Zabeel Investments underscores relationship with Nakheel

The AED 2.1 billion Tiara Residence, a luxury gated community on the main trunk of the Palm Jumeirah will be the first to take shape.

Chris O'Donnell, Nakheel Chief Executive, said: "Zabeel Investments is a valued and trusted partner of Nakheel and we are delighted that they have chosen The Palm Jumeirah to launch three of their developments."

"After all the talk, challenges and anticipation, the eighth wonder of the world is slowly turning from a vision into a reality. The Palm Jumeirah is already a remarkable feat of design, engineering and creativity that has become an icon of Dubai to the world; however, the journey does not end here and over the next 2-3 years, as developments such as those being created by Zabeel Investments are completed, the island will undoubtedly become one of the world's premier residences and resorts."

Zabeel Investments prestige development, the Tiara Residence project consists of seven stunning residential towers. Construction is expected to begin within the next few months, with a planned handover scheduled to beging at the end of 2007. The seven 15 storey buildings, which comprise a penthouse floor, will provide spacious one, two and three bedroom apartments between 1,300 to 2,250 square feet, and will offer unrivalled privacy and quality living.
"The Palm Jumeirah has captured the imagination of the world, and demonstrates that anything is possible," said Mohammed Al Hashimi, Executive Chairman of Zabeel Investments. "Our decision to build three separate developments, only confirms our belief that the Palm Jumeirah is one of the most desirable addresses in the world. Everyone will want to say that they have visited or will want to own a property there."

Zabeel Investments is expending almost AED 3 billion on the three projects, which also include the Iberotel and the Robinson Club hotels, which will be located on the crescent of the Palm Jumeirah. Both of the 300 plus room properties will be to blend with a more traditional architectural style and will be operated by Europe's largest holiday hotelier, TUI Group. Between them, the hotels will cover in excess of one million square feet of beachfront land.

"With the anticipated 10 million tourists Dubai can expect by 2010, this deal signifies our commitment to the city's tourism and hospitality sector, and will provide tourists with more value-oriented accommodation options, designed to meet their needs and set on an exclusive island resort," said Al Hashimi."

When it comes to ownership of a Tiara Residence home, Zabeel Investments is offering a 30 per cent rental return guarantee scheme over a period of three years for customers. Under the scheme clients buying an apartment at Tiara Residence have the opportunity to lease out their apartments exclusively through Asteco Property Management and generate a yearly return that is equivalent to 10% of the original price of the property for a period of three years.

"Dubai is the place to be, when it comes to residential opportunities. There are currently around AED 806 billion worth of construction developments going in in the UAE, the majority of which are focused in Dubai. With the recent announcement of a population increase across the UAE, it is easy to understand the need for new homes and apartments. We are asking people to invest in their own futures here, but also in the future of the UAE; to ensure this, quality is a must."

Zabeel Investments is currently looking to new projects, and is keen to explore areas of real necessity. In conclusion, Al Hashimi said: "Zabeel Investments is not interested in mass market developments. We are committed to producing niche developments that match a certain lifestyle, and that will blend with the Dubai skyline for years to come."