It is in this context that I understand that the achievement of the completion date will be challenging.

We are excited to announce the completion of these contracts and the achievement of our public milestone related to our continuing relationship with Honda. We are honored to be working with Honda on such important initiatives and look forward to the benefits of our ongoing and growing collaboration.

We are focused on ensuring timely completion of SABA Towers and can assure investors that all three towers will be delivered on schedule. The first project to be delivered will be the landmark SABA Tower 1, which is the first freehold luxury office project in the UAE. The project offers businesses a unique opportunity to own an office, effectively allowing them to turn the expense of rent into an asset. Equally, it allows business professionals to work from business premises that reflect their corporate objectives.

We are focused on ensuring timely completion of Saba Towers and can assure investors that all three towers will be delivered on schedule.

On completion of the refinancing, liquidity will remain at an adequate level, with total cash balances estimated to remain relatively unchanged from the year-end 2005 balance of US$3.0 billion.

When one has finished building one's house, one suddenly realizes that in the process one has learned something that one really needed to know in the worst way - before one began.