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 was published in the May 15, 2006 edition of the Times of Oman.The article focuses on the growing Trade between the

U.S. and Oman

Regards,

AGORACOM Investor Relations

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

http://www.timesofoman.com/newsdetails.asp?newsid=29830&pn=local

Oman-US trade pact to ‘create true partnership’

By Palazhi Ashok Kumar

Our Special Correspondent

MUSCAT — The Oman-US free trade agreement (FTA) will create a true partnership between the two nations, Thomas R. Hardy, US Trade and Development Agency (TDA) said here yesterday.

The FTA implementation, according to Hardy, will go further than just lowering trade barriers.

“It will open the eyes of Americans to this beautiful land and the opportunities that it presents. Having previously worked on the Oman-US FTA negotiation committee, that just approved the draft legislation, I’m heartened to see us on course to complete another important free trade agreement in the Middle East and North Africa (Mena) region,” TDA chief told the Times of Oman on the sidelines of a US and Mena Information Communication Technology (ICT) project forum at Shangri-La Barr Al Jissah here.

The FTA will not only boost trade and investment, but also enhance the economic relations between the two nations to a new stage.

“Communications infrastructure is also an important foundation of economic growth and development. Fundamentally, ICT infrastructure provides tools that the private sector needs to compete effectively in the global economy.

“In this way, it also underpins the frameworks established in the free trade agreements that Israel, Jordan, Morocco, Bahrain and Oman have with the United States.

By facilitating partnerships, ICT infrastructure enables the development benefits of the open markets under those agreement to come to fruition,” Hardy underlined. The US Congress has already taken the first step to making the Oman-US FTA a true partnership. Market liberalisation, privatisation, and introduction and adoption of new technologies are crucial to achieve sustainable growth. “By lowering the barriers to entry and fully liberalising the ICT sector, a country can increase its economic growth by 1.5 per cent a year. In terms of ICT growth, Mena region is the fastest growing region in the world,” Hardy said. “Oman started implementing its e-government strategy in May 2003, and the e-government convergent network will be launched this month. Of late, realising the importance of e-legislation and its role in supporting the broader digital Oman and e-government initiatives, the government had enacted an e-transaction law. The law is currently under review, and a new law is expected to be enacted before the end of 2006,” said Sheikh Al Fadhal Al Harthy, undersecretary for development affairs at the Ministry of National Economy.