The M.A. Kharafi Group of Kuwait has established the Kiwan Tourist Investment Company to build, finance, equip, and operate a major tourism & commercial project - the "Kiwan project" - in the heart of Damascus (Omaweyine Square).

The Kiwan project will create the city's only integrated development which will include an InterContinental Hotel, shopping mall, cinema complex, office space, world-class conference centre, meeting rooms, ballrooms, specialty shops, health club and spa.

With these exceptional facilities the development is set to become a key attraction for both local and international travellers.

Further to a contract signed with the Syrian Ministry of Tourism, the M.A. Kharafi Group will develop the land obtained in April 2008, for 45 years of operation with a 3 year execution period.

MAK Hotel Holdings, a member of the M.A. Kharafi Group, has signed an agreement with InterContinental Hotels Group (IHG), to develop a 370 room InterContinental Hotel within this development, due for completion in 2010.

With tourism to Syria increasing rapidly, according to the Ministry for Tourism visitor numbers grew 23 per cent in the first quarter of 2008; the Syrian Government has significantly increased spending on tourism, recognising the pivotal role that it can play within the nation's economy. As part of this spending, the Government has implemented a substantial marketing campaign, coupled with planned infrastructure to improve leisure facilities across the country.

Mohamed Fahmy, Managing Director of MAK Hotel Holdings commented "This is an exciting development for our group and we are thrilled to be working alongside IHG to deliver an exceptional InterContinental branded hotel in the heart of Damascus. There is great investment potential throughout Syria and we look forward to expanding our portfolio within the region."

For further information please contact: Buchanan Communications +44(0)20-7466-5000 For Hotels, Tourism Development & Acquisitions Division M.A. Kharafi Group

Tim Thompson Nicola Cronk Christian Goodbody

InterContinental Hotel Group Anna Donnison +971-43304030 Ext: 428

Source: M.A. Kharafi Group

For further information please contact: Buchanan Communications, For Hotels, Tourism Development & Acquisitions Division, M.A. Kharafi Group, +44(0)20-7466-5000; Tim Thompson, Nicola Cronk, Christian Goodbody; InterContinental Hotel Group, Anna Donnison, +971-43304030 Ext: 428