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Engel East Europe NV (KBE)

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Wednesday 28 November, 2007

Engel East Europe NV

Belgrade Marina Update

Engel East Europe N.V.
28 November 2007




FOR IMMEDIATE RELEASE                                           28 November 2007



                             Engel East Europe N.V.

                          SERBIA MARINA PROJECT UPDATE

Engel East Europe N.V. ('Engel East Europe' or 'the Company'), the AIM-listed
Central and Eastern European ('CEE') residential property developer (EEE:LN),
announces that it has discontinued discussions with a potential partner, as
previously announced on 8 January 2007, for its project in the Belgrade Marina
Dorcol.

The Company is in discussions with other potential partners regarding
participation in the project, at a higher valuation than was previously 
discussed.

ENDS

Enquiries:

Engel East Europe N.V.
Eitan Padan                                                Tel: +972 (9)970 7004

Dawnay, Day Corporate Finance Limited
Gerald Raingold                                        Tel: +44 (0) 207 509 4570
Nick Lovering

Bankside Consultants
Simon Bloomfield                                       Tel: +44 (0) 207 367 8888
Andy Harris




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