdaa.com