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TAMEER - 'The Palace Towers' Interim Owners Association Board has been elected

Dubai, August 08, 2010: Tameer Holding Investment LLC, a leading property developer in the Middle East held its first Interim Owners Association meeting on the 4^th of August for owners of units in Palace Towers, its landmark mixed-use development in Dubai Silicon Oasis. The aim of the interim is to elect a temporary Owners Association Board and to commence an open and transparent dialogue with owners to ensure a smooth transition period following the introduction of the regulations of Dubai's Jointly Owned Property Law No 27 of 2007 (commonly referred to as Strata Law) which came into effect in April 2010.

Commenting on TAMEER 's pro-active efforts in adopting and implementing the regulations, Federico Tauber, President of Tameer Holding Investment LLC said, "Dubai has always been at the forefront when it comes to the real estate and property sector. The new regulatory framework redefines the responsibilities and obligations of all parties, and strengthens and extends the rights of owners. At TAMEER , we have always strived to achieve the highest standards in customer satisfaction, and these new guidelines will help compliment our efforts. We are proud to be amongst the first developers to embrace the new framework."

The objectives of the meeting were successfully accomplished and included the election of the Interim Owners Association Board. TAMEER and Strata Global will now begin educating the Interim Board and Owners in the management of the project, the creation and registration within the next two months of the Jointly Owned Property Declaration, including the review of budgets, supply agreements for presentation to the First Owners General Assembly and any other relevant matters pertaining to the management of Palace Towers moving forward. The recent meeting also provided the opportunity to review matters related to maintenance of the common property as well as other general Owners Association administrative issues", added Tauber.

The meeting held at Palace Towers was attended by owners and senior members from TAMEER in addition to Strata Global who, as experienced international Consultants and Owners Association Managers, will ensure experienced and quality management is available to owners for the successful implementation of the Strata Regulations and the seamless handover from the current management of Palace Towers to the Owners Association once registered.

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About TAMEER
Dedicated to the meticulous creation of comfortable living spaces and inspirational work environments, Tameer Holding Investment L.L.C. ( TAMEER ) emerged with an ambitious vision of developing as one of the most trusted brand name in real estate. TAMEER 's commitment to pursuing perfection and its relentless search for innovation, distinguished it as one of the early pioneers in the fast expanding regional market.

TAMEER has experienced rapid exponential growth, increasing from a handful of dedicated individuals in 2005 to a multitalented team of professionals today.

Selecting the most prestigious and premium locations, TAMEER 's landmark developments include the iconic Tameer Towers, at Shams Abu Dhabi on Al Reem Island and Princess Tower in Dubai Marina, one of the world's highest residential structures.

For more information, please contact:
Tameer Holding Investment L.L.C.
Marketing Department
Tel: 00971 - 4 - 407 5555

TRACCS
Farah Ibrahim
Tel: 00971 - 4 - 3672530
Email: farah.ibrahim@traccs.net
24/7 Media Hotline: 00971 -50- 4998389

© Press Release 2010