Dubailand timeshare resort signs affiliation agreement with leading global vacation Exchange Company

Dubai, October 03 2007: Aqua Dunya Resort and Residences, developed by Mr. Ali Sulaiman Al Shehri, along with Interval International, a leading provider of vacation services and an operating business of IAC (Nasdaq:IACI), has announced the affiliation of Aqua Dunya Vacation Club in the Interval International exchange network.

Situated in Dubailand, construction of the first phase of 170 apartments is scheduled for early 2008 with completion in early 2010. Owners of timeshare at the Aqua Dunya Vacation Club resort will be able to exchange with thousands of Interval International's members throughout the world.

Steve Tight, Chief Executive Officer of Aqua Dunya, commented, "The integration of a vacation ownership component into the Aqua Dunya Resort and within Dubailand's portfolio of entertainment offerings provides a flexible alternative for guest accommodation in Dubai. Indeed we can now offer added value to our vacation club members with a wide range of quality international exchange properties through Interval's extensive global exchange network."

"Dubai is the regional hub for tourism with hundreds of tourism-related projects under construction or on the drawing board," said David Clifton, Interval's Managing Director, Europe, Middle East, Africa and Asia. "The Aqua Dunya theme park resort is a highly innovative and compelling leisure development. We are delighted to have a resort of this quality and magnitude affiliated with Interval.  It will benefit our members and provide a huge step forward for the vacation ownership industry throughout the Middle East."

The current demand for timeshare products in the Middle East is extremely robust, with potential timeshare sales estimated by industry experts at US$ 550 million annually and growing. The Aqua Dunya Vacation Club is the first vacation ownership resort announced in Dubailand and will comprise 110 one-bedroom, 400 two-bedroom,  200 three-bedroom, and 45 four-bedroom units, making it the largest single vacation ownership resort in the Middle East, Europe, Asia and Africa. The Aqua Dunya Vacation Club will be a points-based system that will offer the ultimate in flexibility to its members.

The vacation club will be one of the key elements of the Aqua Dunya Resort, a family destination resort that will also include two theme parks built around a 3.5 hectare lagoon; three themed hotels; a convention centre; a waterfront retail and dining district; a nine-hole golf course, and a residential community.

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About Interval International 
Interval International is a leading provider of exchange, travel, and leisure services to resort developers and vacationers worldwide. Based in Miami, Florida, the company has been a pioneer and innovator in serving the vacation ownership market for more than 30 years. Today, Interval has a network of more than 2,200 resorts in 79 countries and offers its clients and nearly 2 million member families high-quality products and programs through its 30 offices in 19 countries. Interval is part of IAC, which owns and operates more than 60 diversified brands in sectors being transformed by the Internet, online and offline. Other IAC companies include Ask.com, HSN, LendingTree, and Ticketmaster.

About Aqua Dunya LLC
Aqua Dunya LLC was created specifically for the development of the Aqua Dunya project. Based in Dubai, United Arab Emirates, Aqua Dunya LLC is currently focused on the design and construction of the 8 million square foot site.  Set within Dubailand, a major tourism initiative in Dubai, Aqua Dunya will offer a unique integration of entertainment and hospitality components in a heavily themed environment.  The centerpiece of the resort is the Desert Pearl cruise ship, inspired by an Arabian sea-faring tale and anchored at its desert oasis.  The ship is home to the Jumeirah Desert Pearl, a heavily themed 400-stateroom hotel operated by the Dubai-based Jumeirah Group.

For more information contact:
Middle East enquires for Aqua Dunya 
Florence Calvet
Phone: + 971 4 2954419
E-mail:  Florence@alsharqinvestment.ae 

International Media inquires - Interval International
Adrian Bascombe
Phone: +44 (0) 20 8336 9573
Fax: +44 (0) 20 8336 9110
E-mail: adrian.bascombe@intervalintl.com
Middle East Media inquiries for Interval International - Strategic Solutions

Susan Furness
Phone: +97150 6556126
E-mail: susan@strategicsolutionsonline.com 

© Press Release 2007