50% of Realty Capital's i-Rise Commercial Tower sold as raft foundation work kicks off

Construction has commenced by the main contractor Al Naboodah Contracting, following completion of the piling work by Zetas.

On completion in 2009, i-Rise Commercial Tower will feature a distinctive curvilinear design with a total-built-up area of more than 1.8 million square feet in Dubai's Technology, eCommerce and Media Free Zone (TECOM) Site-C. In addition to a free zone location and freehold title in a highly visible location, the Tower will also offer premium facilities such as 18 high-speed elevators, restaurants, coffee shops, retail space, a fitness centre, a helipad and an extensive multi-storey car park.

Marwan Mansour, CEO of Realty Capital, said,

"Our project is driven by our commitment to the timely delivery of this high quality commercial tower, which is why we have partnered with only first-class companies such as Khatib & Alami for design and supervisions, Al Naboodah Contracting for main construction works, and Projacs for project management. Our strong sales success reflects the investor trust we have earned and the eagerness to invest in what will become one of the region's largest business towers."

Realty Capital Middle East FZ LLC is a strategic partnership between Rasmala Investments, a regional investment bank head quartered in Dubai International Financial Center (DIFC) with subsidiaries in Riyadh, Cairo, Muscat and London; and Khayyat Investments, a prominent UAE group with a wide range of activities in the UAE and the region.