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UAE Country Overview

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Title: UAE Country Overview


1
For More Information about information contained
in this presentation please contact Megastar
Realty Group - Commercial/Ameristar
Commercial 7800 Preston Road, Ste 132, Plano, TX
75024 Direct Line 972-867-1000 or
972-377-3837 Fax 972-380-3483 email
northtxland_at_yahoo.com
2
UAE Country Overview Investment Opportunity
  • November 25,2007

3
United Arab Emirates Overview
4
Snapshot United Arab Emirates
5
Map of the United Arab Emirates
  • The UAE borders Qatar to the west, Saudi Arabia
    to the south and Oman to the east
  • Dubai is a 1 ½ hour flight to Tehran and a 1 hour
    flight to Baghdad
  • Historically, there is a large Persian (Iranian)
    population in the UAE who are now considered
    Arabs of Persian descent
  • UAE citizens travel freely throughout the Middle
    East and pass across borders via auto with ease

6
History
  • The land was initially inhabited by seafaring
    people who converted to Islam in the 7th Century
  • later, during the 16th century, a portion of the
    nation came under the direct Influence of the
    Ottoman Empire.
  • The area was constantly harassed by pirates
    despite patrolling by both European and Arab
    Navies
  • In 1820, the local rulers and Britain signed a
    treaty to combat piracy along the Gulf coast,
    following which the area was known as the Trucial
    Coast.
  • The Trucial states came under the official
    protection of the British crown in 1892 and
    Britan virtually colonized these areas and it had
    complete control over these states.
  • Oil was discovered in 1950s and was exported for
    the first time in 1962.
  • In 1968, Britain announced its decision to end
    the treaty with the seven Trucial Sheikhdoms
    including Bahrain and Qatar, which had been
    together under the British protection

7
History (continued)
  • The Trucial Sheikhdoms along with Bahrain and
    Qatar attempted to form a union of Arab emirates
    before the expiration of British treaty.
  • Since the unification deal was not accepted by
    Bahrain and Qatar, they decided to separate and
    have their own existence.
  • Among the seven Trucial Sheikhdoms, six of them
    entered into a union called the United Arab
    Emirates on December 2, 1971.
  • Ras al-Khaimah joined the union as the seventh
    emirate in early 1972.

8
General Information
  • The United Arab Emirates (UAE) is a federation of
    seven states formed in 1971 by the then Trucial
    States after independence from Britain
  • Dubai, Abu Dhabi, Ajman, Fujairah, Ras
    al-Khaimah, Sharjah and Umm al-Quwain are the
    seven states or emirates, that collectively form
    the UAE.
  • Although the emirates maintain a large degree of
    independence, the UAE is governed by a Supreme
    Council of Rulers made up of the seven emirs, who
    in turn appoint the prime minister and the
    cabinet.
  • The Emirates (seven sheikhdoms) are located in
    the southeastern corner of the Arabian Peninsula
    and bordered by Oman and the Gulf of Oman to the
    east, Saudi Arabia to the south and west and by
    the Arabian Gulf to the north

9
The Seven Emirates
  • Abu Dhabi
  • Abu Dhabi is the largest of the seven emirates
    and is the capital of UAE.
  • Oil was first discovered in Abu Dhabi in 1958 and
    since then, revenues from oil and gas have
    transformed the emirate into one of the world's
    richest locations.
  • Abu Dhabi is currently focused on an economic
    diversification program in an effort to reduce
    its reliance on hydrocarbons, The oil surplus is
    being used to move towards sustainable long-term
    economic growth.
  • Sheikh Khalifa bin Zayed Al Nahayan is the
    hereditary ruler of Abu Dhabi and the president
    of UAE. Abu Dhabi has an area of 67,340 km² with
    1.85 million people.
  • Dubai
  • Dubai has been ruled by the Al Maktoum dynasty
    since 1833. The citys current ruler, Mohammed
    bin Rashid Al Maktoum is also the Prime Minister
    and Vice President of the UAE.
  • Revenues from petroleum and natural gas
    contribute less than 3 of Dubai's US 46 billion
    economy (2006). It is an example of
    diversification for the rest of the region.
  • A majority of the emirate's revenues are from the
    Jebel Ali free zone authority (JAFZA) and,
    increasingly, from tourism and other service
    businesses.
  • Dubai is developing as a hub for service
    industries such as IT and finance.

