Business
Memorandum of Understanding
Memorandum of Understanding.
About this update from Harena Rare Earths Plc
[{"type":"text","content":"\n Crescent Hydropolis Resorts PLC\n27 February 2007\n\n\n CRESCENT HYDROPOLIS RESORTS PLC\n\n Isle of Man - Munich - Qingdao\n\n ANNOUNCEMENT\n\n\n Middle East Projects Update\n\n\nCrescent Hydropolis Resorts PLC (the Company) is pleased to announce that the\nCompany has entered into a binding Memorandum of Understanding (the Memorandum)\nwith His Excellency, Shaikh Fawaz Abdullah Al Khalifa (Shaikh Fawaz), a member\nof the Royal Family of Bahrain, an exclusive right to assist the Company in\nlaunching Hydropolis projects in one or more of the Sultanate of Oman (Muscat),\nthe Kingdom of Saudi Arabia (Jeddah) and the United Arab Emirates (Dubai) (the\nExclusive Countries).\n\nShaikh Fawaz is chairman of Al Fawaz Investment Group, based in Manama, Bahrain\nand Dubai, United Arab Emirates. Prior to founding Al Fawaz Investment Group in\n1997, he started his public service career as a member of the Division of\nMilitary Security and Intelligence of the Bahrain Defense Force, serving from\n1986 until 1989. He then served as Public Relations Advisor to the Minister of\nInformation at Bahrain's Ministry of Information from 1989 until 1991. From 1991\nuntil 1997, he was the director of public relations at Bahrain's Ministry of\nPlanning (Central Organization of Bahrain Statistics, formally). Shaikh Fawaz\nearned his Masters in Public Relations from Cairo University in 1986.\n\nThe Memorandum signed in Dubai on February 25th calls for a term of six months\n(with an option to renew the retainer for a further six months) during which\nShaikh Fawaz shall seek to procure in the Exclusive Countries, on terms\nacceptable to the Company in its sole discretion, (i) licensing, building\npermits and other necessary regulatory authorities the; and (ii) land, land\nleases and the corresponding sea rights for any project. It is anticipated that\nland rights may be contributed by Shaikh Fawaz in consideration for equity in\nthe Company's local project development company formed at such time that a\nproject is granted full licensing and approvals.\n\nThe Company will pay Shaikh Fawaz's reasonable out-of-pocket expenses up to a\nmaximum value of $100,000 (One Hundred Thousand USD) during the period and bears\nresponsibility for providing his legal and technical advisers with all necessary\nproject presentations, technical specifications and feasibility...