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Abyaar enters joint venture with Tecom

Abyaar Real Estate Development and Tecom Investments, a member of Dubai Holding, have entered into a strategic partnership with last week's signing of a joint venture term sheet to develop mixed-use projects in the International Media Production Zone (IMPZ) and Tecom Site-A on Al Soufouh Road.

  • Staff Report
  • Published: 00:41 January 23, 2008
  • Gulf News

Dubai: Abyaar Real Estate Development and Tecom Investments, a member of Dubai Holding, have entered into a strategic partnership with last week's signing of a joint venture term sheet to develop mixed-use projects in the International Media Production Zone (IMPZ) and Tecom Site-A on Al Soufouh Road.

The total value of the projects to be launched makes it one of the most important joint ventures for the two companies.

Marzooq Al Rashdan, vice-chairman and managing director of Abyaar said: "Abyaar will study the master plan and redesign certain aspects of the project to include both residential and retail areas in IMPZ, while the project in Tecom Site-A will comprise a 70 storey tower."

"Tecom has already started work on the infrastructure, while the construction work is expected to start in May 2008 and finish in five years time," Al Rashdan said.

Since entering the market in 2005 Abyaar has witnessed impressive growth due to the increasing demand in the property sector.

Al Rashdan said he sees Dubai as the most attractive place in the region to do business, especially in the field of real estate.

Al Rashdan added: "Abyaar is proud to have entered this partnership with Tecom, one of the leading members of Dubai Holding".

Abdul Latif Al Mulla, chief executive of Tecom Investments said, "We are pleased to partner with Abyaar on this important project as their track record matches with our own deep commitment to excellence and customer satisfaction."

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