Tuesday, July 29, 2008

Deyaar signs deal for development & management of One Za'abeel

Deyaar Development Company has entered into an agreement with the Investment Corporation of Dubai (ICD), the investment arm of Government of Dubai, to begin the development and management of One Zabeel, an iconic 36 storey mixed-use development, located at the World Trade Center roundabout in Dubai.

According to the terms of the agreement, ICD will continue to own the project, but it will be developed and managed by Deyaar.
One Zaabeel development Sheikh Zayed road, Dubai

Launched in June 2008, with an aim to fulfill ICD's vision to identify and develop unique opportunities, One Za'abeel, will enhance the position of Dubai, as an international city of excellence.

Comprising three individual towers - residential, commercial and hotel towers, they are interlinked at the top, and have a common ground at the base. A highway will run through the development, which is the first on its kind for the region.

Construction is likely to begin shortly with completion being scheduled for 2011.

Located in close proximity to the two Metro stations, One Zaabeel comprises a residential tower with 450 apartments, a 370rooms five-star hotel tower, and a commercial tower spreading across 500,000 Square Feet of space.

This agreement further strengthens the position of Deyaar as development manager of high-profile projects in the UAE.

The Managing Director of Deyaar, Saeed Al Qatami, emphasizing on the strong growth of the company said that ever-since the company was launched, the property management division of Deyaar, has evolved from an institutional property manager focusing on management of Deyaar properties to a large property manager with multi-clients in the public domain. The division has been extremely successful in managing big portfolio of properties, and has helped investors in the process of maximizing their returns on assets.

The Director Investments, ICD, Khalifa Al Daboos, said that due to its prime positioning at the end of old business district and at the beginning of Sheikh Zayed Road, the business growth corridor, One Za'abeel is likely to represent the rich trading roots of Dubai, and its rapid rise as a modern international financial and business hub.

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