Dubai - UAE - 23, November 2006. First Dubai Real Estate Development Co. a subsidiary of Al Mazaya Holding has made a AED122.3 million investment in the recently launched Liwan project.

The Dubai Land project is being developed by Mizin and the First Dubai board has announced that it has just bought four plots in Liwan.

While it has confirmed that construction will commence in February 2007, further details of what First Dubai expects will be a high-return investment will be announced at Cityscape in Dubai on December 4.

This is the latest in a series of initiatives by First Dubai which recently unveiled a new look to coincide with the greater opportunities opening up as a result of becoming an Al Mazaya subsidiary company.

The new logo and image reflect the stronger vision that is expected to flow from the change in ownership for First Dubai.

Originally set up to manage the prestigious Sky Gardens project at the Dubai International Financial Centre by Global Investment House, First Dubai was acquired as part of a strategic move by Al Mazaya as it expanded its presence in Dubai.

Managing Director and CEO of Al Mazaya Holding, Mr Khalid Esbaitah says the potential synergies that will arise from the Al Mazaya's acquisition are tremendous.

"First Dubai Real Estate Co. will only benefit from having a closer working relationship with the big team of professionals that Al Mazaya has on the ground in Dubai. Their strong presence here is also backed up by a wide range of expertise, financing alliances and very good local knowledge."

And while it is still managing the Sky Gardens project, First Dubai is now looking at other investment opportunities in the UAE, with a plan to eventually list on the stock exchange.

Mr Esbaitah says the success of Sky Gardens to date has been a driving force behind the decision to seek further projects elsewhere in the UAE.

"Construction work on Sky Gardens is on schedule and has reached more than 15 floors above ground level. A large number of the 570 apartments in Sky Gardens have already been sold, and handover is expected in November 2007. We are planning another marketing campaign to wrap up the sales process," Mr Esbaitah says.

 "With Sky Gardens running on time, and nearly fully sold, it's time to focus on other opportunities, the first of which is a proposed new Shams Abu Dhabi Towers development on beautiful Al Reem Island, at Abu Dhabi, where First Dubai has brought land. Work is underway on the design of the project, which has a completion date of late 2008/early 2009."

He said Abu Dhabi offers plenty of opportunities for First Dubai.

Meanwhile the linkages between First Dubai and its parent company have been strengthened by the appointment of a new First Dubai board, headed by Mr Abdul Mohsen Al Nafisi as chairman. Engineer Khalid Esbaitah has been appointed deputy chairman, while Engineers Salwa Malhas and Abdulla Nasser Al Rodan as board members.

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© Press Release 2006