Deyaar and ICD ink development deal

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The iconic towered development will straddle a highway.

Dubai based Deyaar Development PJSC has signed an agreement with the Investment Corporation of Dubai (ICD) to develop and manage One Za'abeel.

The 36-storey mixed use development, located near the World Trade Centre roundabout in Dubai, includes three interconnected towers with hotel, commercial and residential components.

In addition to the 370-room five-star hotel tower, 450 residential units and 500,000ft2 of commercial space, the project will straddle a highway.

With construction expected to commence shortly, the development has been slated for completion by 2011. ICD director investments Khalifa Al Daboos said it was important strong partners were involved in the project.

"Due to its central premium location at the end of the old business district and at the beginning of the business growth corridor on Sheikh Zayed Road, One Za'abeel is poised to become a symbol of Dubai's rich trading roots, as well as its rapid rise into a modern international financial and business hub," he said.

"We firmly believe that together we can develop a landmark that will be an icon in the emirate's rapidly growing real estate landscape."

The Investment Corporation of Dubai was established in 2006 to supervise the Government of Dubai's investment portfolio. Other components of its portfolio include Shuaa Capital, Emaar and Dubai World Trade Centre.

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