Realty Capital awards Al Naboodah AED 555 mln. contract for construction i-Rise Tower (UAE)

Leading property developer Realty Capital Middle East FZ LLC has announced that it has awarded Al Naboodah Contracting a AED 555 mln. contract for the construction and execution of i-Rise commercial Tower. 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 1 mln. and 800,000 ft².

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.

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.

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 ft² 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.

Source: Realty Capital

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