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Deyaar gets development, management rights for One Za'abeel

Under the terms of the agreement, ICD will continue to own the project, which will be developed and managed by Deyaar. One Za'abeel was launched in June 2008 in line with ICD's vision to identify and develop unique opportunities that will enhance Dubai's position as an international city of excellence. One Za'abeel will consist of three separate residential, commercial and hotel towers interconnected at the top and have a common podium at the base. Construction at the site is set to commence shortly with completion scheduled for 2011.

The agreement further consolidates the position of Deyaar's property management division as the development manager of choice for high-profile projects in the UAE.

Highlighting the strong growth of the company's property management division, Saeed Al Qatami, Deyaar's Managing Director - UAE Business, said: "Since the company was launched, Deyaar's property management division has evolved from an institutional property manager focused on the management of Deyaar properties to a large, multi-client property manager in the public domain."

"Not only has the division taken on a bigger portfolio of properties to manage, it has been extremely successful in the process, helping property owners to maximise the return on their assets," he added.