Dubai, 14 October 2005 (WAM) -- A consortium of Germancompanies has announced the creation of a key development in Dubai the$70 million Cube project to be part of Dubai Sports City.

The Cube project, led by Trend Capital, the German issuing house, is oneof the first residential buildings to be announced in Dubai Sports City.

It is also the first example of German investment in the city of Dubai.

According to Frank Simon, general manager of Trend Capital, the grouprecognised the potential for simple and transparent entrepreneurial strategiesin the UAE. He said: "Foreign direct investment in the UAE is finallypicking up some pace and we have identified the potential for companieslike ours.

"Also, we believe the guarantee of European best practices will serveas a quality assurance for our buyers outside the UAE: there are enormousinvestment potentials in Dubai and our global track record will ensurea safe financial environment for our investors," Khaleej Times reportedhim as saying.

Details of its design will be announced when the apartments go on salein November but the cutting-edge design will stand out in the environment,according to the architectural firm behind the project, BRT from Hamburg.

Jens Bothe of BRT, said: "In a market as buoyant - and competitive - asDubai, design has been a principal focus for us from the start. With acity as full of landmarks as Dubai, we have had to invest considerabledesign time in creating something that is future-proof, yet still standsout in the landscape."Engel & V?lkers, the European-based luxury real estate group, is bringingThe Cube to the market. Franz Schedlbauer, CEO Middle East for Engel &V?lkers, said: "Sports City as an integrated destination is starting tomake a lot of noise internationally, and we believe it will prove to bea destination of note when we launch pre-sales of The Cube next month."While BRT will continue overseeing the design of the tower, BMG, a Berlin-based company, was selected as the contractor.