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Realty Capital awards Al Naboodah Dhs555m contract for the construction of i-Rise Tower

United Arab Emirates: Wednesday, October 10 - 2007 @ 09:07

The 37-storey project is located in Dubai’s Technology and Media Free Zone (TECOM), Site-C.

Envisioned as the region’s landmark business tower and a premier corporate address, i-Rise commercial Tower will be one of the largest business towers in the region, incorporating a total built-up-area of more than one Million and eight hundred thousand square feet.

Marwan G. Mansour, Chief Executive Officer, Realty Capital Middle East, said,

“Time is critical for this project as investors expect timely delivery of such a prestigious project. With Al Naboodah at the helm, we strongly believe that we can deliver the project on time and meet the highest quality standards. Phase one of the project; enabling works, is running without difficulties, so we expect a smooth transition to the second phase of construction, the main works.”

“Additionally, Al Naboodah has a solid track record, having been in the business for over three decades. With such experience and an impressive project portfolio in civil construction, Al Naboodah became our preferred choice for the project,” added Mansour.

Al Naboodah Contracting began operations in 1968. As one of the country’s leading contractors, it has kept pace with Dubai’s rapid development and expansion, successfully completing hundreds of contracts since its inception. Construction on i-Rise is predicted by begin in November 2007 upon the completion of the ongoing enabling works, with Al Naboodah committed to delivering the project on time, by December 2009.

Aside from Al Naboodah Contracting, and in fulfilment to its commitment to its investors, Realty Capital has partnered with other world-class service providers for the project, including Rasmala Investments, Better Homes as exclusive sales consultants, Projacs International for project management services, and Khatib & Alami Consolidated Engineering Company, a leading architectural and engineering consultancy firm in the Middle East and North Africa (MENA) region.

The identifiable wave-like profile of the tower reflects the advanced infrastructure and technology-focused vision of the development. i-Rise Tower will offer office modules starting from 700 square feet in size, providing investors a free zone location and freehold title in a highly visible location. Furthermore, the project offers state-of-the-art facilities and amenities. i-Rise Tower is uniquely designed to incorporate both corporate and executive offices, 18 high-speed elevators, restaurants, coffee shops, prominent retail space, a fitness centre, a helipad and an extensive multi-storey car park.

Realty Capital Middle East FZ LLC is a strategic partnership between Rasmala Investments a regional investment bank head quartered in Dubai International Financial Center (DIFC) and has subsidiaries in the United Kingdom and Saudi Arabia, Saeed Ahmed Baghlaf from Saudi Arabia, Dr. Saad Al Khayyat and sons from the UAE as well as other partners.

The project will be showcased during Cityscape Dubai, stand MD19, Sheikh Maktoum hall, from October 16 to18, 2007.

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Wednesday, October 10- 2007 @ 9:07 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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