Zabeel Investments Launches Properties Arm

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. October 14, 2008

MARCH 5, 2008. Zabeel Investments has today announced the launch of its new property development company, Zabeel Properties.

Zabeel Properties takes over Zabeel Investments existing AED15 billion (US$5 billion) property portfolio which includes projects currently located in Dubai and the UAE. Its launch as a stand-alone entity will enable Zabeel Properties to focus and expand on its growth in property development in the UAE and overseas.

Unveiling the new company, His Excellency Mohammed Ali Al Hashimi, Executive Chairman of Zabeel Investments, said: "This move is in line with Zabeel Investments strategy of developing its real estate portfolio both regionally and internationally. In just two years, we have established an impressive range of prestigious residential, commercial and hospitality developments that seek to enhance the environment and communities within which they are situated. Many will represent firsts for the region - whether it is in design or in green standards - given that we are passionate about enhancing the growing reputation of real estate in Dubai and supporting Dubai's transformation into the most dynamic business, financial, tourism and entertainment center in the Middle East.

"In establishing the Zabeel Properties brand, we have an existing business and a leadership team that will now work to enhance our position as a quality and responsible developer."

Mr. Al Hashimi also confirmed the appointment of Robert Norton as CEO of Zabeel Properties who previously held the post of Executive Director, Development at Zabeel Investments - saying: "Robert has already played a pivotal role in establishing our property business and will build on this success as we look to expand - here in Dubai, across the UAE and further afield."

Robert Norton said: "We have become recognized as a company that will not compromise on quality, attention to detail and exceeds customer expectations. Establishing this new company will simply reinforce that focus moving forward and deliver on our commitment to become an industry leader in environmentally sustainable developments."

Mr. Norton said that Zabeel Properties would continue to be a niche project developer. "In establishing Zabeel Properties, we are planning to expand, initially here in Dubai and the wider UAE, and then in other key markets, but we will always maintain our position as a niche developer and one that has the eye for detail," he said.

The new Zabeel Properties business will bring together an existing portfolio of development work, which includes:

o An AED2.1 billion residential, hospitality and lifestyle project, Tiara Residence & Tiara Hotel, which is poised to become one of the premier properties on the Palm Jumeirah.

o The Tiara United Towers, a joint venture with United Holdings to deliver a landmark commercial and hospitality project on Dubai's main Sheikh Zayed Road. The AED2.4 billion developments' visually striking twin towers will represent a design first for the region.

o A soon-to-be-launched 800-room 'Americas Hotel & Resort' on the Bawadi development in Dubai. The project promises to become one of the world's most exciting entertainment and leisure destinations offering amusement centers, shopping malls, theaters, restaurants and convention centers.

o In a joint venture agreement with ALDAR, the leading Abu Dhabi-based property developer, an AED3.5 billion project combining a links golf course and luxurious villas on YAS Island, situated off the coast of the capital of the UAE.

Added Mr. Al Hashimi: "Zabeel Properties will be passionate about preserving, protecting and enhancing the environment of our emirate of Dubai and further afield. But our actions speak louder than words and we will consistently demonstrate this through the projects we undertake."