AECO Development LLC.

ENKA and its joint venture partner Aktor Ate from Greece have been awarded the contract to build Phase 1 of the Blue City Project which is presently the largest development project of the Sultanate of Oman. The contract is effective as of November 7, 2006, and the works are scheduled to be completed by the end of 2014. The Blue City is located 90 km west of Muscat on the Gulf of Oman coast. The total investment upon full completion is likely to exceed 15 billion USD, with a projected population of almost 250,000 people. Phase 1 of the project is planned to be constructed within a budget of 1.9 billion USD, with a manpower reaching 7,000 persons at the peak and will cover 5.4 sq km of the project site with a total construction area of 1.7 million sqm. The Contract is covering the design, engineering, procurement and construction work for three 5-star hotels, with 248, 122 and 300 keys, 202 villas and the 4,991 apartments as touristic and permanent residences, two world class golf courses with eighteen and nine holes, including their club house, a tourist village, a heritage village, a city hall and all associated amenities such as a primary school, nursery, kindergarten, health centre, shopping malls, police station, fire house, post office, a mosque and all related modern city infrastructure and landscaping.