One Za'abeel to consist of three separate residential, commercial and hotel towers interconnected at top

Construction to commence shortly with completion scheduled for 2011

Dubai, July 26, 2008: Deyaar Development PJSC, the region's fastest growing real estate company, announced today that it has signed an agreement with the Investment Corporation of Dubai (ICD), the investment arm of the Government of Dubai, to assume the development and management rights for One Za'abeel, an iconic 36-storey mixed-use development located at the World Trade Center roundabout in Dubai.

Under the terms of the agreement, ICD will continue to own the project, which will be developed and managed by Deyaar. One Za'abeel was launched in June 2008 in line with ICD's vision to identify and develop unique opportunities that will enhance Dubai's position as an international city of excellence. One Za'abeel will consist of three separate residential, commercial and hotel towers interconnected at the top and have a common podium at the base. Construction at the site is set to commence shortly with completion scheduled for 2011.

The agreement further consolidates the position of Deyaar's property management division as the development manager of choice for high-profile projects in the UAE.

Highlighting the strong growth of the company's property management division, Saeed Al Qatami, Deyaar's Managing Director - UAE Business, said: "Since the company was launched, Deyaar's property management division has evolved from an institutional property manager focused on the management of Deyaar properties to a large, multi-client property manager in the public domain.

"Not only has the division taken on a bigger portfolio of properties to manage, it has been extremely successful in the process, helping property owners to maximise the return on their assets. This agreement with ICD demonstrates the high level of trust and confidence that Deyaar's property management division enjoys among key property owners in the region."

Khalifa H. Al Daboos, Director Investments, ICD, said: "Due to its central premium location at the end of the old business district and at the beginning of the business growth corridor on Sheikh Zayed Road, One Za'abeel is poised to become a symbol of Dubai's rich trading roots, as well as its rapid rise into a modern international financial and business hub. It was extremely important in this respect that strong partners are brought onboard to deliver the highest quality of construction and services.

"Deyaar has established itself as a principal performer in property development and management in the UAE with a proven track record of enhancing investor returns and simultaneously providing comprehensive ancillary services and care to its customers and tenants," he added. "We firmly believe that together we can develop a landmark that will be an icon in the emirate's rapidly growing real estate landscape."

In a first for the region, a highway will run through the development. One Za'abeel will also be in close proximity to two Metro stations. The unique complex will include a residential tower with 450 apartments, a five-star hotel tower with 370 rooms and a commercial tower offering 500,000 square feet of office space.

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About Deyaar:
Deyaar Development PJSC is one of the fastest growing real estate companies in the region. Headquartered in Dubai, the company has grown significantly to evolve into a complete one-stop real estate solutions provider. Today, Deyaar is one of the most prominent brands in the regional real estate sector, with interests in development, property and facilities management, in addition to offering a range of services such as brokerage, marketing and sales. Deyaar's strategic solutions and deep market insights have helped create exceptional value for its investors. The company currently manages over 16,000 commercial and residential properties. Deyaar is set to continue to play a pivotal role in the ongoing development of the region's property landscape. The company complies with the Escrow legislation and all relevant laws in the UAE. Deyaar is registered with the Real Estate Regulatory Authority under reference number 15/07.

About Investment Corporation of Dubai:
The Investment Corporation of Dubai (ICD) was established in May 2006, following the transfer of Dubai Government's portfolio of investments from the Department of Finance's Investment Division. ICD's role is to supervise the Government's investment portfolio, adding value through the implementation of global best-practice corporate governance; recruitment of best professionals; and embracing of a global investment strategy.

Formed as an independent financial and administrative body, ICD has been mandated to encourage investments in the emirate and manage a range of assets to the highest level of international best practice in corporate governance, both locally and globally. It also provides direct supervision of the management of financial, industrial and services investments made by the Dubai Government.

Its portfolio comprises all wholly or partly-owned government businesses in Dubai, including Emirates Airlines; Dubai Aluminum; EBI-NBD; Shuaa Capital; Dubai Islamic Bank; Emaar; Dubai World Trade Centre; and Jebel Ali Free Zone amongst many others.

For further information, please contact:
Nicholas Nesson / Nitin Nambiar / Anusyia Nathan
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel:  971-4-3355969
Fax: 971-4-3356080
Email: n.nesson@asdaa.com / a.nathan@asdaa.com / n.nambiar@asdaa.com

© Press Release 2008