10
The Seven Emirates (continued)
  • Sharjah
  • Sharjah is the second largest emirate by area,
    and is the only one to have land on both the
    Persian Gulf and the Gulf of Oman.
  • Sharjah is ruled by Sheikh Dr Sultan bin Muhammad
    Al-Qasimi, a member of the Supreme Council of the
    UAE and Sheikh of Sharjah.
  • The emirate covers 2,600 km² and has a population
    of 636,000 (2003).
  • Ajman
  • Among the other emirates, Ajman is comparatively
    smaller in area with just 260 square kilometers.
  • It is presently ruled by His Highness Sheikh
    Humaid bin Rashid Al Nuaimi.
  • Umm al-Quwain
  • Umm al-Quwain is located between Sharjah to the
    west and Ras Al Khaimah to the east.
  • The emirate had 62000 inhabitants in 2003 and has
    an area of 750 square kilometers.
  • Umm al-Quwain is ruled by Sheikh Rashid bin Ahmad
    Al Mu'alla

11
The Seven Emirates (continued)
  • Ras Al Khaimah
  • Ras Al Khaimah is in the northern part of the
    Arabian Peninsula and is the fourth largest of
    the emirates with an area of 1700 km² and has a
    population of 191,753 as of 2007 estimates.
  • It is ruled by Sheikh Saqr bin Mohammad
    al-Qassimi and the city has two main sections.
  • RAK is known to have large lime stone deposits,
    hence it home to one of the largest ceramics
    producer in region called RAK Ceramics. The
    emirate will have one of the largest single
    location cement plants in the world.
  • RAK has also launched RAK Free Zone and Rak
    Airlines as a part of its long term economic
    strategy.
  • Fujairah
  • Fujairah is the fourth largest emirate in the UAE
    in terms of area. It covers 1150 square
    kilometers or about 1.5 of the whole UAE.
  • The emirate is ruled by Shaikh Hamad bin Mohammed
    Al Sharqi, since the death of his father in
  • 1974.
  • Fujairah's economy is based upon the subsidies
    and federal government grants distributed by the
    government of UAE.

12
Government Political System
  • The UAE is a federation of seven emirates, each
    with its own ruler. The constitution established
    the positions of president (chief of state) and
    vice president, each serving 5-year terms.
  • The Council of Ministers (cabinet) headed by the
    Prime Minister is the executive authority for the
    federation while the Supreme Council, made up of
    the rulers of each emirate, is the top
    policymaking body.
  • The basic concept in the UAE Government's
    development as a federal system is that a
    significant percentage of each emirate's revenues
    should be devoted to the UAE central budget,
    although each emirate has controlling rights over
    its oil and other mineral reserves.
  • Each of the seven emirates has its own local
    government and follows a general pattern of
    municipalities and departments.
  • The relationship between the Federal and Local
    Governments are laid down in the Constitution,
    and allows for a degree of flexibility in the
    distribution of authority.
  • Sheikh Khalifa bin Zayed Al Nahyan was elected as
    the President on 3 November 2004, following the
    death of Sheikh Zayed bin Sultan Al Nahyan, who
    held the post from the foundation of the State on
    2 December 1971 until his death on 2 November
    2004.

13
Legal System
  • Legal System Court Structure
  • The United Arab Emirates has a civil law
    jurisdiction, influenced by French, Roman,
    Egyptian and Islamic law.
  • The legal system comprises of the three main
    branches civil, criminal and Sharia law.
  • Although there is a federal court structure with
    a final court of appeal in Abu Dhabi (the Abu
    Dhabi Supreme Court), Dubai and Ras Al Khaimah
    are not part of the federal judicial system.
  • Dubai and Ras Al Khaimah have their own court
    systems, which are not subject to the federal
    Supreme Court.
  • However, the hierarchical structure of the courts
    in the country follow the same pattern.
  • Court of First Instance
  • The court of first instance is the first stage in
    judicial process. The court hears all claims
    ranging from commercial matters to maritime
    disputes. In case of dissatisfaction, the parties
    have the right to appeal to the Civil Court of
    Appeal within 30 days of the date of judgment.
  • The Court of Appeal
  • The court of appeal is the second stage in the
    judicial process. This court acts as an appeal
    court to the First Instance Court.
  • The Court of Cassation
  • The Court of Cassation is the third stage in the
    judicial process, which deals with the challenges
    to the judgments of the court of appeal.

