Laguna Laguna Tower Dubai Construction Update

April 2007

In this update on Mövenpick Hotel & Residence Laguna Tower Dubai, we’re happy to report that everything is still on target for completion with the long stop date in your Sale & Purchase Agreement.

A lot has been happening onsite over the last few months and as a result the excavation to the formation level is now complete. Just this week, Jafza, the Jebel Ali Free Zone Authority, signed off on the pile layout survey, wrapping up this portion of the construction.

The next stage of development, which we expect to be finished by the end of April, will be to complete the waterproofing to the foundation, with the installation of reinforcement and concrete to follow. This will complete the installation of the foundation and make way for the structure to begin rising out of the ground. In approximately two weeks, we expect the lift pit to be finished, allowing the main core works to begin. Construction of the main core will begin ahead of the slab construction; rising from the ground with the floors following four levels behind.

Once out of the ground, we expect to complete the construction of one typical floor per week. China State, one of the world’s largest construction companies with vast high-rise experience, has been charged with construction and management of the main structural works, and will ensure construction proceeds as set out in the programme.

As we mentioned in our last update, we are currently in the process of building a full-scale, offsite mock-up of a completed Mövenpick hotel room. To date, the mock-up is 80 percent complete with the kitchen installed and the doors, joinery, and tiling to main areas complete. The bathroom is currently under construction and we are awaiting the arrival of the unit’s interior décor. The room should be available for you to view by the end of April.