Agreement with Virtus Finance

A partnership agreement was signed in Mauritius, on February 5, 2007, between Virtus Finance, directed by Mr Emanuel DI GRESY and Mr AJROUDI , to jointly develop a hotel project of 300 rooms from 4 to 5 stars, in Saint Félix, in Mauritius and to develop in parallel, the Real Estate Promotion of 100 villas with a golf course as well as a Marina for 400 boats.

A meeting in Cannes on February 14 was organized with Mr. Mohamed AL SHARIF, the Secretary General of the Jeddah Chamber of Commerce, for the negotiation of the purchase of the GHM Milan hotel, and the possibilities of hotels in Saudi Arabia as well as Real Estate Promotion in the Middle East.