14
Taxes, Tariffs Regulations
15
Economic Indicators
16
Economy Oil Sector
  • According to the statistics (1998) published by
    the government , the UAE has an estimated oil
    reserve of 98.2 billion barrels, and gas reserves
    of 5.8 billion cubic meters.
  • The nominal GDP has grown by 22 CAGR over since
    2002 to AED 598bn as of 2006.
  • Growth in 2006 tapered off due to lower YOY
    growth in oil prices.
  • High oil prices have led to a current account
    surplus of of AED 129bn, which is 21 of GDP, as
    of 2006 from AED28bn, 9 of GDP in 2003.
  • With average oil prices in 2007 almost 20-25
    higher than last years average, the robust growth
    momentum and the high surpluses is likely to
    continue

17
Economy Non Oil Sector
  • Although crude oil contribution to total exports
    and re-exports has gone up from AED 81 BN in 2003
    to AED 213.37 BN in 006, it is largely due to
    high oil prices.
  • In fact the growth of non-oil GDP has also been
    robust at 18 CAGR between 2003 and 2006.
  • Non-hydrocarbon exports have registered a 3 year
    CAGR growth of 25 and re-exports have grown by
    25 CAGR, which is an indication of increased
    trading activity and manufacturing activity in
    the SEZs.
  • Other activities like real estate and tourism
    have also contributed significantly to the
    non-oil sectors in the country.
  • It is estimated that real estate activity in
    Dubai has increased to ED10bn in 2000 to
    AED165bn in mid 2006.
  • With committed investments of over AED550bn in
    real estate and tourism in Abu Dhabi, the
    contribution of non-oil GDP will increase further.

18
Major Drivers of Economy
  • Hydrocarbons still major driver
  • Oil With large reserves and an average
    production of 2.4 mnbbl/day, oil will remain the
    key driver for the UAE, like the other Gulf
    states.
  • However, substantial grown in major non oil
    economic drivers
  • Free zones These are special economic zones,
    which offer world class infrastructure and
    favorable legal systems and tax benefits to
    attract global investors. Although Dubai has had
    tasted the success in this field through Jebel
    Ali Free Zone, we believe it is still the
    beginning.
  • Real Estate and Tourism Both Abu Dhabi and Dubai
    are investing heavily into this space, to augment
    the current infrastructure to facilitate a higher
    growth in tourists. In fact large investments are
    plan to make Dubai and Abu Dhabi life style
    destinations.
  • Industrial complexes The emirates, especially
    Abu Dhabi and Dubai are to continue with the
    ongoing acquisitions and mergers of industries
    across the globe. The UAE is targeting to produce
    more success stories such as that of Duabl, Dubai
    Ports.

19
Free Zones
  • The purpose of free zones are to drive the
    development of UAE through providing innovative
    and unlimited possibilities for industrial
    development.
  • Free zones offers world -class infrastructure,
    value added services and incentives.
  • They have been the backbone of diversification
    efforts in the UAE, especially in Dubai.

20
Benefits of Investing in Free Zones
  • 100 foreign ownership
  • Guaranteed 50-year tax exemption on personal and
    corporate income taxes
  • 100 Capital Profit repatriation
  • Long term renewable lease
  • Transparent laws, regulations and fast track
    clearances
  • Promotion centers in Dubai and Abu Dhabi
  • Excellent seaport and International airport
    facilities
  • Abundant energy supply

21
Dubai
22
(No Transcript)
23
Major Industries
  • Dubai Aluminum (DUBAL)
  • The Dubai Aluminum Company (DUBAL) was
    established in 1979, since then it has grown to
    be the 7th largest global aluminum producer and
    the 1st in UAE.
  • DUBAL is a major supplier of foundry alloy to the
    Far Easts automotive industry, extrusion billet
    for constructions markets while high purity
    aluminum are supplied to electronics and
    aerospace industries.
  • DUBAL has clients in 44 countries as more than 92
    percent of the products are exported to global
    markets.
  • DUBAL plans to expand its production capacity
    from 861,000 tonnes per annum (2006) to 920,000
    tonnes by the end of 2008.
  • Dubai Ports World (DP World)
  • DP World was formed in September 2005 with the
    integration of Dubai Ports Authority (DPA), which
    was focused on the UAE ports of Rashid and Jebel
    Ali, and DPI (Dubai Ports International)
  • DP World acquired Peninsular and Oriental Steam
    Navigation Company (PO) of the United Kingdom,
    which was then the fourth largest ports operator
    in the world.
  • As a group DP world is among the top three port
    operators in the world today.

