To Operate Taj Exotica Hotel in Ras Al Khaimah, United Arab Emirates

Mumbai, Jan.11th 2008, Saraya Islands, the luxurious mixed-use resort destination in the Emirate of Ras Al Khaimah, UAE, signed today a hotel operation agreement with Taj Hotels Resorts and Palaces, by virtue of which the latter will operate a Taj Exotica Resort & Spa in the Saraya Islands project. The agreement was signed by Mr. Mahdhar Al Tamimi, General Manager of Saraya Islands, and Mr. Raymond N. Bickson, Managing Director and Chief Executive Officer of The Indian Hotels Company Limited, which owns and operates 78 Taj Hotels Resorts and Palaces across the world.

The Taj Exotica Resort & Spa will be one of six world class 5-Stars hotels in the Saraya Islands destination in Ras Al Khaimah. The hotel will include 180 guest rooms including suites, 30 bungalows, 2 restaurants, conference facilities, spa and health club, as well as other amenities and facilities that serve all the luxurious comforts that people aspire when staying in a hotel. The first phase of the Saraya Islands project is expected to open in 2011.

"In our partnership with one of the most renowned hospitality providers in the world, Taj Hotels Resorts and Palaces, we welcome their long standing global expertise that the Taj Exotica brand brings to Ras Al Khaimeh in general, and to our customers in particular. Saraya Islands' destination will provide all its investors and customers with a state of the art offerings and differentiation." said Mr. Mahdhar Al Tamimi, General Manager of Saraya Islands.

Announcing the project, Mr. Raymond N. Bickson, Managing Director and Chief Executive Officer, The Indian Hotels Company Limited, said: "We are delighted to partner with Saraya Islands for the Taj Exotica Resort and Spa, in the Emirate of Ras Al Khaimah, UAE. The Taj Exotica Resort & Spa hotels today are recognized for their luxurious offerings including an elevated degree of service, outstanding food, unique spa concept and chic design. Leisure and hospitality in this region is growing exponentially and in line with our strategic intent, it is important for Taj Hotels to be present in this region, which is rapidly developing into a tourism hub of the future."

Saraya Islands has a unique strategic position between the desert and the mountains, located between the majestic range of Hajjar Mountains and the azure sea of the Arabian Gulf. The project is composed of four islands and a main village, occupying 5.5 Km of long natural island, together forming a lagoon framed by the islands and its corresponding mainland site of approximately sixteen hectares, creating two different waterfront situations on the Ras Al Khaimah coast.

Saraya Islands partners with Taj Hotels Resorts and Palaces to leverage on its internationally recognized expertise in hotel and resort operations and planning. The Taj Exotica brand evolved as part of Taj Hotels Resorts and Palaces and it's differentiated by its product philosophy and service design. The Taj Exotica Hotels are centered around high-end accommodations, intimacy and an environment that allows its guests unrivalled comfort and privacy. Over the years, Taj has won international acclaim for its quality hotels and its excellence in dining, business facilities, interiors, and world-class, personalized service.

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About Saraya
Saraya, established in 2005, is a Real Estate Development and Asset Management Company investing in the travel and tourism industry. 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 the Red Sea city of Aqaba, Jordan. While other projects - Saraya Islands in Ras Al Khaimah, United Arab Emirates; Saraya Dead Sea in the Dead Sea, Jordan; Saraya Bandar Jissah near Muscat in Oman; and Saraya Aktau on the Caspian Sea in Kazakhstan - are at various stages of development. Through strategic partnerships with public and private sectors, Saraya provides all facilities and services that a modern tourist city offers; including premium hotels, retail, entertainment, leisure and sport facilities, superb residential units while preserving the natural environment and local cultures. Saraya has introduced a bouquet of customized services to complement its world class destinations; granting all customers an unmatched and holistic experience. Saraya announced its first service, "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 world, 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 customers and investors multiple options for investing their money in the most convenient manner while adding value to their investments. For more information on Saraya Holdings please visit www.sarayaholdings.com.

About Saraya Islands
Situated in Ras Al Khaimah, Saraya Islands will occupy a pristine 5.5 kilometres long natural island running parallel to the RAK coastline thereby creating a natural lagoon between the project and the mainland. The founding partners behind Saraya Islands are the Investment and Development Office of the government of Ras Al Khaimah, Saraya Holdings and a subsidiary of Arab Bank Plc, in addition to Saraya Real Estate MENA Fund. The partners together bring a wealth of global experience and expertise to the project.

Saraya Islands consists of four islands and a main village inter-connected through a series of appropriately scaled resort-style roads and bridges. These islands are called: al-Boum, al-Marsa, al-Sahab, and al-Wahat. Saraya Islands will offer luxurious resort and world class themed hotels destination, an array of palatial villas, lagoon view townhouse, terraced apartments, exotic bungalows, luxury spas and retreats, serviced residential units all including private and semi-private gardens and swimming pools, high quality retail, restaurants and entertainment outlets, amusement water park, pedestrian bridges, as well as bicycle and walking trails, a marina and an amphitheatre. For more information on Saraya Islands please visit www.sarayaislands.com

About Taj Hotels Resorts and Palaces
Established in 1903, Taj Hotels Resorts and Palaces is one of Asia's largest and finest group of hotels, comprising 60 hotels in 42 locations across India with an additional 18 international hotels in the Maldives, Mauritius, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East.  From world-renowned landmarks to modern business hotels, idyllic beach resorts to authentic Rajput palaces, each Taj hotel offers an unrivalled fusion of warm Indian hospitality, world-class service and modern luxury.  The Taj, a symbol of Indian hospitality, has recently completed the centenary of its landmark hotel, The Taj Mahal Palace and Tower, Mumbai.  Taj Hotels Resorts and Palaces is part of the Tata Group, India's premier business house.

For further information please contact:
Media Communication and PR Division/ Saraya 
Taj Hotels, Resorts & Palaces
www.sarayaislands.com 
www.tajhotels.com
 
Dimah Khalili
Media Communications and PR Manager
T +962 6 5505444
dkhalili@sarayaholdings.com

Shereen El-Sharif
PR Supervisor
T +971 4 375 4060
selsharif@sarayaholdings.com

Nitisha Agrawal / Vinifer Gandhi
Vaishnavi Corporate Communications
C : +91 9870204781 / 9821718967
T : +91 22 6656 8787
nagrawal@vccpl.com / vgandhi@vccpl.com

© Press Release 2008