Escan and ACI's Dh2bn tower - Emirates24|7

Escan and ACI's Dh2bn tower

The 60-storey tower will be built on Sheikh Zayed Road. (SUPPLIED)

Escan Real Estate and ACI announced the launch of a Dh2 billion skyscraper on Sheikh Zayed Road. The 60-storey building will offer 570,000 square feet of mixed-use space.

Saeed Matar bin Belaila, Chairman of Escan, a real estate and development investment company, said at a press conference that the tower "is a first on many fronts not only for its impressive aesthetic appeal, and rare freehold status on prime real estate, but importantly it also marks the first step in our collaborative successes with ACI".

Belaila told Emirates Business: "We wanted to invest in this booming sector and expect high results. The company wants to make a contribution to the growing economy of Dubai. We believe that the demand for real estate in Dubai is still growing. We have great confidence in the market and are not worried about price reductions. The market is strong and prices are going up."

Bin Belaila said 70 per cent of the tower units have already been sold out.

Juma Obeid Al Falasi, CEO of Escan, said they expect "huge profit" from the tower but declined to mention any figures. The company was confident the market will remain strong.

"Synergies are important in partnerships to yield high gains, and Escan Tower is no doubt evidence of what can come of two equally energetic and committed entities," said Al Falasi yesterday.