DIFC gets Dh450m freehold towers

Emirates International Holding, a Sharjah-based investor, and MAG Group, a Dubai-based property developer, will invest Dh450 million in a freehold development at the Dubai International Financial Centre.

Emirates Financial Towers will be one of the largest freehold projects at the Dubai International Financial Centre (DIFC), which is being developed to become the region's largest financial hub.

The project's backers have created a 50:50 joint venture, Emirates Financial Towers LLC, to oversee the sale and development of the project.

"The DIFC authorities are going to hand over the plot to us by September this year, when we will began the site works," a project representative said.

The twin towers of the complex will offer commercial, residential and retail space.

Designed by Dr Timothy Seow of CPG, a Singapore-based developer, the towers will have a distinct elliptical profile with a glass façade.

It will be developed on a 8,700-square-metre plot and will have a built-up area of about 660,000 square feet.

Commercial sales of office units, priced about Dh1,700 per square feet, started on Sunday, the representative said.

"The DIFC is fast emerging as the world's leading financial centre and Emirates Financial Towers is definitely going to be part of the rapid growth and development within the financial hub," said Reza Jaffar, managing director of Emirates Financial Towers.

Investment bankers, brokerage companies, financial service providers and private equity companies will be courted as potential buyers of office space in the completed towers.

The complex will provide tenants with amenities including a 24-hour security system, high-speed lifts, car parks and a sky bridge.

"Through the use of the latest technology and quality products, we have designed the Emirates Financial Towers to help our tenants perform within pleasant, functional surroundings. With the prominent project to be completed in early 2008, we are already seeing huge demand from financial institutions and expect to be fully occupied soon," Jaffar said.