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Al Mazaya to deliver its second project in Jumeirah Lake Towers by end of the year

For immediate release

Dubai- 25th of July 2009

Al Mazaya Holding has announced that development works on its projects in Dubai are progressing well, and that 65% of construction works on Business Avenue have been completed. Business Avenue is located at Jumeirah Lake Towers and includes three 44-storey buildings, valued at AED 1.25 billion, designated for commercial use.

Finishing works have already started on the completed constructed parts to create the perfect setting for high quality services.

Mr. Fathi Al Dhameri, SVP of Construction at Al Mazaya in Dubai, said: “Construction works at Business Avenue project is progressing well and according to schedule, despite some challenges faced during recent times. We are committed to delivering the project by the end of the year, and to the highest quality standards.

“We believe that the office sector in the GCC region and Dubai in particular, will definitely recover from the drawback it witnessed during the global financial crisis. The emirate of Dubai is focusing on diversifying its sources of investments and attracting more companies and individuals to retain its leading position, which in turn will increase the demand for office space as companies require headquarters and facilities in the emirate,” added Al Dhameri.

He went on to say that the progress made at Business Avenue itself serves as the best response to all who said that the office sector no longer has a future, especially considering that the project has superb qualities, and that it is strategically located at Jumeirah Lake Towers and Sheikh Zayed Road, near Media City and Knowledge Village, with a breathtaking view of Jumeirah Lake.

He added that Al Mazaya Business Avenue is an engineering masterpiece that aims to provide world-class facilities for international investors and retailers. By offering excellent business opportunities, tourist attractions and office spaces, along with safety and security systems, Al Mazaya Business Avenue is one of the most sought-after centers for wholesalers and retailers in the region, in addition to being an example for modern offices, business centers, conference rooms, retail centers, etc…

Al Mazaya Business Avenue includes three 44-storey towers designated for commercial use, at a cost of $340 million. The first two towers were sold for $220 million in 2007, with Hilal Al Zarooni Group and Dynasty Enterprises buying the first for $111 million, and Hilal Al Zarooni and BARAQ Group purchasing the second for $109 million. The third tower is to become a long-term investment for Al Mazaya, and will be let out in order to generate income. The feasibility of these projects has been examined in accordance with the rules of financial flow; therefore the execution will be financed by sale income, which means that the project will be carried out without affecting the revenues of the company.

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