|July 22, 2008
ZSML secures new projects worth AED 250 million
Leading construction company to develop Ibn Battuta Gate Spa by Seven Tides and Nakheel's Palm Deira Sales Centre
Dubai, July 22, 2008: Dubai-based construction company ZSML is celebrating the completion of its first year of business by signing two key contracts worth AED 250 million - Seven Tides' Ibn Battuta Gate Spa and the Nakheel's Deira Palm, Sales Centre. The projects, which are due to be completed in the second quarter of 2009 and December 2008 respectively, confirm ZSML's distinct commitment to quality and ensuring on-time delivery.
The Ibn Battuta Gate Spa development will be a 73,060 sq ft luxury spa destination and form part of the Ibn Battuta Gate Hotel located adjacent to Ibn Battuta Mall. Designed by Arketipo, a Turkish architecture firm, the Spa concept will be derived from both Islamic and Ottoman cultures.
"The UAE is home to the largest real estate projects market in the Gulf with 37 per cent of the $2 trillion being invested across the Gulf happening here. We launched ZSML as a distinct offering in this space and the new projects secured in 2008 vindicate its success to date and aggressive expansion plans," said HE Mohammed Ali Al Hashimi, Executive Chairman of Zabeel Investments. "The construction and development industry in the region is blighted with delays and question marks over quality. ZSML was established to play a dynamic role in the growth of the UAE construction industry."
Malcolm Ross, Seven Tides' COO added, "The rapidly growing region requires anticipating the market needs in order to answer demand in the timeliest way. Seven Tides made the choice to work with different international key players such as ZSML, a company that shares our commitment to high quality world-class facilities."
Also designed by Arketipo, the Palm Deira Sales Centre is a 178,142 sq ft project worth AED 165 million. It will serve as Nakheel's sales office on the massive Deira Island Front, due for completion in December 2008. The design of the building integrates both modern elements and local architectural styles. The sales centre will accommodate up to 450 staff and will be a state-of-the-art facility offering the best in customer and sales services.
"The strength of our company stems from its workers and their focus on delivering quality projects on time," said Levent Kutulu, General Manager of ZSML. "Our goal in the coming 12 months with these projects is to maintain our track record of on-time delivery. Across the sector risk management, quality and imbalance in projects remain a challenge - we are focused on not succumbing to these issues and focusing on excellence."
ZSML Construction was launched in 2007 as a joint venture between Zabeel Investments and Sembol Construction. Its flagship project to date has been the eagerly anticipated Ottoman Palace Hotel and Resort on the crescent of Palm Jumeirah.
About Zabeel Investments
Founded in February 2006, Zabeel Investments is a Dubai-based diversified investment company with business interests spanning commercial real estate development and management, private equity and asset management across a wide range of economic sectors in the GCC and other international markets.
The company's combined AED 18.6 billion (US$ 5 billion) property and equity portfolio, has been evolved into two wholly owned subsidiaries; Zabeel Capital, which will focus on growing the company's current AED 3.67 billion (US$1 billion) international and regional holdings and Zabeel Properties, a property arm dedicated to conceiving and developing commercial, residential, leisure and tourism properties, around the world.
ZSML is a 50/50 joint venture construction company created by Zabeel Investments and Sembol Construction Co., based in Antalya, Turkey. Founded in May 2007, ZSML is focused on timely delivery of its projects, within defined budgets. The value of ZSML's projects combined is currently estimated at AED 2 billion.
Nakheel is the uniquely focused property development company behind a variety of new landmark developments in Dubai. Nakheel aims to redefine the concept of property development whether residential, tourist, commercial or retail. It has therefore placed great importance on examining the requirements of the different sectors of the community and developing its visionary projects around these findings.
Nakheel's portfolio currently includes The Palm, The World, Dubai Waterfront, Jumeirah Islands, The Gardens, Ibn Battuta Mall, Lost City, International City, Discovery Gardens, Jumeirah Village, and the recently launched Jumeirah Park.
Further information can be found at www.nakheel.com
About Seven Tides:
Launched in 2004, Seven Tides was established to mature in pace with the rapidly growing region and property industry in the Middle East. This Dubai-based developer brings together the property and hospitality sectors, introducing an innovative approach to multi-use developments.
Seven Tides partnered with international key players in order to develop four luxury projects including the building of two 5-star developments on the famous Palm Jumeirah. Seven Tides sough-after developments are designed for an exclusive lifestyle. Through luxury touches, upscale residences, finest finishes, Seven Tides developments will offer a high standard living in unmatchable locations.
Seven Tides developments create unique destinations providing developments with strong individual characteristics that provide tailored services to its residents and guests.
For further information:
Hill & Knowlton UAE
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