Deyaar in deal to develop and manage One Za'abeel

Deyaar Development yesterday signed an agreement with the Investment Corporation of Dubai (ICD), the investment arm of the Government of Dubai, to assume the development and management rights for One Za'abeel, an iconic 36-storey mixed-use development located at the World Trade Centre roundabout in Dubai.

Under the terms of the agreement, ICD will continue to own the project, which will be developed and managed by Deyaar.

One Za'abeel was launched in June 2008 in line with ICD's vision to identify and develop unique opportunities that will enhance Dubai's position as an international city of excellence.

One Za'abeel will consist of three separate residential, commercial and hotel towers interconnected at the top and have a common podium at the base. Construction at the site is set to commence shortly with completion scheduled for 2011.

In a first for the region, a highway will run through the development.

One Za'abeel will also be in close proximity to two Metro stations. The complex will include a residential tower with 450 apartments, a five-star hotel tower with 370 rooms and a commercial tower offering 500,000 square feet of office space.

The agreement further consolidates the position of Deyaar's property management division as the development manager of choice for high-profile projects in the UAE.

Highlighting the strong growth of the company's property management division, Saeed Al Qatami, Deyaar's Managing Director – UAE Business, said: "Since the company was launched, Deyaar's property management division has evolved from an institutional property manager focused on the management of Deyaar properties to a large, multi-client property manager in the public domain. "Not only has the division taken on a bigger portfolio of properties to manage, it has been extremely successful in the process, helping property owners to maximise the return on their assets.

"This agreement with ICD demonstrates the high level of trust and confidence that Deyaar Development's property management division enjoys among key property owners in the region."

Khalifa H Al Daboos, Director Investments, ICD, said: "Due to its central premium location at the end of the old business district and at the beginning of the business growth corridor on Sheikh Zayed Road, One Za'abeel is poised to become a symbol of Dubai's rich trading roots, as well as its rapid rise into a modern international financial and business hub. It was extremely important in this respect that strong partners, such as Deyaar, are brought onboard to deliver the highest quality of construction and services."