Tameer unveils the Palace Tower in Dubai

Tameer held a celebratory launch ceremony for the Palace Tower at the Dubai Silicon Oasis, which saw the developers unveil yet another ground breaking, state-of-the-art building in the heart of the UAE. Composed of two towers, one planned for business and the other for residential use, the building shares one large reception in addition to several recreational facilities that include 2 swimming pools, 3 gyms, a nursery and a mosque. This mixed -use project has also been designed to house a shopping mall, several restaurants, and cafeterias.

"The Palace Tower is as stylish as it is convenient, especially with its combination of two towers designated for two purposes." said Tameer Holding's CEO Ali Al Khudairi. "The reason why we are developing an office building within the same complex as residential units is because we recognize that there is a strong market demand for such designs. The Palace Tower has been planned to meet the needs of both the residential user and the business owner".

Being built at a cost of half a billion dirhams, Tameer's latest project features a mixture of neo-classical and postmodern styled architecture, that has been designed to contrast radically with the surrounding development. Covering 1,195,000 feet and featuring 424 units and 150 offices, the Palace Tower is estimated to be completed during 2008. The launch comes less than a week after Tameer officially began the construction of their Ajman based Al Ameera Village, which was initiated in the presence of HH Sheikh Ammar Bin Humaid Al Nuaimi, the Crown Prince of Ajman.

"2006 continues to be a landmark year for our firm." said Ali Al Khudairi. "The next few years are going to see the unveiling of several more developments that should further solidify our position as the regions leading real estate developer."

He added,

"The Palace Tower is a beautiful development. The design is not only unique and striking but it also reflects Tameer's ambition to stand out from the crowd. Our company has the finest conceptual designers, architects and builders that the industry can provide and they all contribute to making our developments a first class, state-of-the-art experience to be a part of."

Formed through a strategic partnership between Al-Rajhi Investment Group & Tameer Property Establishment, Tameer Holding had entered the thriving UAE property market with the world's tallest tower "Princess Tower", located in Dubai Marina, the Dana 1 & Dana 2 projects in International City, Al Shahd in the International City, The Regal Tower in Business Bay, AlSalam City in Umm Al Quwain, and Al Ameera Village in Ajman. Today, the firm's investment portfolio in the market totals AED 40 billion.