SHUAA Saudi Hospitality Fund I, L.P.

The Fund

The SHUAA Saudi Hospitality Fund I (the “Fund”), a Shari’a compliant closed-end real estate investment fund organized and existing under the laws and regulations of the Kingdom of Saudi Arabia (the “Kingdom”), offered as a private placement and regulated by the CMA in accordance with the Investment Funds Regulations and the Real Estate Investment Funds Regulations.

Investment Objective

The primary objective of the SHUAA Saudi Hospitality Fund I, L.P. is to provide Investors with long term capital appreciation through the acquisition, development and operation of hotel properties and hospitality- related developments as well as related opportunistic real estate developments and/or acquisitions in the Kingdom.

Investment Strategy

The Fund’s Investments shall consist of developing up to eight hotel properties in six different cities across the Kingdom.

The Fund expects that the Hotel component shall constitute the core of any property, and one or more of the following components will be built to capture the value added by the hotel component: serviced apartments, serviced condominiums or any other hospitality related facility, as well as commercial or recreational facilities.

All hotel components will be owned by the Fund and operated exclusively by the Saudi subsidiary of Rotana under one of the various Rotana hotel brands.

The Fund may sell all or a portion of any Property with a view to maximizing profits.

Fund Management

The Fund Manager is SHUAA Capital Saudi Arabia, cjsc and the Fund Advisor is SHUAA Partners Limited.

Rotana Subsidiary

Rotana Subsidiary shall be incorporated in the Kingdom as a limited liability company in which Rotana will hold eighty percent (80%) and the Fund will hold twenty percent (20%). Rotana subsidiary shall be granted the exclusive right to the Rotana brands in the Kingdom and will manage the hotel components. Rotana shall be the manager of the Rotana Subsidiary.

Roll-Out Plan

The Fund manager has developed a market study of the hospitality sector in the Kingdom, which was approved by Rotana, and from which Rotana and the Fund have derived and agreed upon the “Roll-Out Plan” consisting of having the Fund build and develop eight hotel properties in six different cities of the Kingdom as follows:

• Riyadh: One 5-star property and one Centro property
• Jeddah: One 5-star property and one Centro property
• Al-Khobar: One 4-star property
• Jubail: One 4-star property
• Madinah: One 4-star property
• King Abdullah Economic City: A resort

The Fund manager and Rotana may alter this Roll-Out plan based on market dynamics and the amount of aggregate capital commitments raised.

Exit Strategy

The Fund manager and the Fund Board will actively look to guide and position the Investments in a manner that will allow for multiple exit opportunities, including sale of properties (collectively or individually), IPO or refinancing.