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GlobeSt.com UPDATE: Alfa International Completes JOL Acquisition

MUSCAT, OMAN-The acquisition was contingent upon JOL signing a memorandum of understanding with the Sultanate of Oman for a $700-million beachfront tourism and residential real estate project on a long stretch of beachfront near the Muscat International Airport. The MOU is now being negotiated into a development agreement.

By Brian K. Miller | Updated on October 15, 2005

MUSCAT, OMAN-Alfa International Holdings Corp., a small New York-based public company traded on the Over-The-Counter Bulletin Board (AHDS.OB), has completed its acquisition of a small private company, Journey of Light Inc. JOL in August signed a memorandum of understanding with the Sultanate of Oman for a $700-million beachfront tourism and residential real estate project on a long stretch of beachfront near the Muscat International Airport.

The acquisition was contingent upon the MOU. Frank Drohan, the president of both Alfa and JOL, tells GlobeSt.com via email he is currently in Oman negotiating to turn the MOU into a development agreement and will provide additional detail upon his return.

As currently planned, the project includes a theme park and exhibitions; hotels; restaurants; commercial and retail businesses; office space and residential units. The project would be developed under a new company–Journey of Light would be the majority partner and the Ministry of Tourism of Oman would be the minority partner–that would own and operate all of the business enterprises in the project and design, build and sell the residential component. As its contribution to the new project company, the Ministry of Tourism of Oman would transfer between 200 acres and 245 acres of beachfront land facing the Gulf of Oman for the tourism and commercial components of the project, as well as some of the residences.

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