24
Major Industries (continued)
  • Emirates Airlines
  • Emirates Airline (Emirate) is the national
    carrier of Dubai, UAE. It has nearly 2350 flights
    in a week to 94 cities across 60 countries.
  • By 2010, Emirates plans to increase its share of
    flights in and out of Dubai International Airport
    to 70 percent from the present 50 percent.
  • Emirates airline aims to build a fleet of 180
    aircraft flying to more than 110 destinations
    that could make it the world's largest
    international carrier by 2015.
  • The reported revenue has grown by 29 YOY from
    AED 23.05bn in 2005 to AED 29.83bn in 2006, while
    operating profit grew by 26 YOY to AED 3.33bn in
    2006 from AED 2.65bn in 2005.

25
Major Upcoming Projects - Dubai
  • Dubai Metro
  • The Dubai Metro will be a driverless, fully
    automated metro with an expected cost of
    approximately AED15.5 billion for the first
    phase.
  • The projects is to be completed over two stages,
    the first stage is expected to be completed by
    September 2009 and the second by March 2010.
  • Dubai Airport Expansion
  • The Department of Civil Aviation plans to
    increase the passenger traffic through Dubai
    International Airport to 70 million passenger by
    2016 and 100 million by 2025.
  • The World (man made island)
  • The World(man made island) will consist of 250 to
    300 smaller private artificial islands divided
    into four categories - private homes, estate
    homes, dream resorts, and community islands.
  • The project will cover an area of 9 kilometers in
    length and 6 kilometers in width, surrounded by
    an oval shaped breakwater. These islands will be
    connected by marine transport.

26
Financial Markets of the U.A.E.
  • The UAE at present has two domestic stock
    exchanges (ADSM and DFM), a commodities exchange
    (DGCX) and an international financial market
    (DIFX).
  • The two domestic exchanges are Abu Dhabi
    Securities Market (ADSM) and Dubai Financial
    Market (DFM) and the commodities market is Dubai
    Gold and Commodities Exchange (DGCX).
  • Both the domestic exchanges and the commodity
    market are supervised and controlled by an
    independent regulator, the Securities and
    Commodities Authority.
  • The Dubai International Financial Exchange
    (DIFX), is located in the Dubai International
    Center (DIFC), a financial free zone. Financial
    activities in the DIFC are governed by an
    independent regulator, the Dubai Financial
    Services Authority (DFSA)
  • The DIFX plans to attract investors and
    corporates across the globe, as it maintains an
    international standard at par with the leading
    international exchanges in New York, London and
    Hong Kong.
  • DIFX currently lists shares, bonds, Sukuk and
    structured products. The exchange plans to
    introduce other securities such as derivatives
    and exchange-traded funds, many of which do not
    currently exist in the region.

27
Dubai Financial Market
  • Dubai Financial Market was established on March
    2000 as a public institution having its own
    independent corporate body and was recently
    listed on the exchange
  • There are 61 companies (including foreign
    companies) listed as of September 2007 and it
    encourages both local as well as foreign
    investors to invest.
  • The listed companies are segregated on the basis
    of their activity into 9 sectors Banks,
    Insurance, Investment, Real estate,
    Transportation, Materials, Consumer Staples,
    Telecommunication and Utilities.
  • The DFM was one of the best performing indices
    globally with the market going up by 350 between
    2003-05.
  • However, the market was one of the worst
    performing market in 2006 as it lost 44.
  • Increasing speculation and overstretched
    valuations were the main reasons for the market
    to collapse.

