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|| Qatar investors acquired 50% stake in a Seychelles luxury resort

diar-sychele.jpgQatari Diar Real Estate Investment Company announced that it had reached terms with Tsogo Sun Holdings, a South African entertainment and hospitality group, to acquire a 50% stake in the MAIA Luxury Resort and Spa in Seychelles.

MAIA Luxury Resort and Spa, opened in September 2006, stretches 30 acres on the southwest coast of the island of Mahé, with Each of its 30 one bedroom villas having ocean views.

Launched in 2004, Qatari Diar is wholly-owned by the Qatar Investment Authority and currently has more than 35 real estate development projects active in more than 20 countries around the world. It is listed in the Middle East Investors Directory with the code BFD107.

See more details from the full release below

QATARI DIAR Real Estate Investment Company, an international leader in sustainable development, announced today that it had reached terms with Tsogo Sun Holdings, one of South Africa's most successful entertainment and hospitality groups, to acquire a 50% stake in the MAIA Luxury Resort and Spa in Mahé, Seychelles. The agreement was announced at a signing ceremony today at the Intercontinental Hotel Paris Le Grand during the 5th Finance and Investment in Qatar Forum, held in the presence of H.E. Sheikh Hamad bin Jassem al-Thani, Prime Minister and Foreign Minister of the State of Qatar and Chairman of QATARI DIAR.

MAIA Luxury Resort and Spa, which opened in September 2006, is one of the most exciting resorts in the Seychelles. MAIA, theSeychelles' all-villa resort and a member of Leading Small Hotels of the World, stretches 30 acres on the southwest coast of the island of Mahé. Each of its 30 spacious one bedroom villas has uninterrupted ocean views, some nestled on the white sandy beaches and others perched high on the mountain top with panoramic views. MAIA Spa consists of three pavilions set within the mature private rock gardens of the resort. Each pavilion has an open-air treatment room, private garden and private bathing area.

Mr. Ghanim bin Saad al-Saad, QATARI DIAR's Managing Director, commented on the acquisition: "We are honored to be partnering with the Tsogo Sun Holdings, one of Africa's premiere hospitality groups, and to further our investment and commitment to the beautiful country of Seychelles. We are excited to be a part of the country's growth, not only through MAIA Luxury resort, but also through our own recently launched resort project. We look forward to expanding our commitment to the people of Seychelles and throughout Africa in the years to come."

Mr. Jabulane Mabuza, Group Chief Executive of Tsogo Sun Holdings, commented "The partnership between QATARI DIAR and Tsogo Sun Holdings in MAIA is one that will serve to strengthen our common commitment to creating and operating developments that enhance the natural beauty, traditions, and cultures of the African people. We each believe in respecting the communities we enter and nurturing their growth. Today's agreement represents a long-lasting and fruitful relationship between our two companies to achieve these goals together."

Frederic Vidal, Managing Director of the MAIA Luxury Resort and Spa, said, "At MAIA we look forward to our partnership with QATARI DIAR to continue to provide a one-of-a-kind intimate, peaceful, and private setting for guests to relax and enjoy world-class treatment. Characterized by spacious and discretely hidden villas with lush gardens, luxurious and award-winning food and service, and a spa unmatched in serenity and quality, MAIA's promise to guests is that they will leave with their senses restored and their spirit revived- ready to face the world looking fabulous."

Launched in 2004, QATARI DIAR is wholly-owned by the Qatar Investment Authority and currently has more than 35 real estate development projects active in more than 20 countries around the world.

Tsogo, incorporated in South Africa in 2002, is a hotel, gaming and entertainment company with operations throughout Africa, the Middle East and the Seychelles. Tsogo's hotel operations are represented through the wholly-owned subsidiary Southern Sun, with an international portfolio of 80 properties in Seychelles, Dubai, South Africa, Kenya, Zambia, Tanzania, Mozambique and Nigeria.



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