Topping ceremony marks rise of reef tower

With the final steel beam in place, Reef Real Estate Investment LLC, held a “Roof Topping Ceremony” today to celebrate the progress of Reef Tower – an outstanding commercial development in the prestigious Jumeirah Lake Towers. The occasion was marked by the placement of a commemorative beam at the site by H. H. Sheikh Ahmed Mohammed Zayed Saqer Al Nahyan, Managing Director, Reef Real Estate Investment LLC. Jumeirah Lake Towers (a Nakheel development) is one of the most sought-after business and residential district in Dubai. Standing tall at a height of over 137 metres above concourse, the majestic Reef Tower boasts a spacious layout with 32 floors, excluding the ground level and three basement floors. The building has been designed according to 21st century needs with the most modern high-tech facilities in place. The stunning lobby will greet visitors with an eye-catching aquarium stretching from the floor to the ceiling – full of colourful fish and exotic corals. 24-hour banking facilities are available at the ground floor while the first floor houses a state-of-the-art business centre. The leisure facilities include a spa, fully-equipped gymnasium and a lovely terrace overlooking the lake. Adjoining the terrace is the Internet Café, which is being designed to offer an informal yet vibrant atmosphere. H. H. Sheikh Ahmed Mohammed Zayed Saqer Al Nahyan expressed his enthusiasm about the development and affirmed his confidence in the booming UAE real estate market. ‘With the global economy on a downturn, the alternatives for good investments are quite limited nowadays. Certainly the rising oil prices, the recession in the US housing market and worldwide stock markets in a slump have not been encouraging signs for investors. But in any bearish situation, there are equally lucrative opportunities – and Dubai has proven just that. We believe that projects like Reef Tower are a perfect solution for the increasing demand for quality office space in the city,’ he said. ‘The property sector is one of the biggest drivers for growth in Dubai with projects worth an estimated AED 300 billion in the coming ten years. Foreign investors have been increasingly pumping their cash into Dubai’s real estate sector, thus dispelling any fears of a bursting bubble,’ explained Sheikh Ahmed. Built at a cost of AED 350 million, Reef Tower’s offices will be ready for hand over by the end of June 2008. The building has been designed to suit the needs of modern day entrepreneurs who seek a healthy, efficient and calm environment. There are only four offices per floor from levels 2 to 14, 22-30 and six offices per floor from level 15-20 and two offices from 31-32. There are also plenty of parking spaces available: the three underground parking levels can accommodate 57 vehicles, while there are 296 standard, shaded parking bays. ‘Reef Tower is ideal for companies seeking world-class standards and facilities. We have incorporated all the necessary elements into the construction and interior design, making the working environment comparable to the best internationally in terms of technology and comfort,’ said Sheikh Ahmed. Reef Tower has been developed by Dubai-based Reef Real East Investment Co LLC in collaboration with highly proficient architects, engineers and interior decorators. The finest engineering techniques and materials have been employed in the construction process. The projects’ engineering was handled by one of the world’s most prominent architectural firms, KEO International Consultants, while Venetian Inter Decor are responsible for furnishing the interiors. Financing for this venture was done through Abu Dhabi Commercial Bank.