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wasl wins its second Owner Association management contract

Global standards knowledge qualifies largest Dubai landlord to manage the Association of Silicon Boulevard

Dubai, UAE; 18 February 2012: wasl properties LLC, the property management arm of wasl Asset Management Group ('wasl'), the largest real estate management company in Dubai, today announced it has been selected by the interim association general assembly and Ecostar International Holdings FZCO for association management services. This is wasl's second association management contract win since the recent launch of this business line.

Located at the Silicon Boulevard, Dubai Silicon Oasis, the 12-story Park Terrace and 15-story Park Avenue towers offer residential, commercial and retail units situated a few minutes away from the main shopping centres and attractions in Dubai. The contract includes the management of the towers in every respect including all technical, financial, commercial and facility aspects as per Dubai Jointly Owned Property Law. Last November, wasl was awarded its first owners association management contract by ETA Star for Al Manara Tower in Business Bay.

Mohammed Yahya, Senior Director, Commercial and Owners Association Management at wasl said: "Our knowledge and experience of the Dubai property market built up over 30 years underpins our offer as we build our presence in the growing field of owner association management. wasl is best positioned to be a market leader, and is setting the benchmark for Association Management standards in Dubai by bringing about best practices in the field. This demonstrates our commitment to bring about transparency to the local freehold market."

wasl's expertise in the facilities management service field comes from over three decades of delivering the highest standard of services. This is complemented by wasl's knowledge in the Owners Association Management market, which is on par with global standards, and is recognised by leading industry associations. The association management team at wasl is certified by the Professional Community Association Manager (PCAM), Association Management Specialist (AMS) and Certified Manager in Community Associations (CMCA).

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About wasl Asset Management Group
wasl LLC, an asset management group, was established by the Dubai Real Estate Corporation (DREC) in 2008 to manage its various operations and its investments in the real estate and business sectors. The group currently encompasses three subsidiaries including wasl properties, wasl hospitality and Dubai Golf.

Set up to strengthen Dubai's success and to actively secure its future growth objectives wasl Asset Management pursues a vision 'to value and be valued by our stakeholders'. The group aim is to achieve this objective by creating a legacy of trust and respect, acting as a responsible corporate entity, and as a platform for innovation in asset management.

The word 'wasl', which means 'connection' in Arabic, is symbolic of the strong relationship the group shares with its stakeholders. wasl was the original name for historic Dubai and represents its profound link to the past, its present rapid evolution as a strategically located global hub and vision for the future.

wasl properties manages wasl's extensive residential and commercial asset portfolio of over 25,000 residential and commercial properties within the Emirate of Dubai. wasl properties provides a full range of property management, facilities management and call centre operations providing CRM services to tenants.

wasl hospitality's portfolio currently comprises seven hotels with over 2,200 rooms. These hotels currently managed by Starwood and the Hyatt include prime centre city hotels and residential apartments such as the Hyatt Regency, the Grand Hyatt, Le Meridien Dubai and The Fairway and the resort and spa properties such as The Park Hyatt Dubai, Le Meridien Mina Siyahi Beach Resort and Marina and The Westin Mina Seyahi Beach Resort and Marina.

Dubai Golf manages the UAE's two leading international golf destinations - Emirates Golf Club and Dubai Creek Golf & Yacht Club. Together, these golf clubs boast three championship golf courses including the famed Majlis the venue of the Dubai Desert Classic Championship. In addition, Dubai Golf offers professionally run golf academies, a luxury marina, nine internationally renowned restaurants and a host of recreational facilities.

For further information please visit our website: www.wasl.ae

For media enquiries:
wasl Asset Management Group
Ahmed Ali Al Sheryani
Tel: +971 4 3139211
Email: alsheryani@wasl.ae

Brunswick Group
Dina Samhout
Tel: +971 4 446 6283
wasl@brunswickgroup.com

© Press Release 2012