Dubai, April 3, 2006: Zabeel Investments and TUI Hotels and Resorts, which manages the World of TUI hotel companies and is the largest holiday hotelier in Europe have signed a deal to build two hotels on the Palm Jumeirah. The project is valued at Dihrams 700 million.

The ROBINSON Club and Iberotel hotels, operated by TUI, will cover in excess of one million square feet of land, and will be beach front properties.  Both properties will have 300 rooms and suites each that will be built to reflect the local architectural style.

"This deal signifies our commitment to Dubai's tourism and hospitality sector as well provide tourists affordable accommodation on an exclusive island resort," said Mohammed Ali Al Hashimi, Executive Chairman of Zabeel Investments.

Al Hashimi further explained that the properties will attract German tourists and are aimed at being first choice for budget conscious holiday makers that are looking for a unique location, luxurious accommodation and a wide range of services.

Located on the crescent of the Palm Jumeirah the properties will be completed in June 2008.

ROBINSON has a 73% market share in Germany and is the market leader in the premium segment for club holidays. Their portfolio presently includes 21 club complexes in eight countries.

The ROBINSON Club will have a wide range of offerings including WellFit and water sports. Guests will enjoy the usual high standard of facilities found in every ROBINSON Club, such as speciality restaurants, a theatre , ROBIN Store, ARTelier and seminar rooms.

Commenting on the contract Max-Peter Droll, Managing Director of ROBINSON said, "This complex will make us the first company to offer club holidays in Dubai in the premium market segment. Our club will reflect the exclusive image of Dubai as well as the Arab culture and architecture."

Iberotel, is TUI's leading chain of resort hotels in Egypt.  The group also has a presence in Turkey and Italy .

"The new hotel is largely designed to appeal to families who come to Dubai for the well known good weather and shopping experience as well as those who want to enjoy the local culture," commented Martin Schlter, managing director of Iberotel.

The Iberotel the Palm Dubai will offer guests a wide variety of cuisines and restaurants which will include an la carte restaurant.  Bars along with fitness, wellness and beauty centres will be among the many services available. The hotel will also provide conference facilities for up to 400 people for business and conference guests.

"Zabeel Investments is dedicated to delivering outstanding projects regionally and globally. The two properties will be unique in their offering meeting demand for world class hotels.  In 2005 the World Travel & Tourism Council (WTTC) ranked the UAE's tourism sector 41st worldwide. The vision and support of our leaders to make Dubai a global tourism capital is fast becoming a reality," added Al Hashimi.

-Ends-

Notes to Editors
Zabeel Investments is a multi-diversified investment company focused in the areas of commercial real estate development and management, private equity and asset management across a wide range of economic sectors in the UAE, GCC and overseas.

For further press information:
Melanie Fernandes,
Promoseven Weber Shandwick.
Tel: +971 4 3210077;
Email: melanie.fernandes@promoseven.com

© Press Release 2006