In our continuing pro-active efforts to keep investors apprised of the most relevant and timely information on Alfa and its target markets, AGORACOM is pleased to present you with this latest Industry Report.

Alfa International Holdings Corp. conducts all its real-estate development business activities through its wholly owned subsidiary, Journey of Light, Inc. (JOL)

A Memorandum of Understanding (“MOU”) between JOL and the Sultanate of Oman was announced August 01, 2005 for the construction of a tourism and residential real-estate development project called Omagine with a presently projected construction cost of approximately U.S. $1.2 billion.

Please find below an article which focuses on the growing Tourism Industry in Oman

Regards,

AGORACOM Investor Relations

To read the entire article, please use the following link:

http://www.timesofoman.com/newsdetails.asp?newsid=28927&pn=local

Oman could become a new Switzerland, says expert

By Visvas Paul D. Karra

MUSCAT — Adventure holidaying has come to stay in Oman and a specialist adventure area is its mountains, and more precisely its rocks and cliffs.

The Sultanate of Oman, with its rapidly improving direct global air links, could become a new Switzerland of the 21st century for the mountain and rock climbers and walkers of the world, predicts an expert on tourism.

This comes with an added advantage of a favourable all the year round climate and a magnificent untouched coastline.

One of the tourism USPs (Unique Selling Points) of Oman is the combination of desert and mountain terrain it provides for adventure holidays.

Ian Raitt, International Tourism Marketing Consultant, for the Ministry of Tourism, has revealed that several tour operators in Europe have recently recorded a fall in demand for the traditional “stay-put” Mediterranean beach holidays and an increased interest in activity and adventure holidays.

A major UK operator, First Choice, experienced a 12 per cent increase in revenue in this sector during winter 2005-2006, disclosed Ian. Concurrently many companies are seeing substantial growth in long-haul holidays, signifying that the travellers of today are prepared to go farther and pay more to make the best use of their leisure time. According to Ian, one specialist adventure area where Oman is outstanding is its mountains — for rock, sea-cliff, and mountain climbing, together with caving.

In an article in a recent edition of the prestigious UK climbing magazine, Climber, the author has described Oman as “the best untouched climbing area he has ever been to”. The Climber magazine article says that the writer, Dave Pickford, “went adventuring in the Sultanate of Oman and returned raving about the endless crags and limitless scope for new routeing.”

He writes about the “adventurer’s Nirvana” that is Jebel Misht, the highest cliff in Arabia.

One reason Oman is beginning to attract the adventure holiday market is the improved frequency of direct flights to Muscat recently launched by Gulf Air from major European departure points such as London, where departures have doubled to two non-stops daily except on Thursday.

“Together with the continued success of the Frankfurt route and the introduction of new flights from Paris, these direct services will enable climbers and walkers from the three main climbing countries of Europe to reach the mountains and sea cliffs of Oman within 10 hours of take-off,” opines the London-based Ian.

Thus short break holidays even of a week or less, can be created to enable enthusiasts to attempt a particular climb, sea-cliff face or cave complex.

Ian remarked that Oman has an advantage compared with climbing in, for example North America, or the Himalayas. Flights from most of Europe to Oman at this time of year involve only a two-hour time difference, and only one hour with some countries, such as Finland and Greece.

Thus travel to Oman is the best type of travel, longitudinal, when one’s time frame for sleeping and eating are not significantly disrupted. Latitudinal travel to the Americas or to the Indian subcontinent and beyond creates jet lag and time loss.

In the early 20th century climbers and walkers from all over Europe began to use the railway networks to enjoy the alpine areas of Switzerland and create a new and highly successful tourism industry for that country which it still enjoys today.

In the 21st century, the road to success for Oman’s tourism industry seems to be laden with adventure, of the rough and rocky kind.