Tenants start fit-out works at new offices
90% of the offices leased out
Park now has 90 retail outlets, 272 manufacturing units
Dubai, UAE, October 5, 2006: The Gold and Diamond Park, Emaar's fully owned limited liability company dedicated to the region's gold and diamond industry, has commenced the hand-over of office units at its Phase 2 and 3 expansion.
More than 183 out of 200 offices have been leased out since the second and third stage expansion was launched in February 2006. Tenants, including the world's leading gold retailers and manufacturers, have started fitting out works at the office.
"The new phases of the Gold and Diamond Park were announced to meet the burgeoning demand for space from key retailers and manufacturers around the world," said Ahmad Al Matrooshi, UAE Managing Director, Emaar Properties. "Four office blocks with 200 office units and 52 showrooms have now been completed on schedule and are being handed over to tenants."
With the completion of the second and third phase, the Gold and Diamond Park will also add 154 additional manufacturing units in two blocks and 52 new retail outlets.
The two-storey office buildings feature large welcome lobbies. All the offices of size 400 sq ft to 2,843 sq ft can be linked to the latest in communication technologies for their smooth functioning. "The office spaces are tailor-made to meet the unique requirements of tenants, who can also customize the office interiors to suit their fit," said Al Matrooshi.
The G+2 building with the ground floor for retail and the upper two levels for office has sophisticated security and fire-fighting systems as well as ample parking spaces. A prayer room on the ground floor and central food court can be accessed from all the buildings. The offices will have large floor to roof windows that optimize natural light and create an airy and vibrant working environment.
"The huge demand for space at the Gold and Diamond Park is a reflection of investor confidence in Dubai as a hub for businesses," added Al Matrooshi.
Located off interchange four on Sheikh Zayed Road between the Dubai World Trade Centre and Internet/ Media Cities and nearby the Mall of the Emirates, the Gold and Diamond Park is an ideal location for business and provides easy access to local markets. The Park has excellent accessibility links and easy access to all of Dubai's main transport routes, including Jumeriah Road and the Emirates Ring Road.
For further information on Emaar's Gold and Diamond Park, please visit the Emaar Sales Centre at the Emaar Business Park Building 1 or click on www.goldanddiamondpark.com.
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Note to Editors
About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company and one of the world's largest real estate companies, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. The company recently announced that its net profits for the half year ended 30 June 2006 reached AED 3.053 billion (US$831 million) - a significant gain of 21 per cent over the first-half 2005 results of AED 2.533 billion (US$690 million) - reflecting the remarkable growth the company has gained since its inception in 1997.
With more than 14,000 homes handed over to customers, Emaar has several major real estate projects under various stages of development in Dubai. Emaar is marching ahead with the construction of its AED 73 billion (US$20 billion) Downtown Burj Dubai mixed-use development that encompasses Burj Dubai, the world's tallest tower when completed in 2008.
The company has joint ventures and projects across the region covering Saudi Arabia, India, Egypt, Turkey, Morocco, Bahrain, Syria, Jordan, Pakistan, Lebanon and Tunisia. In Saudi Arabia, Emaar is developing the US$26.6 billion (SR100 billion) King Abdullah Economic City, the single largest private sector project in the Kingdom.
Emaar also entered the US market by acquiring John Laing Homes, the second largest privately held homebuilder in the US for AED 3.856 billion (US$1.050 billion). Emaar joined hands with The Turner Corporation, a leading international building services provider, to form a new entity, Turner International Middle East Ltd (Turner International ME) to jointly tap regional growth opportunities.
In a move that scaled up its core competency in product sales across the international arena, particularly the Western hemisphere, Emaar acquired Hamptons International, the UK-based subsidiary of premier property developer Wheelock Properties (Singapore) Ltd in a deal worth AED 562.45 million (US$153.05 million).
Last year the property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 150 malls in the larger emerging markets of the Middle East, North Africa (MENA) and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.
Emaar's education initiative will involve the establishment of international schools in the MENA region and India, which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar's healthcare diversification will see the company invest around AED 18.35 billion (US$5 billion) over the next decade in the MENA and South Asia markets with the construction of hospitals, clinics and medical centres and the investment in the provision of world-class healthcare services.
Emaar has diversified into related business lines to further build value for its shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company.
For further information, please contact:
Kelly Home / Nivine William
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 335 5969;
Fax: (+971 4) 335 6080
E-mail: k.home@asdaa.com, n.william@asdaa.com
© Press Release 2006
