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Tue 7 Oct 2008 05:27 PM

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Abu Dhabi to get Schumacher tower

Marasi Real Estate Fund to build tower in partnership with F1 legend at cost of up to $544mn.

Marasi Real Estate Fund said on Tuesday it would build a 240-metre tower in partnership with former Formula One champion Michael Schumacher in Abu Dhabi at a cost of between 1.5 to 2 billion dirhams ($544.5 million).

The project is the first for the 500 million dirham fund, Marasi Chief Executive Michael Kutschenreuter told a news conference at a real estate exhibition in Dubai.

The tower is aimed at "ultra high net worth individuals", said Markus Giebel, Chief Executive at Dubai's Deyaar, which will sell the units.

The project, one of seven towers planned across the world, will be built in Abu Dhabi as it will stage a Formula One race next year and offered the most growth potential for the fund.

"It is important for the fund to look at locations where we have high potential, especially Abu Dhabi and it is the best location for investors," Kutschenreuter said. (Reuters)