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May 1 2013.

Kuwaiti European Holdings Company Statement:

"Kuwaiti European Holdings Company (KEHC), following management consideration and recent review of its UK activities and strategy, wishes to announce certain changes to its projects, particularly as they effect East Sussex.

For some time KEHC has been looking at the possibility of bringing a leisure and entertainment complex to Newhaven. Our review has lead us to the conclusion that this particular project is not financially viable; whilst we regret withdrawing from this project, we hope that all will understand the decision has been taken for sound commercial reasons. We would like to extend our gratitude to the Councils involved, County, District and Town; for their cooperation and support throughout the process. Many will be aware that a piece of land in Newhaven was acquired by KEHC from Lewes District Council (LDC); this land is being returned by KEHC to LDC, at no cost to LDC.

KEHC also has two properties in Eastbourne. One, an office block, which it is currently reviewing for use going forward. The other, the Ambassador Hotel, has been on hold pending our review. We are pleased to say that the Ambassador is going ahead and we hope to have contractors back on site to continue the works, starting again sometime in the coming weeks, subject to re-scheduling and availability. The intention is that the Ambassador will add a new high quality hotel to Eastbourne's existing hotel supply and we look forward to opening its doors to new guests in due course.

KEHC still remains committed to seeking out opportunities in the UK, we are actively pursuing those we have identified as fitting our strategic plans going forward and we will be seeking out others as appropriate."