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Monday, June 25, 2007 - Dubai

Dubai Property Group Members Tour Dubai Festival City, the Region’s First Waterfront Lifestyle Resort

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211 press release picture richard polkinghorne  general manager  development at al futtaim group real estate

Dubai Property Group (DPG), an independent association representing the combined interests of Dubai’s real estate community, today toured Dubai Festival City to get a first hand overview about the progress at Al-Futtaim Group Real Estate’s mixed use development. Of primary focus was the 2.6 million square foot Festival Waterfront Centre which is the region’s only waterfront ‘retail resort’.

Forty DPG members attended the three hour tour that was led by Richard Polkinghorne, General Manager – Development at Al-Futtaim Group Real Estate. The delegation began the tour at the Dubai Festival City Marketing Barge where Richard Polkinghorne provided an update of the rapid progress at Dubai Festival City. This was followed by a tour of the City and a visit to the recently opened Festival Waterfront Centre.

“We were delighted to host members of the Dubai Property Group at Dubai Festival City, as part of our continued support of the Group,” said Brett Schafer, Managing Director, Development at Al-Futtaim Group Real Estate. “We gave them a full update of our achievements and projects, and they shared with us their experiences and thoughts. We both agreed that Dubai Festival City presents a benchmark in Dubai’s real estate sector. The development’s unique waterfront destination and, in particular, its retail components will create a point of differentiation amongst all the other real estate developments in the region.”

Dubai Festival City, developed by Al-Futtaim Group Real Estate, a key division of Al-Futtaim Group a leading business house in the United Arab Emirates is an AED 50 billion mixed-use mega project incorporating comprehensive retail, residential, hospitality, commercial, educational and leisure facilities.

When complete, the City will have no fewer than:- six international hotels, including the InterContinental, Crowne Plaza, W Hotel and Four Seasons, in addition to the fully serviced Event Centre; a 2.6 million square foot Festival Waterfront Centre, with more than 550 shops, 90 restaurants and cafés, 12-screen Grand cinema complex and luxury expansion; Festival Power Centre with ‘big box retailers’; residential areas in two of the City’s districts, Al Badia and Marsa Al Khor; office accommodation ranging from waterfront high rise buildings to fully integrated business parks; two international schools; Festival Marina and Four Seasons Golf Club and 18-hole championship golf course.

“The response to the tour idea from our members has been very positive,” said Adel Lootah, the Executive Director of Dubai Property Group, “It is important for our members to be updated with the latest development in the real estate sector. We were impressed by Dubai Festival City and its careful master planning which has created a unique, world class destination for the region.”

Independent of favour or influence, DPG represents the combined interests of Dubai’s real estate community. The Group’s 180 members include some of the highest profile real estate players in Dubai, such as the Dubai Development Board, Cluttons chartered surveyors and property consultants, Arenco Real Estate, Union Properties PJSC, Better Homes LLC and facilities management firm, Asteco Property Management LLC.


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