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Moody’s rates Blue City’s USD925 million note Baa3

Oman: Tuesday, April 10 - 2007 @ 08:54

This senior debt rating, confirms, and is in addition to the senior BBB- rating issued by Fitch Rating Agency when the notes were issued on the Global Capital Market.

ASIT and its financial advisors, Oppenheimer Investments, are pleased to have received this confirmation of the financial strength of the Blue City development.

ASIT has also confirmed that the construction of the Blue City is progressing completely on schedule and that the interest in the residential sales for villas and apartments are exceeding all projections.

Mr Anees Issa, Chairman of ASIT stated: “We are pleased with the success of the Blue City and look forward to continuing the work with our financial advisors Mr. Conrad Stampfli and Mr. Samuel Grossmann of Oppenheimer Investments, as we construct one of the premier planned cities in Oman and the region”.

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Tuesday, April 10- 2007 @ 8:54 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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