Fortune Group forges alliance with Amlak to offer finance for AED 4 billion Burj Al Alam

It is for the first time that Amlak will be offering finance facilities of up to 90% to investors of a commercial project being developed by a private developer. This significant step along with preferred rates help prompt a hassle-free acquisition of prime commercial space by prospective investors at Fortune's Burj Al Alam project, as well as contributing to the growth of the market.

As part of the agreement, Amlak will structure finance options based on investor requirements for this path breaking project. Finance packages will be made available to UAE nationals, residents as well as GCC and other overseas investors. The tenure will vary over a span of a maximum period of 25 years based on the eligibility criteria.

Speaking at a signing ceremony held today, Mr. Ahmed Khoory, Chairman - Fortune Group said: "As one of the tallest commercial towers in the world, Burj Al Alam will redefine the skyline of Dubai. It is only imperative that we partner with project associates who are leaders in their respective fields. This is what lead us to Amlak and we are indeed delighted to have them as our partners in this ambitious foray of the Fortune Group."

Adding further, Mr. Khoory said, "The financing aspects of real estate investments are often considered most taxing. However, as a leader in property financing, Amlak were in a position to offer us the best options and flexible alternatives that we hope our investors will benefit from."

Mohammed Al Hashimi, MD & CEO of Amlak Finance said, "Amlak is delighted to have partnered with Fortune Group to provide finance for this mammoth commercial project. The uniqueness of Burj Al Alam consists not just in its height, but also in its aesthetic totality. Together with Fortune Group's global expertise and Amlak's track record with real estate financing in the UAE, customers will be able to avail the best in realty investment."

Tipped to be the tallest and the most incredible edifice dedicated to commercial space, Burj Al Alam will reflect Dubai's growing eminence in the world of business. Aside from its formidable height, the project's design is also poised to be the most striking in the aesthetic sense.

Rising beyond 480 metres, Burj Al Alam is designed to resemble a dazzling crystal flower with a total of 108 floors, out of which, 74 will be dedicated to offices and 27 storeys will be taken up by hotels and service apartments. Burj Al Alam will house the world's highest hotel. The Fortune Group will commence construction of Burj Al Alam - The World Tower in 2006 and complete it by 2009.

Fortune Group has evolved as one of most dynamic real estate development companies in the UAE's fast-paced property market. The Group's current investments in Dubai real estate is valued at over AED 6.3 billion across six exclusive commercial and residential freehold projects. An integral part of Dubai's freehold market, the Fortune Group has developed the most innovative residential and commercial spaces in the Emirate. Burj Al Alam is the Group's most significant project development coming up at Business Bay. Other group projects are located at Jumeirah Lake Towers, Palm - Jebel Ali, Dubai Sports City and International Media Production Zone. As part of its vision to foray into new areas, the Fortune Group is in the process of exploring opportunities in international markets.

Amlak Finance PJSC (Amlak) was established in November 2000 as a wholly - owned subsidiary of its still major shareholder Emaar Properties PJSC (Emaar). The Company ceased to be wholly- owned in 2003 following a tripling of the capital base. An IPO was held in January 2004 and the Company was listed on the Dubai Financial Market in March 2004. Emaar currently owns 45% of the Company. No other shareholder has a stake of 5% or above. As at end 2004 non-national shareholders held an aggregate 22.8%.