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Major Kuwaiti real estate player enters UAE with US $1.4 Billion investment plan

Abyaar launches US $150 Million Dubai Marina Pier 24 and Pier 8
A major Kuwaiti real estate developer, backed by one of the country's most powerful investment groups - Aayan Leasing and Investment Company and Al Rashdan Group which has extensive real estate experience - has entered the UAE market with plans to invest up to US $1.4 billion in Dubai over the coming year.

Abyaar Real Estate Development says its Dubai projects will impact the emirate's residential, commercial, hospitality and retail segments and will be phased in over the coming 12 months. First off the anvil for the company's Dubai operations are two upscale service apartment projects at the exclusive Dubai Marina.

Abyaar has invested over US $150 million in the luxury serviced apartment towers Pier 24 and Pier 8 and is in final negotiations to have the facilities managed by a first-class brand of Rezidor SAS Hospitality - the fast-growing, Brussels-based hospitality company.

Inspired by Abyaar 's literal Arabic meaning - a 'well' - the source of water, the company's vision is to develop stylish and contemporary destinations that enhance lifestyles.

"Our mission is building excellence and to bring international real estate opportunities to global investors that deliver incomparable value to our stakeholders," said Hisham Al Obaid, Chairman, Abyaar Real Estate Development .

"Our projects will bring the very highest hospitality standards to the Middle East real estate sector and Abyaar 's portfolio will be an impressive collection of exclusive, finely designed, freehold initiatives which will eventually be rolled out across the GCC and Europe.

"Pier 24 and Pier 8 will be the first of several projects to be rolled out by the company in Dubai this year. Other projects on the drawing board will further demonstrate our commitment to the UAE market and our belief in its long-term investment potential."

Investing in compliance with Shariah law, Abyaar will build mixed use projects with innovative architecture and interiors.

"The UAE property market is one of the most buoyant sectors in the region and the research shows that nearly a quarter of Dubai's GDP is generated through real estate," said Marzooq Al Rashdan, Managing Director, Abyaar Real Estate Development .

"We are targeting a very niche market, investors who appreciate class and quality. Designed by the finest architects, all of our five star serviced apartments will be furnished with the best in contemporary Italian décor and the latest in technology that will ensure our clients live in understated elegance."

The 20-storey Pier 24 will be operated under Rezidor's Radisson SAS brand. It will house 153 luxury apartments ranging from studio, one bedroom and two bedrooms. The management contract for the 40-storey Pier 8 is nearing finalisation. Pier 8 will feature 234 apartments including studios, one bedroom and two-bedroom flats as well as three townhouses and two penthouses.

"Pier 24 will set new regional living benchmarks in terms of size and exclusivity and beyond further strengthening the Radisson SAS brand, this partnership with Abyaar also sets the standard for future similar projects," said Jean-Marc Busato, Vice President Middle East, Rezidor SAS Hospitality.

"Our strategy is to ensure that all our new properties have very distinctive and individual identities and one of the main advantages of this luxury residence is guaranteed five-star service all year round. Radisson SAS Residence, Pier 24 will be among the UAE's most sought after address."

Both properties will feature state-of-the-art facilities including separate gymnasiums and swimming pools for men and women, children's play area, retail outlets as well as restaurants and cafes. There will also be secure underground parking.

Abyaar 's drive for quality led to the appointment of award-winning architects, KEO International as designers of Radisson SAS Residence, Pier 24. KEO is behind some of the region's most prestigious hospitality and mixed-use developments including: The Pearl - Qatar, the US $2.5 billion island being reclaimed offshore the Qatari capital, Doha and Abu Dhabi's Emirates Palace Hotel. Consultant design for Pier 8 is being undertaken by WS Atkins, which delivered consultancy for Dubai's signature Burj Al Arab and Jumeirah Beach Hotel projects.

The interiors of both properties will be conceptualised by Milan's Matteo Nunziati, who has designed some of the most prestigious hotels in Italy and Switzerland.

"The interiors' inspiration has been taken from large Egyptian monumental buildings and traditional Arabic architecture - delivering a modernistic approach with reference to the past. By using light, design and contrasting textures, I want to offer distinct living spaces unlike any currently available in this market," said Nunziati.

"We wanted to develop the Abyaar product with a philosophy of quality as its foundation. By choosing Nunziati as our designer and key Italian furnishers Poliform and Salvarani, we are delivering the creativity of an influential designer with total quality management and acute attention to top interior finishes," added Al Rashdan.

Pier 24 is expected to be completed in the summer of next year and Pier 8 will ready in June 2008.

-Ends-

About Abyaar Real Estate Development
Abyaar Real Estate Development is a highly distinct property company - committed to raising the benchmark of Middle East real estate and delivering solid investor insurance. Founded with a capital value of KD 35 million (US $115 million) - Abyaar is a joint venture between Kuwait's Aayan Leasing and Investment Company , a leading investment player and Al Rashdan Group , a major real estate developer, and other investors.

Abyaar 's portfolio will be an impressive collection of exclusive, freehold initiatives, firstly in Dubai and then throughout the GCC. Investing in real estate in compliance with the rules and provisions of Islamic Shariah, Abyaar will build residential, commercial, retail and hospitality projects finished to the highest European standards, with innovative architecture and aspirational interiors.

'Building Excellence' is the company's guiding principle. Taking inspiration from the literal Arabic meaning of ' Abyaar '- a 'well', the source of water - the company's vision is to develop stylish and contemporary destinations that enhance lifestyles. Abyaar is a new breed of developer committed to creating business growth and prosperity.

For further information: Sonia Larsen or Sarada Chellam, MCS/Action, PO Box 20970, Dubai, United Arab Emirates. Tel: +9714 390 2960; fax: +9714 390 8161, email: sonia.l@actionprgroup.com or sarada.c@actionprgroup.com.

© Press Release 2006