Latest Summary Update

[The following summary based on the minutes of the IPI Steering Group meeting held 2/6/2009. Please log into the MONDI website for full report]

• El Mohanad main developer and part owner of land at ZBR
  
  
• El Mohanad have now hired new contractors and agreed with IPI on their efficient use
  
  
• One month’s advance of final delivery date to be given
  
  
• One month’s notice to be given for hand over after final delivery
  
  
• The steering group feel that IPI need to do more active on-site management
  
  
• Mr Rademaker to have access to construction planning (El Mohanad not keen on this) on behalf of steering group.
  
  
• IPI to take close-up photos and provide with technical descriptions to inform investors of the quality of finish, materials used, etc.
  
  
• IPI will not accept defects or poor workmanship - will be asked to be rectified.
  
  
• IPI to offer free hand over service, and produce a hand over report for each apartment listing all defects - reports to be given to Ell Mohanad and to owners.
  
  
• Once the whole resort is completed, the agreed maintenance period will be in line with the rental period of 5 years.
  
  
• There is a construction guarantee of 10 years, insured by the builder.
  
  
• An alternative Thermo Shield has been used and Mr Radenmaker will be submitting a report on this soon.
  
  
• Visitors report that apartments inside are surprisingly cool in spite of no air conditioning.
  
  
• Additional stairways to be added if considered necessary to ease access
  
  
• An administrative office to be established where owners can avail letting, administrative, support and financial services at a charge.
  
  
• Hotel owners without rental guarantee will pay 50 euro per month to cover cleaning, security, maintenance and insurance.
  
  
• Wearing of water shoes on beach is still recommended.
  
  
• There to be a Shisha corner and Bedouin tent between the hotel and Block C, with no permanent structure in the area between the hotel block and Block C.
  
  
• Activity centre, diving centre, amphitheatre and the beach restaurant to be in the right hand side of the beach.
  
  
• Free airport shuttle to be operational on completion of the whole resort (3 months advance booking required)
  
  
• Due to the delay in apartment handover, the use of owners six weeks allowance to be looked at again by IPI.
  
  
• Each block to select a representative to join the Owners Association
  
  
• The Steering Group has suggested a short bi-weekly bulletin giving a quick update on resort progress.