On the Sidelines of Cityscape Dubai 2007

Dubai - October 16th, 2007: Saraya, a Real Estate Development and Asset Management Company investing in the Travel and Tourism industry, and Kazemir Aktau, a premier Real Estate Developer in Kazakhstani, announced today a memorandum of understanding to develop Saraya Aktau, Saraya's new destination in Aktau City along the Caspian sea in Kazakhstan. The announcement was made on the sidelines of the world's largest real estate exhibition, Cityscape Dubai 2007.

The luanch of Saraya Aktau comes in line with Saraya's strategy of engaging globally in the world of Travel and Tourism through investing in the real estate sector and developing luxurious destinations, as well as complementing these destinations with personalized exceptional services.

Poised to become Kazakhstan's city of energy, tourism and lifestyle, Aktau is the center of the emerging oil, gas and tourism industries in Kazakhstan and along its Caspian seashores, a location destined to witness major economic boom. The development projects for Aktau city master plan are geared to make this city a year round destination and an experience that both residents and visitors will enjoy.

As a master developer and land owner, Kazemir Aktau entrusted Millennium Development International, a subsidiary of Saraya Holdings on the development management of the project, which in turn assembled a group of highly acclaimed international experts from the USA, France, UK, Hong Kong, UAE and Lebanon in the fields of development management, master planning, engineering, environmental planning, architecture, economic planning, legal, finance, marketing and sales to prepare the development strategies for the Project.

"We are proud to announce the Memorandum of Understanding to launch a world-class destination on the Caspian Sea, with a world-class developer such as Saraya. This Project embodies the aspirations of the President of Kazakhstan, His Excellency Mr. Nursultan Nazarbayev, to promote a modern economy, strengthen the private sector initiatives, and develop a prosperous society of free citizenship, and high living, and working standards. The project was inaugurated last September in the presence of H.E. President Nazarbayev and his special guest, H.H.Sheikh Abdallah Bin Zayid Al Nahyan, Minister of Foreign Affairs in the United Arab Emirates. The infrastructure works are expected to start later this year" said Mr. Amangeldy Makhashov, Kazemir Group Advisor.

The MoU requires Saraya Aktau to develop and build a luxurious mixed-use community destination composed of a five-star resort hotel, serviced villas, a world-class spa, and branded villas for sales stretching over a 400,000 square meters site, with a beach front of 650 meters overlooking the magnificent Caspian Sea. Saraya Aktau's unique location offers its users total seclusion and privacy at one hand, and proximity to the heart of the city on the other, offering the best of the two worlds. The design of the project will commence by the end of 2007, with expected opening by 2011.

Working strategically with the Kazemir Aktau and the local authorities of Kazakhstan, Saraya will transform this unique and undiscovered location   into a world-class tourist destination. As one of the integral philosophies of Saraya, all projects under its umbrella will be developed in an environmentally-friendly and culturally-conscious manner. The Saraya Aktau project aims to benefit from the growing economy of Kazakhstan, with a new yet-to-be discovered Caspian destination by the world at large, and benefit their respective local communities.

It is note worthy that Cityscape is the largest business-to-business real estate platform and development event in the world is now the largest of its kind, attracting more than 400 exhibitors representing the biggest real estate development, investment, finance, and construction companies from different countries of the world, in addition to 50,000 visitors including key investors and businessmen, property developers, architects, designers as well as economic and real estate specialists.

-Ends- 

About Saraya
Saraya, established in 2005, is a real estate development and asset management company investing in the travel and tourism industries. Saraya's vision is manifested in turning undiscovered natural, rich and unique locations into luxurious destinations. Saraya seeks to support the economic growth of the countries it invests in by developing projects that maximize shareholders' value and contribute to local communities' sustainable development. Through its investment subsidiaries, Saraya has invested in Saraya Aqaba project, currently being developed in Aqaba city, Jordan. While three other projects - Saraya Islands in Ras Al Khaimah-U.A.E, Saraya Bandar Jissah near Muscat in Oman, and Saraya Dead Sea in Jordan - are at various stages of development. 

Through strategic partnerships with public and private sectors, Saraya provides all facilities and services that a modern touristic city offers; including premium hotels, retail, entertainment, leisure and sport facilities, superb residential units while preserving the natural environment and local cultures.

Saraya also announced "Saraya Aviation"; a Private Jet Charter Operation which is designed at servicing individuals as well as large corporations, banks and government officials in addition to visitors, tourists and businessmen. "Saraya Aviation's" fleet will grant short and long distance trips, taking off and landing from any destination in the Middle East, North Africa and Europe, and will commence operations in June 2008.

In September 2007, Saraya announced its second elite service for its customers, "Saraya Realty", a fully owned subsidiary of Saraya. "Saraya Realty" will be the exclusive property selling, leasing and re-sales arm for all Saraya's luxurious destinations mainly targeting both end users and second-home owners through a variety of product packages tailored to meet their utmost satisfaction, hence offering clients and investors multiple options for investing their money in the most convenient manner while adding value to their investments.

About Kazemir Aktau Development Limited:
Kazemir Aktau Development Limited (Kazemir Aktau) is an affiliate of Kazemir Group Ltd, and forms part of a group of companies established to invest in a multiplicity of economic sectors in Kazakhstan. Kazemir Aktau is Kazakhstan's largest land and real estate development Company.

Kazemir Aktau is the master developer of a new city at Aktau, on the Caspian Sea, extending over a land area of more that 40 million square meters and targets a population close to one million.  Launching the initial ground works for Aktau New City in September 2007, Kazemir Aktau endeavors to accommodate the rapid and dynamic growing economy of Kazakhstan, contributing to building a new silk road of the expanding gas, oil, freight transportation and tourism industries in Kazakhstan. The main headquarters of the company is located in the city of Almata in Kazakhstan, whereas the company will be having another headquarters in Aktau city, and a representation office in Dubai, UAE. 

For more information:
Dimah Khalili
Media Communication and PR Manager,
Saraya
Tel: +962 6 5505444
Fax: +962 6 5561738
E-mail: dkhalili@sarayaholdings.com
www.sarayaholdings.com

© Press Release 2007