Sulaiman Al Fahim, a UAE businessman, recently signed an Dh200 million agreement with Dubai Business Bay, project representatives said.
The agreement covers the acquisition of three 40,000 square foot blocks for construction and development activities.
A Dh480 million investment project has been envisaged for the area, involving the construction of three office and residential towers.
These three towers will have a total built-up space of about 800,000 square feet.
"Our project, part of the 250-tower Dubai Business Bay, will offer excellent features to prospective buyers. The three towers will have ample parking space, shopping arcades, meeting rooms equipped with ultra-modern audio-visual facilities and the latest security features. We are proud to be part of Dubai Business Bay," Sulaiman Al Fahim said.
"Once completed in the beginning of 2008, the entire complex will realise an approximate value of around Dh1.2 billion. This is the kind of value we add to any project we undertake. This particular project will be no different," Al Fahim said.
Individual offices and residential units in these three towers will be built and equipped as per the taste and requirements of each buyer. At the same time, the offices will also offer some of the best possible amenities so occupants can conduct their business in an effective manner, project representatives said
"Recent reports indicate Phase One of the new Dubai Business Bay project has already been sold out. We are privileged to be playing our role in making Business Bay an attractive destination," Al Fahim said.
Dubai Business Bay is being developed by Dubai Properties, part of the Government of Dubai's Dubai Holding.
