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According to a recent report by real estate consultancy JLL, Dubai has broken into the Top 30 in commercial realty rankings. The city is now ranked 27th globally – a significant jump from the 36th spot which it held last year.
The rankings clearly reflect Dubai’s position as not only the region’s premier commercial real estate attraction but one that is truly global. The city is placed well ahead of its regional rivals – Cairo (51) and Muscat (170) out of the 300 global cities analysed by JLL.
Adding to the city’s attraction is the fact that occupancy costs for premium office space have remained largely unchanged in the last year and this places Dubai just behind global heavyweight – London, but ahead of other leading cities such as Frankfurt and Paris.
Among the many bright spots in Dubai’s growing commercial real estate sector is Al-Futtaim Group Real Estate’s flagship office building, Festival Tower at Dubai Festival City.
Dubai Festival City is currently undergoing a massive redevelopment with an AED 1.5billion revamp of Dubai Festival City Mall now complete and a raft of new retail offerings.
Festival Tower is a premium office tower hosting over 3,000 employees and is conveniently located at the crossroads of old and new Dubai. The Tower has 33 floors offering 552,000 sq.ft of office space and is currently the only commercial tower overlooking the Dubai Creek.
The iconic tower features a welcoming triple height atrium-style lobby with high-quality finishes. Each floor has 20,000 sq. ft. of floor area that can be divided into smaller units from 2,400 sq. ft. Providing excellent natural light from the double-glazed floor to ceiling windows – the AAA grade premium office space offers tenants an unrivalled 360-degree panoramic view of the Dubai skyline.
In addition, Festival Tower is directly accessible from the Business Bay Crossing, Garhoud Bridge and Al Rebat Street offering convenient access. The Tower is located just two kilometers from Dubai International Airport and is regularly serviced by bus links and taxis.
It is, therefore, not surprising that the building is now fully occupied by a number of global and local companies within a range of industries including Government – local and federal, Banking and Insurance, Retail, Aviation, Services, Construction, Automotive, Hospitality, Oil & Gas amongst others.
Among the prestigious tenants within the tower are NORR, CBI, the Federal Competitiveness and State Authority (FCSA), Amadeus and Lloyd’s. Employees of these local and multi-national organisations enjoy being part of a comprehensive community. For those wishing to shorten their commute, there is also a residential area which is part of an established community just a few minutes away from Festival Tower.
Zsolt Parkanyi, Head of Real Estate and Services, Commercial Bank International comments, “As a leading retail and corporate bank providing streamlined banking services to customers across the UAE, CBI required a modern new head office located in the heart of the Emirates. Festival Tower was selected, following a thorough nation-wide tender process, due to its centralized location, which suits staff commuting from across the UAE and the refined shops and amenities in the area. The building offers convenient parking and Al Futtaim has provided clear signage options throughout the vicinity. Since moving in, CBI has led several Corporate Social Responsibility events using the venues around the Tower strengthening our relationship with Al-Futtaim and contributing to the growth of the business community.”
Another tenant, the Federal Competitiveness and State Authority (FCSA) recently chose Festival Tower as their new office location. The innovatively designed office reflects FCSA’s commitment to providing a new, novel workspace with a fascinating visual environment for its employees.
Sumaya Saeed Al Hakeem, Director of the Government Liaising Department at the FCSA, said, “Festival Tower was chosen due to its location and proximity to many facilities that benefit FCSA employees such as parking, shopping, and more, which is in line with the UAE vision based on the government’s Happiness Agenda, providing a comfortable working environment that raises productivity and work efficiency. The location is also convenient for our employees based in the other Emirates as it is easy to reach.”
Lloyd’s Register, one of the world’s leading providers of professional services for engineering and technology, also recently decided to base its office at Festival Tower. Commenting on the choice of location, Philip Rice, Lloyd’s Register, Managing Director, Consultancy, Middle East & India, said, “Lloyd’s Register is the world’s leading engineering assurance and certification company serving customers across the region and globe. We needed an office space that provided quick access to the airport for our travelling employees and location that was convenient for office based staff. Festival Tower provided this and has the additional benefit of day-to-day amenities right next door.”
Located adjacent to the bustling Dubai Festival City Mall (DFCM) visitors as well as employees working in the Tower have a number of dining options to choose from. With 56 restaurants and cafes offering a variety of options including Serendipity 3, Sugar Factory, Tortilla, and the Middle East’s only Hard Rock Café, the mall offers tenants of the tower the perfect location for a business meeting or a quick lunch on the go.
In addition, tenants also have easy access to the InterContinental and Crowne Plaza hotels, their adjoining conference centre and business facilities and their own newly opened waterfront dining option – three-star Michelin Chef Pierre Gagnaire, Pierre's Bistro & Bar and The Fish House.
