Kuwait’s Abyaar Secures NorthCourseSM Leisure Real Estate Solutions To Develop Its US$1.4 billion Dubai Property Portfolio

October 10, 2006

October 10, 2006 – Kuwait’s Abyaar Real Estate Development, which recently entered the UAE market, has appointed NorthCourseSM Leisure Real Estate Solutions, a leading global consulting company, to provide strategic advice to help manage, develop and position its property portfolio in the highly competitive Dubai market.

One of the world’s foremost leisure real estate consultants, NorthCourse, which operates in over 60 countries for major hospitality and real estate clients, will provide Abyaar with a full spectrum of advisory services and research including: project feasibility, design and sales and marketing advice.

The appointment adds considerable strategic impetus to Abyaar’s ambitious plans to provide unique, high quality, mixed use developments.

"The NorthCourse partnership adds another degree of assurance to investors and stakeholders that we will build excellence and deliver real estate with substantial premium and return potential," said Hisham Al Obaid, Chairman, Abyaar Real Estate Development.

Backed by two of Kuwait’s most powerful investment groups – Aayan Leasing and Investment Company and Al Rashdan Group, which has extensive real estate experience – Abyaar says its Dubai projects will impact the emirate’s residential, commercial, hospitality and retail segments.

"We are targeting a very niche market, investors who appreciate class and quality and in such a competitive market we need to differentiate ourselves. NorthCourse will help through market analysis and competitive benchmarking to identify real stakeholder preferences and requirements and to maximize investment returns."

NorthCourse says it is looking to formulate innovative solutions to Abyaar’s business challenges in the UAE market. "We are now Abyaar’s growth partner and will be involved in its developments from project conception to completion," says Claude Attala, Managing Director, Business Development, NorthCourse, Middle East.

Investing in compliance with Shariah law, Abyaar will build mixed use developments with innovative architecture and interiors. The company has already invested over US $150 million in two luxury serviced Dubai Marina apartment towers - Pier 24 and Pier 8. Other Abyaar developments to be rolled out this year will further demonstrate its commitment to the UAE market and a belief in its long-term investment potential.

Abyaar Real Estate Development is a highly distinct property company – committed to raising the benchmark of Middle East real estate and delivering solid investor insurance. Founded with a capital value of KD 35 million (US $115 million) - Abyaar is a joint venture between Kuwait’s Aayan Leasing and Investment Company, a leading investment player and Al Rashdan Group, a major real estate developer, and other investors.

Abyaar’s portfolio will be an impressive collection of exclusive, freehold initiatives, firstly in Dubai and then throughout the GCC. Investing in real estate in compliance with the rules and provisions of Islamic Shariah, Abyaar will build residential, commercial, retail and hospitality projects finished to the highest European standards, with innovative architecture and aspirational interiors.

‘Building Excellence’ is the company’s guiding principle. Taking inspiration from the literal Arabic meaning of ‘Abyaar’– a ‘well’, the source of water - the company’s vision is to develop stylish and contemporary destinations that enhance lifestyles. Abyaar is a new breed of developer committed to creating business growth and prosperity.

About NorthCourseSM Leisure Real Estate Solutions

With more than 30 years of experience, NorthCourseSM Leisure Real Estate Solutions is an international leader in providing the full spectrum of advisory, research and asset management services. The company’s expertise is in shared ownership business models and mixed use developments including timeshare, fractionals, private residence clubs, destination clubs and condo hotels as well as in-depth feasibility studies, business modeling, product design, consumer and market research. With offices in the United States, the United Kingdom, Spain, the United Arab Emirates and Singapore, NorthCourse is a division of the RCI Global Vacation NetworkSM, the global leader in leisure accommodations with exclusive access for specified periods to approximately 55,000 vacation properties in more than 100 countries.

Contact: Natalie Kandik +1 (973) 753-6382 / Natalie.kandik@rci.com