A Consortium of investors, Pearl Dubai FZ LLC, led by the Al Fahim Group, Abu Dhabi-based group, has announced that it has purchased and repositioned the $3billion worth Dubai Pearl real estate development.

The project, located within the Dubai Media and Technology Free Zone (TECOM), facing The Palm Jumeirah, will cover a built-up area of more than 15 million square feet.

Abdul Majeed Al Fahim, the Chairman of Board of Directors, Pearl Dubai, while speaking during a press conference, mentioned that Dubai is growing at an unprecedented pace, and that 'Dubai Pearl' will be a unique addition to the real estate landscape of the emirate.

Dubai Pearl is an integrated, mixed-use sustainable development with all major components located within 400 meters of each other, and is expected to be complete by December 2010.

The residential segment of Dubai Pearl Towers will include Sky Palaces with private gardens and pools, Sky Penthouses, luxury-branded condominiums and apartments. It also features boutique, offices, renowned hospitality brands, state-of-the-art theatre with a capacity for 1500 to 2000 people, a luxury fashion precinct located within a premier shopping mall, cinemas, and multi-cuisine food courts.

The construction of 'Dubai Pearl' would begin immediately. The project is considered to be unique, as the infrastructure amenities, including a well-linked road network are all in place, facilitating easy access to all major residential and commercial areas such as the Jumeirah, Dubai Internet City and Dubai Media City.

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