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Meydan announces signing of MoU to sell three commercial buildings in Meydan Metropolis to Emirates NBD

25. March 2010

Sale of commercial buildings signals continued strong growth of iconic project

Meydan today announced the signing of MoU for sale of three commercial buildings in Meydan Metropolis Phase 1, Meydan’s business park zone to Emirates NBD. Situated along Al Ain Road and Nad Al Sheba Road, Emirates NBD have indicated that the buildings will be used for corporate staffing and projected to be ready by the end of 2011.

Earthworks, piling and the laying of foundation have commenced for the buildings, which will include offices, retail units, showrooms and car parks. The total Gross Floor Area for sale shall be around 350,000 square feet excluding the car parking.

Mr. Saeed Humaid Al Tayer, Chairman of the Board and CEO of Meydan, said: “Emirates NBD is the leading banking group in the region, and to have them onboard as an investor in Meydan Metropolis is a strong testament to their belief in both the Meydan as well as the long-term investment outlook for Dubai”.

Meydan Metropolis is poised to be the business district for the world’s leading companies, and it makes strategic sense for Emirates NBD to develop their business hub here when the development is handed over. Meydan Metropolis’ office blocks will be uniquely linked to create a linear, active, urban space, and will even feature its very own town club and hotel and is a prime example of integrating work, life and leisure.”

Mr. Butti Al Mulla, Chairman of Emirates NBD Properties and Board Member at Emirates NBD said: “Emirates NBD believes that Meydan Metropolis will feature the best in infrastructure for businesses. As a market leader across core business lines, and with the leading retail banking franchise in the UAE, being located in Meydan Metropolis will support our long term goals and objectives as an organization and global brand. The Business Hub which will house various units of the Bank, shall be developed to the highest world-class specifications with the focus upon energy-saving initiatives being furthered by the group, along with an endeavour to provide the best working environment to our biggest and indispensible asset base – our employees. The decision underlines the strong foundation upon which the Bank rests, enabling it to expand further in today’s tough markets, as well."

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