Dubai- March 13, 2007

Following a successful 2006 and the high level of investor interest for its unique and stylish residential and commercial units, Emirates Financial Towers have signed a $120 million agreement with TAV (Tepe Akfen VIE Investment Construction and Operation), to work on the Dubai International Financial Center (DIFC) based project.

This contract comes after a number of agreements made by EFT with several other well known companies, including PROJACS International the largest Pan-Arab project management firm for the project management, Al Qurg Engineering Consultancy for the construction supervision works, and MAG Robotic Systems to develop the high-tech parking facility that will be one of the first of its kind within the Middle East. This system has been designed to contain 1,200 fully automated parking spaces and will be the largest of its kind worldwide.

"Today, we are witnessing a new alliance with a very important company in the domain of construction. We have chosen TAV because of its high record of achievements, which are consistent with our goals to develop EFT to the highest professional standards and to the deadlines given", said Mr. Hani Abu Auida, EFT Chief Executive Officer.

"With every passing day, we are getting closer to realizing the beauty of the towers in the prestigious DIFC. We want these towers to display a stunning level of ultramodern architecture, reflecting the progress of the UAE, and representing the positive strides that Middle East is making on a whole." he added.

"We are very proud that TAV's name will now be associated with the EFT project as it is will be one of Dubai's most distinguished projects, based in its international financial center, the future heart of the emirate. This project is a significant addition to our portfolio and will one of our biggest projects within the UAE". Said Mr. Ani Ray, TAV Regional Director.

"What grabbed our attention from the outset was EFT's unique design and beautiful shape. It is an example of classy and sophisticated architecture that answers and reflects the investment needs of the region. It features all of the characteristics of modern design and development and thus we are proud to be associated with such a project." he added.   

TAV Tepe Akfen VIE Investment Construction and Operation had beaten 5 other competitors for this project. Tepe Group and Afken Holding are a conglomrate of several large Turkish companies with combined interests in institutional, industrial, civil and commercial construction, industrial and commercial products manufacturing, facilities management and other sevices. TAV have many projects in Turkey, the UAE and other countries - with its most prominant development related to airport construction. The value of its completed projects is around $ 1 billion, while the value of its ongoing construction projects is around    $1.3 billion.

Emirates Financial Towers are twin towers consisting of 26 floors of Grade-A office space, retail offices, and residential units. Coalescing premier commercial and residential space, the architects of the stylish Emirates Financial Towers have presented a unique design that features a distinctive elliptical profile with an embedded transparent Sky Bridge.

-Ends-

About EFT:
EFT is a multi use project designed to the classiest standards, offering wide spaces of first class offices, finished in an ultramodern design. Coalescing premier commercial and residential space, the architects of the stylish Emirates Financial Towers have presented a unique design that features a distinctive elliptical profile with an embedded transparent Sky Bridge. EFT is a unique mix between residential and commercial spaces designed in a highly modern way to reveal the beauty of the towers.

For further information, please contact:
Mariam Keblawi
SAHARA- PR Department
Tel: 06 5737018
Fax: 06 5737019
Email: maryam@saharagcc.com

© Press Release 2007