Dubai: The world's top watch brand is lending its name for a new 63-story mixed-use tower along Shaikh Zayed Road.
The Rolex Tower will be built by Ahmad Seddiqi and Sons, a real estate developer and the exclusive retailer of Rolex's premium watches in the region.
Patrick Heiniger, Rolex CEO, who was on hand at the cornerstone-laying ceremony yesterday, said Rolex's involvement in the project is by name alone and the watchmaker did not participate in financing or designing the project.
A tall, slender building with an all-glass facade, the structure will house ground floor retail outlets, 30 floors of commercial space, and 23 floors of residential apartments, topped by several floors of penthouses. It will be completed by the end of 2009.
Dubai Contracting Company (DCC) has been selected as general contractor for the building, which will be located a few blocks from 21st Century Tower in the heart of the high-value Shaikh Zayed Road area.
This the second development DCC has worked on with Ahmad Seddiqi and Sons. In 2004 they completed the Capricorn Tower, also along Shaikh Zayed Road, with 36,000 square metres of built-up space.
Rolex Tower was designed by the Chicago firm of Skidmore, Owings and Merrill, designers of Burj Dubai and London's Canary Wharf. The value of the project was not disclosed.
The Dubai-based watch retailer's relationship with Rolex goes back a half-century, when Ahmad Seddiqi secured exclusive agreements to merchandise Rolex, Omega and other Swiss watches in the Gulf.
For information on the real estate sector, within the UAE, please visit our sister site, GNProperty.com.