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 by the Kuwait News Agency. AGORACOM believes that this trade agreement will have a very beneficial effect on the long-term growth of the Omani economy.

MUSCAT, Dec 19 (KUNA) -- The free trade agreement between Oman and the United States will be implemented next January after approval of the signatories, Omani Minister of Commerce and Industry Maqbul Sultan said on Tuesday. The open trade policies and numerous commitments the Sultanate agreed to when it joined the World Trade Agreement was one of the factors that helped speed negotiations and approving the trade agreement with the United States. Many of the items on the agreement duplicate the items Oman agreed to when it signed the WTO agreement. In addition to the WTO items, this agreement also includes items on protecting intellectual property rights, transparency in government procedures, improving work conditions, and promoting environmental issues. In addition to providing trade tariff exemptions, this document also exempts investment and services from restrictions which will expand economic cooperation. The agreement is an important step for developing trade, investments, and to integrate the Omani economy into the world economy. The Omani private sector will reap great benefits from this agreement by increasing exports and taking advantage of the United States' capabilities in the fields of economy and technology. US President George W. Bush approved the agreement in the White House late September. Oman is the fourth Arab country to sign a free trade agreement with the U.S.