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. $1.6 billion.

Please find below an article which was published on August 29, 2006 in the Gulf News which focuses on middle eastern regional news.

Gulf News is committed to serve and inform our readership and to report authoritative, informative and engaging news. We take pride in our solid coverage of the UAE and Gulf regions. With a broadsheet daily circulation of 91, 000 we have proven ourselves locally as leaders. Now gulfnews.com gives us the opportunity to prove ourselves globally.

The online edition of gulfnews.com was launched on the 1st September 1996, our resolve has been to deliver quality news online. The website allows us to broadcast our regional news internationally, receiving more than 400,000 hits daily.

Regards,

AGORACOM Investor Relations

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

http://archive.gulfnews.com/business/Oil_and_Gas/10063486.html

High oil prices boost Oman`s state coffers

08/29/2006 01:56 AM | Staff Report

High oil prices boosted Oman`s state revenues by 39.8 per cent in the first six months of 2006 to 3.42 billion Omani riyals (Dh32.6 billion).

In comparison revenues for the first six months of 2005 were 2.45 billion riyals, according to a statistical bulletin from the Ministry of National Economy on Friday.

The report attributes this rise to a 33.5 per cent surge in net oil revenues, which climbed to 2.54 billion riyals, compared to 1.90 billion riyals during the same period in 2005.

There was also a 120.2 per cent rise in natural gas revenues which stood at 305.7 million riyals this year, against earnings of 138.8 million riyals during the same period in 2005.

Earnings through customs duties also rose by 67.1 per cent to 48.8 million riyals during the period under review, against revenues of 29.2 million riyals during the first six months of 2005.

Income tax revenues increased by 16.3 per cent from 56.6 million riyals at the end of June 2005 to 65.8 million riyals in the first six months of this year.

Capital revenues rose by 130.3 per cent to 27.4 million riyals, compared to 11.9 million riyals in 2005.

Other revenues climbed 40.8 per cent to 430.3 million riyals, against 305.6 million riyals during the first six months of 2005.

Government general expenditure rose by 3.6 per cent during the first six months of this year, to 1.90 billion riyals, against expenditures of 1.83 billion riyals in 2005.

The increase was linked to 3.4 per cent rise in current spending which stood at 1.47 billion riyals, against 1.42 billion riyals during the same period in 2005, and a 37.3 per cent surge in contribution and support for the private sector which amounted to 32 million riyals, compared to 23.3 million riyals at the end of June 2005.

Investment outlays increased by a marginal 2.1 per cent to 392.2 million riyals, compared to 384 million riyals at the end of June 2005.

The state general budget saw a surplus of 1354.8 million riyals during the first six months of this year, compared to a surplus of 532.8 million riyals during the same period in 2005.