Press Release

Issued by .

November 17, 2008

Elite Jets, a Dubai based premium private jet operator signed an agreement today at MEBA 2008, the Middle East Business Aviation Conference & Exhibition held in Dubai from 16-18 November 2008.

This contract was be signed by Mr. Ammar Balkar, Member of the Board, President & CEO of Elite Jets and by Abdulla Al Qurashi, CEO, DWC Aviation City.

Under the agreement, Elite Jets plans to build a brand-new base on two plots of land with a total area of 167,000 sq.ft. to expand its executive jet operation and setting up an aircraft servicing facility to serve the needs of individual and corporate aircraft owners, aircraft visiting the region as well as individuals, corporations and groups wishing to charter aircraft. The facility will include FBO and MRO.

"In accordance with our Company Vision and Mission, Elite Jets significantly invests in the company's Innovation, Growth and Sustainable Development. We are her for the long-run and committed to be a leading player in shaping and supporting the business aviation industry in the Middle East region", stated Mr. Ammar Balkar, CEO of Elite Jets.

"This move is part of our ambitious company expansion strategy, set to see the company grow by 35 per cent annually over the next five years across the region", add Mr. Balkar.

The aviation sector is expected to grow at more than 30 per cent annually for the coming five years and the impressive growth of over 9 per cent for the Middle East MRO market is expected to continue over the same period, when DWC Aviation City will be the natural choice for these burgeoning companies to establish their base due to the full range of aviation services infrastructure available by then.

"We are proud to add Elite Jets to our growing community offering them the best-in-class, fully customized and state-of-the-art infrastructure", said Abdulla Al Qurashi, CEO, DWC Aviation City.

Aviation City, spread over 6.7 square kilometres, is being designed as a one-stop centre for all aviation-related operations. Located within Dubai World Central, the 140 square kilometre urban aviation project under construction at Jebel Ali, United Arab Emirates around Al Maktoum International Airport, set to be the world's largest on completion.

"DWC Aviation City is preparing a full range of aviation service infrastructure and with companies like Elite Jets signing up with high-value investments, the DWC project is an answer to the industry's growing demands", adds Al Quraishi

DWC Aviation City is a unique concept to establish a complete aviation cluster in one area to cater to the region's aviation growth, strategically located to provide clients access to emerging markets as well as servicing the fast growing Middle East market.