Emirates Financial Tower begins construction

The total project budget is USD$150Million, the venture based in the Dubai International Financial Centre (DIFC) is one of many prestigious projects being constructed in Dubai's future financial hub and is being recognized as the signature development of the district.

The EFT officially received the land for the construction of their prestigious development from Turner Construction Company on behalf of the DIFC last month.

'It pleases me to make the announcement that we have officially taken over the site to start work on our project', said Mr. Hani Abu Auida, EFT Chief Executive Officer at a special ceromny for the signing of the contract. 'By having a well renowned firm such as Al Habtoor doing the piling work, I feel the project will be completed on time. The piling work is estimated to be finished within 6 months with the entire development completed in the 30 months since the first day of receiving the land. This follows the development rules laid out by the DIFC'.

He added,

'The strategic location of the project is one of the best benefits for choosing the DIFC. For residential and commercial development many large international companies have chosen this area because of its location, facilities and services that the environment provides'.

Investor interest in the Towers has been enthusiastic since the plans for its development were unveiled by the company last year. Emirates Financial Towers is intended to be a multi-use development that promises to offer 135 meters height and 25 floors of Grade-A office space, in a state-of-the-art and innovative design. Coalescing premier commercial and residential space, the architects of the stylish EFT structure have presented a unique design that features a distinctive elliptical profile with an embedded transparent sky bridge, allowing it to be particularly conspicuous on the Dubai skyline.

'With the project expected to be completed by the end of 2008, there has already been a huge demand for space within it.' said Abu Auida. 'The unique architectural design of the Emirates Financial Towers helps to exemplify what the Dubai International Financial Centre is about; this building is a symbol of the bold progress occurring in this part of the Middle East'.

Ercan Karadede, Managing Director of Al Habtoor-STFA Soil Group LLC said, 'We at Al Habtoor-STFA are only concerned with the most prestigious projects and reputable clients. The types of projects we choose to work on always have to have some kind of strong significance and importance. The DIFC is one of the most important projects in the UAE and this is why we want to be associated with its signature development the EFT. Additionally the twin tower design of the EFT is unique and stylish, and of course at Al Habtoor we are all about style'.

He added,

'We are happy to be participating in the building of one of the most outstanding projects within the DIFC. The Emirates Financial Towers is a ground breaking development that will take full advantage of the environment that the DIFC provides. This environment includes the best facilities and benefits you could possibly ever find here world wide, delivered at an international standard'.

Emirates Financial Towers recently signed an agreement with PROJACS International Company to become its Project Management Company (PMC) for the Emirates Financial Tower. PROJACS International is the largest Pan-Arab project management firm boasting 14 offices in 14 major cities in the Middle East, North Africa, Asia and Europe.