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 September 17, 2006 in the Times Of Oman. The Times of Oman is the oldest English-language newspaper in the Sultanate.

Founded in February 1975 as a weekly tabloid news weekly, Times became a broad-sheet daily newspaper in 1990. Currently with a daily circulation of more than 34,000, it lives up to its slogan: the first and foremost English-language daily in the Sultanate.

Regards,

AGORACOM Investor Relations

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

http://www.menafn.com/qn_news_story_s.asp?StoryId=1093127435

Oman may open more oil blocks to foreign firms

Times of Oman - 17/09/2006

MUSCAT ? The non-Opec Oman is understood to be exploring the possibilities of offering more oil blocks for upstream development to foreign oil majors.

The move, according to reliable sources, will help the government increase oil exports and revenues further, at a time when international oil prices remain high.

Price for Oman crude now stands at more than $60 a barrel.

In fact, higher oil prices are giving Oman and other oil producers a petrodollar bonanza. More oil firms from China, USA, Thailand and India are eyeing Oman`s oil and gas sector. Foreign companies already engaged in oil exploration activities here are keen to bid for new blocks.

``Malaysia`s Petronas is looking at acquiring oil and gas fields in Oman. The company now operates two significant offshore oil blocks in Bahrain under an exploration and production sharing agreement. It`s keen to invest in Oman`s oil and gas fields, and avenues are being explored,`` sources said.

Consultants representing companies from these countries, sources said, are exploring the scope of investing in the Sultanate`s oil and gas sector in a big way.

The country`s oil sector, which is one of the pillars of the domestic economy, already enjoys the presence of a number of international oil companies.

``We consider Oman as one of the relatively safer countries in the region, endowed with a safe and sound economic environment, and joint production contracts would be reasonable.

``When prices remain low, production will involve extra cost. This is the best time to increase production for oil producers like Oman as oil prices remain high,`` a Dubai-based oil and gas consultant told the Times Business yesterday.

At present, more than 80 per cent of oil producing fields in the country belongs to the 60-per cent government-owned Petroleum Development Oman (PDO).

In 2005, there were 124 oil fields in Oman. Of which, 106 (85.5 per cent) belonged to the PDO.

Though the country`s total oil production continued to fall, the petroleum major is managing its wells and reservoirs more effectively and efficiently.

It is expected that the authorities would invite bids for oil and gas exploration and joint production contracts at new sites in the immediate future. Oman encourages foreign oil companies to invest in exploration and production. The government already has a programme of acreage releases, and foreign companies have been investing in Oman for a long time.

Oman`s economy grew 24 per cent last year as against a 14.2 per cent growth recorded in 2004.

The key economic indicator GDP grew from RO42 million in 1967 to more than RO11.8 billion in 2005. Non-oil sector is growing rapidly, driven by exports of Omani origin, re-exports, manufacturing, construction, services and tourism. Oil activities witnessed a sharp growth of 44.3 per cent in 2005, constituting 49 per cent of the nation`s GDP. PDO, together with oil producing companies such as Occidental Oman, Occidental Mukhaizna, Daleel Petroleum, Novus Oman and Petrogas produced about 283 million barrels of oil and condensates in 2005 as compared to more than 285 million barrels produced in 2004.

Oman`s proven oil reserves currently stand at over 4.8 billion barrels. Of late, the government had renewed its concession and operating agreements with foreign oil majors Shell, Total and Partex for another 40 years.

The agreements are effective from January 2005 to December 2044. In fact, the agreements are renewed some eight years before the old agreements ending in 2012.

The macroeconomic prospects of Oman for the current year look extremely encouraging on higher oil prices and a sound macroeconomic policy environment. The favourable oil price scenario in 2006, are expected to help boost Oman`s nominal GDP, exports and government revenues further. At present, Oman`s total oil production stands at less than 800,000 barrels a day.

The oil revenues for the year 2006 are calculated on the basis of a price of $32 per barrel, with an average production of 746,000 barrels a day.

However, the average price for Oman crude will remain above the budgeted $32 a barrel in 2006, and public finance will record a higher surplus, analysts felt.