The Towers location has been further boosted with the opening of the Holiday Inn Dubai Festival City, the largest Holiday Inn hotel in the UAE and the upcoming Staybridge Suites Dubai Festival City, which will debut the brand in Dubai.
The Tower also has an advantage as there is plenty of free parking spaces available for employees and visitors at the adjoining DFCM.
And for a bit of relaxation after work, the Mall offers a number of entertainment and attractions including a 7-star 18-screen Novo Cinemas with 4D IMAX, a 70,000sq. ft. family entertainment centre, Fabyland and the newest addition the global attraction – IMAGINE.
For a bit of retail therapy, DFCM is also home to Dubai’s only IKEA, renowned fashion brands like Zara, H&M, TopShop, Coach, DKNY, Kate Spade and for the first time in the Middle East, luxury Singaporean department store, Robinsons.
Fitness lovers will not be disappointed as Dubai Festival City also has its own leisure center, Al Areesh Club. AAC provides a wide range of health and fitness options for all ages featuring a spacious state-of-the-art fitness centre, a multi-purpose aerobic studio, an outdoor swimming pool and all-weather hard courts for racquet games. Other facilities include yoga classes, gym equipment, as well as a supermarket, pharmacy and hair and beauty salons for men and women.
With its convenient location and plethora of amenities close by, Festival Tower at Dubai Festival City is among the most sought-after office spaces in the city and one of the best-connected business addresses in Dubai.
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About Al-Futtaim Group Real Estate
The real estate development and operations arm of Al-Futtaim, Al-Futtaim Group Real Estate is responsible for the origination, conception, development, procurement and construction of mega projects and the leasing and operation of these projects after completion.
Al-Futtaim Group Real Estate develops and operates an extensive multi-million-dollar portfolio of individual corporate real estate and investment assets across the Middle East and North Africa region.
The current flagship mixed-use urban communities under the Festival City brand are Dubai Festival City, Cairo Festival City and Doha Festival City.
Dubai Festival City and Cairo Festival City are fully integrated communities which have been carefully master planned to offer a superior lifestyle destination with outstanding facilities, comprising residential and commercial accommodation, educational institutions and five-star hotels to fully complement the signature retail, leisure and entertainment proposition.
About Dubai Festival City
Dubai Festival City is an established mixed-use destination developed by Al-Futtaim Group Real Estate, which has been designed to capture the cosmopolitan and rich spirit of Dubai.
Featuring alongside a 3.3-kilometre creek, Dubai Festival City is a fully integrated mega project which has been carefully master planned to offer a superior lifestyle destination with outstanding facilities, comprising residential (Marsa Plaza, Al Badia Residences and Al Badia Hillside) and commercial space (Festival Tower) and educational institutions (Universal American School and Deira International School), and a family-friendly sports and social destination (Al Areesh Club).
Within Dubai Festival City sits the landmark 2.5million sq.ft urban retail destination, Dubai Festival City Mall – home to Guinness World Record holder and cutting-edge daily attraction, IMAGINE as well as IKEA and the only Hard Rock Café in the Middle East. The mall also offers almost 400 world class retailers, 75 restaurants – many of which feature waterfront dining and some of Dubai’s most photographed sunset vistas.
Additionally, Dubai Festival City also encompasses two five-star hotels – Intercontinental Dubai Festival City and Crowne Plaza Dubai Festival City and the recently opened Holiday Inn Dubai Festival City to fully complement the signature retail, leisure and entertainment proposition.
A sought-after destination for residents, investors and stakeholders, Dubai Festival City delivers exceptional lifestyle experiences that have shaped the real estate landscape and continues to reinforce Dubai’s position as a global hub for business, education, tourism, leisure and entertainment.
About Al-Futtaim
Established in the 1930s as a trading business, Al-Futtaim today, is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab Emirates.
Structured into four operating divisions; automotive, financial services, real estate and retail; employing more than 42,000 employees across 29 countries in the Middle East, Asia and Africa, we partner with over 200 of the world's most admired and innovative brands.
Al-Futtaim’s entrepreneurship and relentless customer focus enables the organisation to continue to grow and expand; responding to the changing needs of our customers within the societies in which we operate.
By upholding our values of respect, excellence, collaboration, integrity; Al-Futtaim continues to enrich the lives and aspirations of our customers each and every day. For more information visit: www.alfuttaim.com
For press enquiries, please contact:
Shifa Al Usman
Senior Account Executive | Impact Porter Novelli
Tel: +971 4 330 4030 | E: s.alusman@ipn.ae
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