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Date: 22/12/2008

Reef Real Estate Investment signs operator agreement with Rydges Hotels and Resorts

In a significant development, Reef Real Estate Investment Company signed an operator agreement with Rydges Hotels and Resorts for two of its upcoming projects namely Crystal Tower at Business Bay and Al Wadi Hotel and Residence at Mizin project, Dubailand.

H.H. Sheikh Ahmed Mohamed Zayed bin Saqr Al Nahyan, Managing Director, Reef Real Estate said at the signing ceremony:

'We have enjoyed significant growth in the past few months. There are a lot of exciting projects underway. We are glad to appoint Rydges Hotels and Resorts as the operator for two of our most eagerly-awaited properties. We believe it will ensure our customers the highest standards in terms of product and service.'

Crystal Tower is being developed as the most exclusive executive hotel and office tower in the Business Bay. Enjoying an outstanding location, merely 10 min away from the world's tallest building Burj Dubai and Sheikh Zayed Road, the property is specially designed for business and corporate travelers.

A 30-storey building with 5 levels of basement parking and top-notch facilities including a coffee shop, restaurants, health club, business centre, retail shops, swimming pools and outdoor café, Crystal Tower will act as a benchmark for exceptional comfort and style.

The Al Wadi Hotel and Residence at Mizin project, Dubailand is an equally prestigious and promising address.

Peter Hill , Director of Development - Rydges Hotels and Resorts, said, 'We are definitely very excited about having the opportunity to operate these wonderful projects and feel confident that our distinctive style of hospitality will appeal to all. We are continuously looking to exploit new and emerging opportunities. Our strategy is to have a strong presence in all growing cities like Dubai and these deals will provide us unprecedented access to the region.'