“Patience, determination and resilience will win the day”

SEPTEMBER 1, 2010

I must begin this month's message with heartfelt thanks and gratitude for  the hundreds of emails and telephone calls which I have received, congratulating us  on succeeding in our efforts in both financing  and signing up with ARABTEC in such a short time. Thank you for your confidence, your trust and your encouragement.

Despite all the inherent difficulties in the present global economic conditions, especially for property development companies, we continue to make progress and I am delighted to give you the following update as our September report:

 As the funding is imminent, we continue to deal with the due diligence requirements that seemingly never end. But our patience, determination and resilience will win the day and the funding will be released soon , and the Escrow Account will be activated with our Abu Dhabi Commercial Bank.

ARABTEC's team is busy with the necessary surveys, site preparations and review of the detailed design with PDA, the lead architects.   T hey are getting ready to kick start the construction on a fast track basis with completion target of Dec 2011 for the Residence and Business Village. Northcroft, our Contract managers and Chartered Quantity Surveyors are doing a great job in preparing detailed construction contracts and process documentation to ensure maximum efficiency and control. Our valued colleague, Julia Truscott, is back from vacation and is preparing the sales machinery for a post RAMADAN take off in mid September. Our 4th quarter will be exciting and filled with marketing and promotion activities, plus property exhibitions in the UAE and overseas. I have invited Jonathan Wood to join us as Deputy CEO, to help me with the financial structuring challenges which we are facing now. Jonathan, has 14 years of work experience in Russia and former Soviet Republics such as Kazakhstan and Uzbekistan as a CFO for major Oil and Gas companies, He is a great asset to the corporate team. I am also very pleased to report the appointment of Ashif Manjothi, as our Chief Investment Officer (CIO) who is in charge of a major effort to produce a Khoie Information Memorandum which will be used in our ongoing discussions with several private equity entities interested to take up equity in the Khoie Group. Ashif is a 35 year old highly educated professional, with both a BA and MBA under his belt. Not only is he a Chartered Accountant, but he also brings a wealth of knowledge and energy to our finance team.  Dr Ahmad Jazayeri, our former CFO will be returning to the Khoie Group. We share the opinion that we have all been victims of circumstances beyond our control and that true and valued relationships should be nurtured and protected, I have accepted his regrets for leaving and have agreed to his return on September 10, to take up his old position as CFO and lead the accounting team for our 2008 and 2009 Audit by Ernst & Young which is currently underway and is one of the final pieces of documentation  our funding entity is waiting for.

I am a firm believer in the adage that “All good things come to those who wait” and of course, we continue to work hard, while waiting patiently for the providence to deliver the results of our labour.

Thank you again for your support, your confidence and your trust which I value highly.

May God bless you all,
Frank Khoie
CEO

E-mail: ceo@khoie.com
Phone: +971 50 657 0408