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 30, 2006 edition of the Times of Oman.The article focuses on new financing options for home buyers.

Regards,

AGORACOM Investor Relations

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

http://www.menafn.com/qn_news_story_s.asp?StoryId=1093114710

NBO launches housing loan product for all- Oman

Times of Oman - 30/05/2006

MUSCAT — Oman`s second largest bank, National Bank of Oman (NBO) yesterday launched a unique housing loan product. The product, `Al Manzel` is open for all — Omanis, AGCC citizens and expatriates.

The product offers 80 per cent of the property`s value as loan, and a maximum 25-year tenure. For the salaried-class, the applicant must have a minimum salary of RO400 (Omanis) and a minimum salary of RO1,000 for expatriates. The applicant should be able to repay the loan in full before the age of 60.

``Al Manzel will be a boon for all residents, including expatriates, at a time when a large number of real estate projects are coming up across the country. This product, if utilised, will add sustainable value to individual investments.

``NBO recognises that it is every Omani`s dream to have his or her own home.

``In keeping with its commitment to fulfil customers` financial needs, NBO has developed a unique proposition that will help them realise their dreams, and own a dream house,`` Hassan A. Amir Shaban, NBO`s divisional manager, Corporate Communications told newspersons.

Adil Al Saleh, head of Mortgage Banking said: ``We are indeed proud to launch `Al Manzel`, which is a premium addition to our existing range of products. `Al Manzel` reinforces NBO`s commitment to help customers realise their dream of owning their own home, and I`m sure they will find NBO`s loan scheme the easiest option to buy their dream house.

``We will continue to provide the best for our customers and will also strive to launch many more value adding products in the future.`

`Al Manzel` housing loan will help customers build or buy homes, purchase land or renovate/extend their existing homes, in a simple an easy way.

`Al Manzel` offers loans up to 25 years with attractive interest rates, which result in higher eligibility for the customers. The loan offer also includes a unique flexibility in repayment with no principal repayment during the initial years of the loan. Customers who avail of the housing loan from NBO will also be eligible for a pre-approved credit card with the annual fee waived for the first year.

In addition, attractive loan packages to self-employed individuals, AGCC citizens and expatriates will also be on offer.

``There is something for everyone,`` Hassan A. Amir Shaban said.

These features together with NBO`s efficient service through its 52 convenient branches (including two booths) will make `Al Manzel` a compelling proposition for the customer. Further details on `Al Manzel` can be obtained from NBO branches, from June 3, 2006.