18 September 2005

DUBAI -- Bonyan Emirates, the Abbasi Group's Dubai-based real estate subsidiary, yesterday announced plans for a 20-storey mixed use tower in the hub of Business Bay, Dubai's future commercial district.

The announcement, made during the influential Cityscape 2005 exhibition, marks one of the first confirmed outsourced developments at Business Bay and follows a slew of strategic moves for the company.

The 20-storey Elite Tower will include two office floors, 15 residential floors and a health club floor, in addition to separate atriums for the residential and commercial spaces and retail spaces.

Designed to offer maximum value for discerning investors and owners, Elite Tower offers water views in all units in addition to energy saving management systems and a host of recreational features including multiple swimming pools, a spa, tennis court, steam-sauna facilities and sky gardens.

Ismail Akil Abbasi, chairman of the Ismail Akil Abbasi Group and chief executive officer of Bonyan Emirates, said: "The Elite Tower is not only a state-of-the-art residential property, but it has added distinction of contributing to the emirate's development."

Elite Tower is the latest in Bonyan Emirates' string of recent blue chip property announcements, including delivery of Azure, the first fully occupied outsourced property in Dubai Marina, as well as the rapid sellout of the Panoramic building.

Although completion of Elite Tower is expected in 2008, the freehold ownership project has already generated interest in real estate circles.

Modelled on international centres such as Manhattan and Tokyo's Ginza district, the 64sq km Business Bay development will be based around the New Dubai Creek, an extension of the existing creek.

Dubai Properties, a subsidiary of the state-owned Dubai Holdings, has positioned the multi-billion dollar Bay to attract companies to set up not just regional offices but international headquarters.

The new creek is envisioned as a futuristic mirror of the old creek -- just as the regional trading hub of Dubai mushroomed around the old creek, so will the new business hub of the region develop and evolve around the new creek. Dredging work on the new creek has begun, and is expected to link up to Shaikh Zayed Road in late 2006 and to the Gulf shortly thereafter.

BY A STAFF REPORTER

© Khaleej Times 2005