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One Za'abeel was launched in June 2008 in line with ICD's vision to identify and develop unique opportunities that will enhance Dubai's position as an international city of excellence.
One Za'abeel will consist of three separate residential, commercial and hotel towers interconnected at the top and have a common podium at the base.
Construction at the site is set to commence shortly with completion scheduled for 2011.
The agreement further consolidates the position of Deyaar's property management division as the development manager of choice for high-profile projects in the UAE.
Highlighting the strong growth of the company's property management division, Saeed Al Qatami, Deyaar's Managing Director - UAE Business, said:
"Since the company was launched, Deyaar's property management division has evolved from an institutional property manager focused on the management of Deyaar properties to a large, multi-client property manager in the public domain. Not only has the division taken on a bigger portfolio of properties to manage, it has been extremely successful in the process, helping property owners to maximise the return on their assets. This agreement with ICD demonstrates the high level of trust and confidence that Deyaar's property management division enjoys among key property owners in the region."
Khalifa H. Al Daboos, Director Investments, ICD, said: "Due to its central premium location at the end of the old business district and at the beginning of the business growth corridor on Sheikh Zayed Road, One Za'abeel is poised to become a symbol of Dubai's rich trading roots, as well as its rapid rise into a modern international financial and business hub. It was extremely important in this respect that strong partners are brought onboard to deliver the highest quality of construction and services.
"Deyaar has established itself as a principal performer in property development and management in the UAE with a proven track record of enhancing investor returns and simultaneously providing comprehensive ancillary services and care to its customers and tenants," he added.
"We firmly believe that together we can develop a landmark that will be an icon in the emirate's rapidly growing real estate landscape."
In a first for the region, a highway will run through the development. One Za'abeel will also be in close proximity to two Metro stations.
The unique complex will include a residential tower with 450 apartments, a five-star hotel tower with 370 rooms and a commercial tower offering 500,000 square feet of office space.
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Posted by Eman Hassan
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