Dubai, July 19th, 2006 (WAM)---Jumeirah Lakes Towers (JLT), the rapidlyemerging 200-hectare real estate development adjacent to Sheikh ZayedRoad in the heart of 'new' Dubai, will offer free zone status to residentbusinesses, marking the creation of the first mixed-use free zone developmentin Dubai.

Details of the regulations governing activities in JLT wereunveiled today along with the new brand identity during a developers meetat the Jumeirah Emirates Towers.

JLT, which comprises 79 towers, is expected to cater to the broadest rangeof knowledge businesses in the Emirate, and will include offices, hotels,restaurants and leisure facilities in addition to residential towers.

The project is expected to be completed by the end of 2008.

"Jumeirah Lakes Towers marks a significant departure from the single industry-specificfree zone development that has been the norm in Dubai," said Ahmed binSulayem, newly appointed General Manager of JLT.

"The JLT development which will cater to both individuals and companieswill encourage the creation of a new community related to the servicesector," he added.

A new identity has been launched for the project, symbolizing the lakesaround which the development has been designed. Four winding, man-madelakes, stretching to approximately 255,000 square metres create a vibrantwaterfront environment and provide stunning views from the towers, whichwill be clustered in groups of three.

"We have taken extensive care to ensure that the major infrastructureservices to Jumeirah Lakes Towers are now substantially complete. Thelateral service runs to each of the plots are in progress and in linewith the priorities for each of the towers," said bin Sulayem.

"The major initiative to have a district cooling system is well aheadof other services and will meet the demands for air conditioning as wellas reduce the overall electrical load and the impact on the environment.

Each tower will also have access to complete DEWA services which theywill be able to liaise on their own," he added.

The JLT management has made every effort to minimize disruption to theusers and tenants of the development during the construction period, byproviding specific roads with partial paving and restricting access tonon-construction traffic. Saba Tower, which is expected to be the firsttower to open on the site, has had specific services and access broughtinto play. Landscaping around the towers will also be planned aroundthe completion of individual towers.

The Dubai Multi Commodities Centre Authority (DMCCA) will be the licensingauthority providing government services of company registration, licensingand immigration services to tenants/residents of JLT for the development.

DMCCA has issued the rules and regulations governing licensing activitiesspecific to the zone.

A new management and service structure has alsobeen put in place to respond to the huge volume of service requests expectedwithin the coming months as tenants take possession of property and startphysically relocating to JLT.

Commodities-related businesses will however be restricted to DMCC's owntowers which currently include the landmark Almas Tower and the industry-specificAu and Ag Towers.

All 79 towers of the new development have already been sold to developerswith the first one - Saba Tower expected to be completed and deliveredlater this month. The construction and engineering services for the JLTdevelopment is overseen by the new JLT management team along with projectmanagers Faithful and Gould.

WAM / MMYS