DUBAI, 17 November 2006 — Limitless, the global integrated real estate development arm of Dubai World, unveiled details of its first development project in Dubai — Downtown Jebel Ali — a 200 hectare urban center that will stretch for 11 kilometers beside Sheikh Zayed Road. Chairman of Dubai World, Sultan Ahmed ibn Sulayem said in a statement, “Limitless is following a new, strategic and sustainable approach to developing projects that will help create thriving diverse communities. This approach led to the creation of this distinctive development that is Downtown Jebel Ali. Downtown Jebel Ali will create a unique way of living on Sheikh Zayed Road, the very lifeline of our city.”
Citigroup Named as Lead Manager
DUBAI, 17 November 2006 — Emaar Properties has appointed Citigroup as lead manager and sole arranger of its debut $1 billion Musharaka Islamic syndication. The five-year facility will primarily be used to finance the Emaar’s large-scale international projects and complete its multibillion projects in the UAE. The syndicated Musharaka facility is the first debt issue for Emaar in terms of size and scope, and will be instrumental in meeting the company’s growth needs in the near future. Moreover, this pioneering transaction is crucial for reinforcing Emaar’s ties with global and regional financial powerhouses.
Airport Towers Project Launched
RAS AL KHAIMAH, 17 November 2006 — Ta’sees, a UAE-based development and investment company announced yesterday, the launch of Ras Al Khaimah’s AED1 billion Airport Towers project at a press conference held at the Madinat Jumeirah’s Mina A’Salam hotel. The project, situated in the Ras Al Khaimah Airport Free Zone near the RAK airport, will not only be instrumental in driving increased commerce and tourism to the emirate but will also function as a business services nexus. The launch was attended by Saad Ibrahim Al-Moosa, president of Ta’sees; Mohammad Saleh, president of Al Aqariya Group; Oussama El Omari, CEO, Ras Al Khaimah Free Trade Zone (RAKFTZ) Authority and Eng Hisham Abdul Ghani, Chairman A&A Investment.
