DOHA, QATAR -- (MARKET WIRE) -- February 13, 2007 -- Real Estate industry leaders Qatari Diar, a regional leader in sustainable real estate development, and NorthCourse, a global leisure real estate consulting and asset management company, signed a joint venture partnership agreement today, creating what is poised to be a significant player in luxury real estate brokerage in the Middle East and North Africa region. The company that will be established, Qatar Real Estate Partners, has obtained the exclusive franchise rights from Realogy International for the Sotheby's International Realty brand in Qatar, Morocco, Egypt and Oman.

The company will be headquartered in Doha, Qatar and will initially open Sotheby's International Realty offices in central Doha and Casablanca and expand into Cairo and Muscat in the near future.

The first development Qatar Real Estate Partners will bring to market is Qatari Diar's Al Houara coastal resort project near Tangiers, Morocco. Al Houara is a 2,300,000 square meter tourism and mixed-use development including 2 luxury hotels, over 1,200 villas and apartments, and numerous on-site facilities including a world-class 18 holes golf course.

Qatar Real Estate Partners will focus on the distribution of Qatari Diar's extensive portfolio of luxury real estate projects and will additionally offer their brokerage and added value services to other developers and property owners across the region. NorthCourse will oversee the development and ongoing management of Qatar Real Estate Partners as well as provide leisure real estate consulting services to the partnership and to Qatari Diar.

"Qatar Real Estate Partners will allow Qatari Diar to focus on our core strength of developing sustainable communities," commented Nasser Al Ansari, the Chief Executive Officer of Qatari Diar Real Estate Investment & Development Company. "We are confident that the combined capabilities of Qatari Diar, NorthCourse and the international networks of Sotheby's International Realty and RCI will be a world-class winning combination and expand our window to the world."

Preben Vestdam, the President and Chief Executive Officer of NorthCourse, noted, "We are excited about the opportunity of partnering with Qatari Diar to help build the sales brokerage and distribution services for their $20 billion real estate development pipeline. NorthCourse plans on making Qatar Real Estate Partners one of the most respected real estate brokerage companies in the region."

Qatar Real Estate Partners has simultaneously signed an agreement with RCI Global Vacation Network to provide buyers with a "Personal Use, Rental and Exchange (PURE)" service that will enable owners to generate rental income on their property, exchange vacation time into RCI's network of over 4,000 resorts properties worldwide and gain access to personalized concierge and travel services. As the world's largest company in vacation exchange and rental, RCI will manage real estate rental distribution and a private labelled Diar Club for owners of Diar developed properties.

"Working with Qatari Diar and NorthCourse to build a number of Sotheby's International Realty franchises in the region is an indication of our confidence in these key industry players. We believe that the ability of Qatari Diar to deliver high-quality real estate projects, the management capabilities of NorthCourse and the potential for growth in these countries are an ideal combination for our brand in the region," commented Michael Good, President and CEO of Sotheby's International Realty Associates Inc.

About Qatari Diar Real Estate Investment & Development Company

Wholly owned by the Qatar Investment Authority, Qatari Diar Real Estate Investment & Development Company was established in December 2004 to support Qatar's growing economy and to coordinate the country's real estate development priorities. Qatari Diar creates distinguished property developments with local culture and lifestyle experience to attract tourism and residents generating sustainable and tangible socio-economic benefits. Qatari Diar's vision is to become the most trusted and effective real estate investment company by focusing its value proposition on the creation of quality, well-planned and desirable sustained developments. Qatari Diar also provides local and foreign property developers with further opportunities to invest in numerous projects across the globe, including but not limited to Qatar, Morocco, Egypt and Europe.

For more information on Qatari Diar Real Estate Investment & Development Company, please contact Molly Conroy at Brown Lloyd James in New York: mollyc@brownlloydjames.com.

About NorthCourse Leisure Real Estate Solutions(SM)

With more than 30 years of experience, NorthCourse Leisure Real Estate Solutions(SM) is an international leader in providing the full spectrum of leisure real estate advisory, research and asset management services. The company's expertise lies in shared ownership and mixed-use business models including vacation ownership, fractionals, private residence clubs, destination clubs and condo hotels. The company's capabilities lie in developing turnkey solutions for clients or providing them in-depth feasibility studies, product designs, business modelling and consumer and market research. With offices in the United States, the United Kingdom, Spain, the United Arab Emirates and Singapore, NorthCourse is a subsidiary of the Wyndham Worldwide Corporation.

For more information on NorthCourse Leisure Real Estate Solutions, please contact Jindy Hayre at jindy.hayre@northcourse.com.

About Sotheby's International Realty Affiliates

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty® network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation (then Cendant Corporation), the world's leading real estate brokerage franchisor, entered into a long-term strategic alliance with Sotheby's Holdings, Inc. (NYSE: BID) (LSE: STBA). The agreement provided for the licensing of the Sotheby's International Realty® name and the development of a full franchise system by Sotheby's International Realty Affiliates, Inc., a subsidiary of Realogy Corporation (NYSE: H). Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates, Inc. supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable, 260-year-old Sotheby's auction house. For more information, visit www.sothebysrealty.com.