Over 50 percent of the retail space already sold out

58,000 cubic metres of concrete and 5,000 tonnes of steel will be utilized

Estimated 180,000 man-hours required to complete piling

DUBAI, 09 August, 2009: UAE: Fortune Group, a leading Dubai based property developer, today announced work on the prestigious Burj Al Alam, the world's tallest commercial tower, is going ahead at a steady pace, with the piling work currently progressing satisfactorily at the construction site in Dubai's Business Bay. Middle East Foundations Group was awarded the shoring and piling contract for the AED 4 billion project that is slated to become one of the emirate's defining landmarks and an iconic addition to its skyline.

Commenting on the work progress Mr. Syed Muhammad Ali, C.E.O. of Fortune Group said:  "Work on the tower is progressing at a steady pace. The shoring work has been completed and already over 146 of the 613 piles required for the foundation of the pioneering project have been laid. The piling work should be completed by January 2010 and we are optimistic about meeting the 2012 deadline for completing the project."

"For the 510-metre tall edifice which will be amongst the tallest structures in the world, we have ensured the use of state-of-the-art structural techniques in shoring and piling, with best construction practices being adopted at the construction site. Around 58,000 cubic metres of concrete and 5,000 tonnes of steel will be consumed in the piling work, which will require an estimated 180,000 man-hours to complete", added Mr Ali.

Designed by Japanese architects Nikken Sekkei to resemble a crystal flower, Burj Al Alam is an eye-catching hyperboloid skyscraper that flares out at the top and bottom and is inspired

by the Arabian rose and Zen culture. It includes 74 floors of office space, a high-end, 200-room hotel - the highest hotel in the world - and 104 serviced apartments in the top 27 floors and a four-storey retail concept 'The Corporate Mall' at the base. Its six-storey crown, where the petals of the flower separate, provides spectacular views of Business Bay Creek to the south and the Burj Dubai super-high rise tower to the north and features a restaurant, the world's highest sky garden and rooftop spa, Turkish bath, viewing deck, helipad and private club facilities. Its graceful façade, formed by six shafts that appear to be bound together at the centre, will be clad in reflective glass. Fortune Group has already sold 50 percent of retail space in Corporate Mall and 75 percent of the commercial space in the tower.

The structural and service engineers of the project are Arup Japan Ltd while the local consultants are Engineering Construction Group (ECG). US-based Parsons Brinckerhoff has been named project manager for the development.

Commenting on the growth of the group, Mr. Ali said: "Fortune has grown steadily over the years to become one of the leading real estate developers in the UAE. We currently have a portfolio of over AED 12 billion and our cumulative investments exceed AED 6.5 billion, with around 19 million sq ft of project area presently under various phases of development. We try to give our projects that extra edge, bringing together prime location, elegant design and superb craftsmanship. All of which add up to great value that appreciates over time."

-Ends-

About Fortune Group:
Fortune Group's current investments in Dubai real estate is valued at over AED 12 billion across seven exclusive commercial and residential freehold projects. An integral part of Dubai's freehold market, the Fortune Group has developed the most innovative residential and commercial spaces in the Emirate. Burj Al Alam, the world's tallest commercial tower is the groups most recent and significant project development coming up at Business Bay. Other group projects are located at Jumeirah Lake Towers, Business Bay, Palm - Jebel Ali, Dubai Sports City and International Media Production Zone.   

For additional information please contact:
Shazia Kamili/Sharyn Pereira
Percept Profile Gulf
Tel: (971-4) 344-6373
Fax: (971-4) 342-9158
shazia@perceptprofilegulf.com/sharyn@perceptprofilegulf.com

© Press Release 2009