Dubai, 16 July 2008: Awali Real Estate Investments, one of the region's most reputed investment firms, has announced the launch of 2 residential towers and 2 commercial towers in the 33 million square-feet Awali City on the Emirates Road.

The announcement was made in a press conference held at the Emirates Towers Hotel yesterday, attended by Mr. Mohammed Hussein Abdullah Al Nemer, board member and Chief Marketing Officer, Mr. Mohammed Hussein Mohammed Al Nemer, board member and Chief Financial Officer, Mr. Abdullatif Mohammed Ali, Dubai Branch Manager , and a group of elite businessmen, real estate investors and media representatives.

In his statement, Mr. Mohammed Hussein Abdullah Al Nemer, board member and Chief Marketing Officer said, "The launch of these four new towers is a step toward addressing the increasing demand for residential and commercial units in the emirate of Ajman. The demand for real estate, especially in the residential and commercial sectors, has been grown significantly over the last few years, prompting developers to launch mega projects in the emirate in order to fill the gap between supply and demand. This real estate boom is accompanied by the continuous efforts of the Ajman government to maintain this momentum in the real estate market. The government has developed a sound and sustainable infrastructure and reformed its legal system to provide the necessary facilities and incentives for investors, in a bid to make Ajman one of the UAE's fastest growing emirates."

Awali unveiled "Mashrabia Residence", a freehold twin tower project designated for residential use, each tower comprising 25 storeys with 12 one bedroom apartments and 4 two bedroom apartments on each level, amounting to a total of 800 apartments between the two towers. Scheduled for completion by the end of 2011, the project boasts state-of-the-art facilities that include 7 parking levels 417 individual parking spaces. Each tower offers spacious retail spaces, entertainment and leisure facilities such as a health club and gym on the roof of each tower, as well as a swimming pool, a Jacuzzi, and a steam room, among others.

A spectacular commercial tower featuring all of the facilities essential to modern business, "Chevron Commercial Towers" is a freehold development comprising two 25 storey towers and 7 parking levels that accommodate 411 cars. Each tower includes 304 offices, amounting to a  total area of 375.000 square feet. Each tower offers large retail spaces, entertainment and leisure facilities such as a health club and gym on the roof, a swimming pool, a Jacuzzi, and steam room. The Chevron Towers are founded on the principles of quality, dynamism and high returns on investment, offering tenants the very latest in facilities and modern convenience.  The towers are scheduled for completion toward the end of 2011.

Mr. Mohammed Hussein Mohammed Al Nemer, board member and Chief Financial Officer, said of the towers, "These twin towers are the first step toward transforming Awali City into a tangible reality.  The commencement of the construction of these towers will be followed by other residential, commercial and multi-use developments in Awali City, paving the way for a new era of quality real estate projects in Ajman.

"We are thrilled to see the Awali City dream become a reality. This self-contained residential and commercial project has been deemed worthy of the government's support, as it offers high quality property units at affordable prices. We are proud to celebrate the auspicious beginnings of such an ambitious project."

The Awali mega city was launched in cooperation with Ajman Government's property investment establishment at the beginning of this year, as a debut for the renowned developer in the Ajman real estate market. The project is a self contained, state-of-the-art, city-size development, spread over an area of 33 million square feet along the Emirates Road, and includes 136 plots of land designated for residential and commercial use.  Awali City will offer a number of 17 to 50-storey towers, which will accommodate more than 120 000 people.

Awali Real Estate Investment recently awarded Adnan Saffarini Engineering Consultants a Dh65 million a contract for the architectural design, supervision and engineering consultancy services for 15 residential and commercial towers in the Ajman based project. The 15 towers include 11 32-storey towers, which form the Northern and Southern Gates of the city, and four 50-storey towers, which form the City's entrance from the Emirates Road. 

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About Awali Real Estate Investments
With an ambitious vision based on understanding of the regional needs, Al Nemer Group eyes the leading position in the MENA real estate market, to which end it has launched an aggressive expansion strategy with special focus on forging strategic alliances with the region's leading firms. The Group has founded an independent real estate group that adopts advanced levels of corporate governance practices and the highest of technical standards to ensure excellent work progress and to maintain sustainable development.

Awali Group's transparency and performance have contributed to the establishment of Awali Real Estate Investment, a duly incorporated UAE firm based in Dubai, founded by the KSA based Al Nember Group as part of the mother company's plans to expand across the region, capturing a chunk of the booming real estate market in the region, particularly in the GCC.

Awali made its debut in the UAE real estate market with the mega Awali City project on the Emirates Road in Ajman, which was launched in cooperation with Ajman Government's Property Investment Establishment at the beginning of 2008. The company has a number of plans for expansion within the UAE, in Ajman, Dubai and Abu Dhabi, as well as further afield in KSA and other GCC and Arab countries.

Al Nemer Group, mother company to Awali, has more than 40 years' experience in the KSA real estate market and has co-founded a number of real estate companies, such as Jenan Real Estate and Mawten Real Estate. The group has also co-founded a number of companies in the financial and aviation sectors in GCC, such as Arbah Capital, Watan Financial Investment, Awali Financial Supporting Services, Financia, Afaq Aviation, United Holding Company and the Dubai based USOS Real Estate, in alliance with Dubai Islamic Bank, as well as establishing a number of strategic partnerships.

For further information, please contact:
Serine Srouji       
Tel: +971 4 3298996
Fax: +971 4 3298995
Email: serin@saharagcc.com      
Web Site: www.saharagcc.com

© Press Release 2008