Foursan completes successful exit of Abdali Investment

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03-04-2008

Foursan Group announced today the sale of its development in the Abdali District in Amman, Jordan, to Arab Corp. and First Jordan Investment Company, two of Jordan’s leading real estate developers.

Foursan Group commenced work with the Abdali District in 2006, when it secured a 2,067m² plot on which to construct a commercial real estate development, with a total built-up area of 19,163m² distributed over one retail floor, 6 office floors and 4 underground basements accommodating approximately 220 cars.

The Abdali District is a pioneering urban project that aims to transform Amman’s downtown into a thriving high-quality urban destination with an infrastructure that meets international standards. In accommodating the growing international and regional needs of the business community, all of Abdali’s future tenants will have access to the latest telecommunications and media technologies and, for the first time in Jordan, an efficient and environmentally friendly district energy system. The initial phase of the Abdali District will span an area of 350,000m² with an expected built-up area of 1,077,000 m² and an estimated cost of over US $3 billion.

Said Nashat T. Masri, a Partner with Foursan Group: “We are very pleased with this transaction and with the returns we achieved from it for our investors.

We were able to seamlessly transition this project to highly professional and capable real estate developers and we wish them all the best with this ground-breaking urban project.”

About Foursan: Foursan Group is a private equity specialist with a primary focus on the Middle East region. Foursan currently manages the Jordan Fund, a multi-sectoral private equity fund focused on Jordan which it launched with Deutsche Bank. Foursan is also in the process of launching its second fund, Foursan Capital Partners I, to invest throughout the Middle East, with a specific focus on markets that are “emerging” in the region.