28
Dubai Real Estate Tourism
  • The world famous man-made offshore developments
    along Dubais coast, such as The Palms and The
    World will ensure more hotels and resorts for an
    increasing number of tourists .
  • Dubais Department of Tourism and Commerce
    Marketing (DTCM) sanctioned a AED 99bn (US27
    billion) project which includes a resort,
    shopping malls and entertainment complexes.
  • The project would be spread over 13 million
    square meters in Dubai land and will feature a
    cluster of 31 hotels. It offers more than 29,000
    hotel rooms and will include the worlds largest
    hotel, the 6500-room Asia Asia hotel. I
  • It is expected to accommodate more than three
    million tourists by 2016.
  • The first phase of the project, which includes
    the Asia Asia Hotel is scheduled to be
    operational by 2010.
  • Most of the real estate works are undertaken in
    order to attract more tourists to the country. In
    a way, the ongoing real estate projects are inter
    related to the tourism industry

29
Dubai Real Estate
  • Dubai growth has been staggering over the past 15
    years and continues unabated as its service
    economy and diversification strategy continues

30
Population Drives Demand
  • The statistics of 2005 show that the population
    of Dubai as on December 2005 was 1.4 M with an
    impressive annual growth rate of 9.5.
  • With these figures the estimated population of
    Dubai by year 2010 would be approximately 2.2 M
    and an additional 200,000 households will be
    needed to cater the increasing demand.

31
Demand Supply of Households
Source GRP
32
Real Estate Buyer Diversity
Source Gulf Business (December 2006)
33
Hospitality Investment Skyrocketing
  • With 144 confirmed hotels and over 50,000 hotel
    rooms coming online by 2010, the UAE remains the
    largest single hotel market in the GCC.
  • Bullish is the word to describe the state of the
    hotel market throughout the GCC in 2007.
  • Any concerns over market saturation and over
    supply are continued to be brushed aside,
    resulting in record breaking number of hotel and
    hotel apartment project being announced.
  • Dubai once again has taken the leap surprised the
    world, where the current availability is being
    increased by almost 100 where as the number of
    rooms in these projects are greater than the
    cumulative total of all the other developments of
    the region in the same time period.

Source Gulf Business (Issue 8 December 2006)
34
Confirmed Rooms by 2010
Dubais burgeoning hotel market will face its
real test in terms of overall demand in 2008 and
2009 when 56 hotels and over 20,000 hotel rooms
open in the market. With a number of differently
categorized hotel projects coming up in the GCC,
the most lavish and spectacular one would be
offered again by Dubai called Al-Bawadi (A
totally different offering to Las Vegas). It
will constitute hotel developments like
Asia-Asia having more than 6500 rooms and
projects like Holly Bolly Hotel resort, Palaces
Hotel Resort, Pirates Cove Hotel Resort and
America Hotels Resorts with almost 3500 rooms
to offer
35
Freehold Market Impact
Source GRP
36
Legal Framework to Improve
37
Residential Units to Double by 2010
38
Market Segmentation
39
Changing Buyer Climate
  • The role of Dubais various residential property
    investors will evolve. High net-worth
    individuals, real estate agencies and speculators
    were the main investors initiating Dubais
    property boom in 2003.
  • The phase of stability that started in 2006 will
    continue and demand will be driven by a different
    set of investors i.e. expatriates buying
    properties either as an investment or to avoid
    paying escalating rents.

40
Expectation - Residential Property Market
41
Marina Park
42
The Palladium - Jumeirah Lake Towers
43
Madinat Al Arab Dubai Water Front (Palm Jebel Ali)
The new Downtown and Central Business District of
Dubai in close proximity with Jebel Ali Intl
Airport A 20 storey Residential Plot in Sector
B Ideally located giving a clear sea view and
easily accessible through Dubai Metro, water
front Tram bus service
44
Expectation Commercial Property Market
Source GRP
45
Major Developments - Commercail
46
Dubai Among Most Expensive Cities
  • Dubai currently has the eighth most expensive
    commercial unit rent rates among 20 surveyed
    cities, making it a more expensive place to do
    business than well-established business centers.
  • As of a November published survey the average
    rent in Dubai was US 87 per Sq. Ft.

47
Ras Al kHAimah
48
Following Dubai The Opportunity
  • Set to become the premier tourist destination in
    UAE, Ras Al Khaimah is arguably the most scenic
    of the emirates being blessed with an untouched
    coastline, mountains and sand-dunes.
  • It has also benefited from the foresight of its
    government who ensures that any development in
    this emirate will only serve to enhance the
    attractiveness of its natural beauty and not to
    spoil it with the building of high-density
    tower-blocks which may lead to pollution,
    over-crowding and congestion.
  • With a government development office focused on
    life-style and industrial development, Ras Al
    Khaimah achieved an 18 growth in GDP in 2005 and
    this growth is set to continue.
  • Supported by an excellent transport
    infrastructure with its own international
    airport and being just a 45 minute journey from
    Dubai City, it is a prime getaway location for
    international holiday-makers and Dubai residents
    looking for a weekend break.
  • Property prices in RAK also sit at around one
    third of those in Dubai with the benefit of a
    more spacious, laid-back lifestyle

