7 May 2007

Realty Capital’s 37-storey development to become one of the most prominent business towers in the region

Realty Capital Middle East FZ LLC, a joint venture property developer, has recently announced that ground breaking has commenced on its Dubai’s office tower ” i-Rise “ a 37-storey development earmarked to become one of the most prominent business towers in the Arab World.

Upon completion in late 2009, the development will feature a striking curvilinear design in a total built-up area of more than one million square feet. Strategically located at TECOM Site-C, Dubai’s Technology and Media Free Zone, the i-Rise Tower will incorporate a modern business infrastructure in a corporate hub, offering investors freehold ownership opportunities.

Commenting on the launch, Marwan Mansour, Chief Executive Officer, Realty Capital said, “The increasing demand for office space in Dubai has encouraged us to create a unique corporate concept based around the dynamics and demands of a challenging business environment. The i-Rise Tower will become an iconic feature of TECOM, with its visually striking design incorporating a high-tech, modern environment conducive to success.”

“With the enabling works already commenced, we are now dedicated to making the i-Rise project a successful investment and a well-known corporate address in Dubai. Dubai’s corporate real estate market is considered to be a valuable investment opportunity as the current occupancy rate of office space is almost 99 per cent,” Mansour added.

In addition to premium office space, the i-Rise Tower will incorporate unique office layouts, restaurants, coffee shops, retail space, a fitness centre and a multi-storey car park. Several executive offices will also be available, featuring office space with maximum levels of natural light, private high speed elevators, helipad access and en-suite restrooms.

Realty Capital Middle East FZ LLC is owned by Rasmala Investments, the Khayyat group from UAE and the Saudi Baghlaf group.

The completed project will present an unusual architectural design, in the form of a wave-like profile finalized by Khatib & Alami Consolidated Engineering Company, a leading architectural and engineering consultancy firm in the Middle East and North Africa (MENA) region.

The project will be showcased during Cityscape Abu Dhabi 2007, taking place at the Abu Dhabi National Exhibition Centre (ADNEC) from May 08 – 10, 2007.