Memorandum of Understanding

1st February 2010

Palm Hills Developments and Taj Hotels Resorts and Palaces Sign a memorandum of understanding (MOU) under which, Taj will manage three PHD Hotels in North Coast, Sokhna and Aswan

PHD has signed a memorandum of understanding (MoU) with The Indian Hotels Management Company Limited, better known as Taj Hotels, Resorts and Palaces, to manage three hotels in its developments on the North Coast, Ain El Sokhna on the Red Sea, and in the historic city of Aswann.

The hotels will be Taj's first entry into the Egyptian market, bringing with it the Indian chain's renowned mixture of luxury, service and hospitality. The first deluxe boutique hotel is due to be opened in 2013, and is located in the North Coast Destination, Hacienda Bay.

Taj hotels were founded in 1903 and are located across the world in New Delhi, Sydney, London, New York, Boston, the Maldives and Dubai, the Taj name has become synonymous with luxury and opulence. Taj hotels, Resorts and Palaces offer the luxury of service, the apogee of Indian hospitality, vantage locations, modern amenities and business facilities, and are the flagship brand of The Indian Hotels Company Limited. Spanning world-renowned landmarks, modern business hotels, idyllic beach resorts, authentic Rajput palaces and rustic safari lodges.

This partnership complements PHD's growing plans in the hospitality sector and will serve to consolidate PHD's position as a company that partners only with the best brands to ensure the highest standards in service and hospitality for both our residents and guests.

Chairman and CEO

Yasseen Mansour