49
General Overview
  • Located on the UAE's west coast, Ras Al Khaimah
    is the countrys most northern emirate and
    arguably the most scenic. The Emirate boasts of a
    varied landscape ranging from fertile plains,
    mountains and desert regions.
  • In 2004 the Investment Development Office of
    RAK was set up to create and enhance business
    development to the area. They are focused on 2
    core areas Lifestyle and Industrial
    Development.
  • They have now attracted a number of real estate,
    leisure, educational and hospitality investments,
    plus its new and growing industries mean it will
    have over 50 of UAE Total Production capacity.
  • An indication of the Emirates success is in an
    18 growth in GDP in 2005.
  • Property prices are also more favorable in Ras Al
    Khaimah when comparing to Dubai making this
    emirate an attractive investment all-round.

50
Tourism Natural Amenities
  • With 64km of virtually untouched coastline, Ras
    Al Khaimah is set to become the premier tourist
    destination in the UAE with world-class luxury
    hotels, leisure facilities, marinas, eco resorts
    and Theme Parks.
  • However, where there is development, the aim is
    to preserve the cultural heritage and natural
    beauty of the emirate. Any planned developments
    will only enhance the attractiveness of the
    emirate, by only constructing attractive,
    low-rise and spacious resorts.
  • The surrounding area will add to the appeal of
    the area with the relaxed easy-going pace of
    coastal resorts, just a short drive will lead
    into the unspoiled Hajjar Mountains, red-hued
    sand dunes or 40km of pristine beaches.
  • Alternatively, a 45 minute drive will take you to
    the vibrant city of Dubai or the same distance
    along a scenic coastal road will take you into
    the Musandam peninsula of Oman, renowned for its
    mountains, fjords islands where diving
    dolphin watching are popular pastimes.

51
Al Hamra Village
52
Investment in Rental Units
Source Royal Frontiers RE
53
Further Investment Options
  • Acquire pre-release properties to include
    apartments detached villas retail plazas and
    hospitality
  • Further development ongoing to include business
    plazas to support living quarters and industry
  • Ras Al Kaimah has three Free Zones with over
    6,000 registered companies
  • R.A.K., the government development company has
    expressed interest in joint development, purchase
    or pre-release acquisitions of above properties

54
U.A.E Outlook
  • Positives
  • Strong Macro economic outlook With oil prices
    currently at their historical high of US80/bbl,
    expect the buoyant economic conditions in UAE (
    especially Abu Dhabi) to sustain.
  • Proactive governments The governments in each
    emirate have recognized the need to diversify the
    economy and attract businesses to their country,
    in order to de-risk their economies from oil.
  • The Dubai government has taken the lead in
    bringing fresh investments into the city by
    freeing up the economy and making the emirate an
    attractive lifestyle destination in the globe.
  • Taking cue from Dubai the provisional governments
    of all the emirates are setting up free zones,
    real estate projects, industrial parks in order
    to attract investors and businesses.
  • The sovereign funds of Dubai and Abu Dhabi are
    buying strategic stakes in a number of key
    companies globally, which will increase the
    country's influence in other parts of the world,
    which will hold in good stead over the long-term
    for the UAE and its businesses.
  • Risks
  • Over supply of free zones and real estate
    projects could cause a correction in the property
    market in Dubai, which could have a ripple effect
    through the other Emirates, trying emulate
    Dubais formula for success.
  • Over dependency on Abu Dhabi by the smaller
    emirates, could be a potential threat to their
    viability, as Abu Dhabi looks to invest heavily
    in state sponsored projects.
  • Key man risks This arises from the fact that
    country affairs are managed by powerful visionary
    leaders and the second chain of command is yet
    untested.

55
For More Information about information contained
in this presentation please contact Megastar
Realty Group - Commercial/Ameristar
Commercial 7800 Preston Road, Ste 132, Plano, TX
75024 Direct Line 972-867-1000 or
972-377-3837 Fax 972-380-3483 email
northtxland_at_yahoo.com
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