Multibillion Dollar Projects Launched at Cityscape 2005

SHARJAH, 19 September 2005 — Cityscape 2005, the Middle East’s premier international property investment and development event, is witnessing the launch of multibillion dollar projects and announcement of mega deals.

Cityscape 2005, at the Dubai International Exhibition Center, has attracted a record 300 exhibitors from 51 cities around the world. It was opened by Dubai Crown Prince and UAE Defense Minister Sheikh Mohammed ibn Rashid Al-Maktoum on Saturday. Visitors include political delegations, business leaders and VIPs from North America, Europe and the Far East.

“Dubai has now joined the ranks of Hong Kong, Shanghai and other rapidly growing areas. It is demonstrating enormous growth. The changes take one’s breath away. The Al Areen Holding Company (AAHC), developers of the mixed-use, health and family tourism development, announced three key deals with investors from the UAE, Bahrain and Kuwait. Leading UAE-based construction firm Al Hamad Construction and Development Company has acquired a large plot within the development to build a 5-star resort hotel over an estimated 52,366 square meters. Gulf Holding Company of Kuwait has acquired 260,821 square meters to develop Al Areen Downtown.

Dubai Properties announced the launch of its The Aspect Tower. The launch marks the start of freehold commercial space offering at Business Bay by Dubai Properties. The Aspect Tower is the first freehold boutique office tower in The Executive Towers at the Business Bay, the new business district being developed on the lines of global business capitals. The freehold office tower is being launched to meet the vast demand for freehold office space in Dubai.

One of the Middle East’s biggest property development companies, Tanmiyat Investments Group announced the commencement of selling residential units of the recreational Legends project built within Dubailand at a total cost of $3.8 billion. Saudi-based Jiwar Company for Management, Marketing and Developing of Real Estate, has entered into a strategic alliance with Kuwait-based Hajer Company to complete the sale of the Hajer Tower. The 1.5- billion Saudi riyal deal was signed during Cityscape 2005.

Jiwar is the exclusive agent for King Abdul Aziz Endowment Project in Makkah, and the company recently announced its plans to launch a major marketing campaign for the Hajer tower.

Sudan’s leading real estate development company Alsunut Development Company announced the international launch of its $4-billion business and residential community in the centre of Khartoum.

Located where the Blue Nile meets with the White Nile, Almogran, has two phases being developed in parallel, the first is a Central Business District and the second is a residential and leisure estate featuring an 18-hole golf course.

Emaar Properties, Dar Al Arkan, Nakheel, Rikaz, Galadari Investment Office and Dubai Properties are platinum sponsors for Cityscape 2005, which is organized by IIR Middle East. The Cityscape exhibition and conference attracts industry professionals such as investors, property developers, architects and designers. A series of industry conferences will be held throughout, and the winners of the increasingly coveted Cityscape Architectural Review Awards will be announced at an exclusive gala dinner event.

Al Hanoo Holding Company, one of the leading real estate developers in the Middle East, succeeded in selling more than 50 percent of Island 1 in the Nujoom Islands project, the largest commercial, residential, and tourism development project in Sharjah.

The company also announced at the ongoing Cityscape 2005 the sale of sector 7 of the Emirates Industrial City project for 375 million dirhams. Al Hanoo Holding Company is the owner and developer of the Nujoom Islands project.

Gulf Finance House (GFH), one of the leading Islamic investment banks, has unveiled the master plan for Royal Village in Jordan. Royal Village in Amman will be developed over a site of 468,000 square meters. It will comprise a gated landscaped environment with up to 400 villas, 600 apartments and appropriate support facilities. Royal Village forms part of the Royal Metropolis property development and investment strategy being undertaken jointly by Gulf Finance House and Kuwait Finance and Investment Company (KFIC) at an investment of $1 billion in Jordan. Participating in Cityscape 2005 as prime sponsors are real estate giants such as Emaar Properties, Dar Al Arkan, Nakheel, Rikaz, Galadari Investment Office and Dubai Properties.