Before the Investment agreement, in 2006, the Consortium was selected for development of project by Amanah Jeddah (the “Municipality”). The Municipality assigned Jeddah Development Urban Registration Company - a fully owned Company by the Municipality (JDURC) (the “Representor”) to represent and execute the Project on behalf of it. CCDC and the Representor agreed to establish joint ventures namely Jeddah Central Project Company (JCPC) and Historical District Project Company (HDPC) (collectively referred herein as the “Joint Ventures”).