Dubai, UAE, 4 February 2009 - Almasah International Real Estate, a Dubai based real estate company, has announced the appointment of five separate foundation contracting companies to commence foundation and piling work on 10 of its projects.

Italian Foundation Company; Pliex Foundation LLC; Zetas; Dutch Foundation and International Foundation will share contracts totalling AED 86.7 million.

Almasah Chairman, Dr. Abou Taleb Talebi, says that this announcement underlines Almasah's commitment to investors and ability to deliver its projects in a timely manner.

"Our main objective is to move ahead with our projects," he says. "We have rescheduled payment plans on these projects for our clients benefit, helping them during these times of crises as we are a humane organization, working alongside our clients for the benefit of all. To this end, we have created a specialized unit that serves our clients and have been very flexible, aiding them in any way possible."&&

Talebi went on to say that current market prices for building materials and the ready availability of a labour force, are positive benefits of the current UAE economy which ensure Almasah's projects will move ahead. "We have 30 projects in total and we are committed to completing and delivering every single one of them." He said.

Seven of the projects - Cadi 3, Cadi 5, Jouri 5, Jouri 6, Orchid Residence, Judi Palace and Soraya Tower, are located in Jumeirah Village; while the remaining three - KPM Tower, My Tower and Dolce Vita, are located in Dubai Marina. All 10 projects are residential buildings.

Foundation work will be completed during the second half of this year, by which time Almasah will have appointed contractors to start construction on the main structures.

Once complete, the buildings will comprise 2,622 units.

Foundation work for Cadi 3 & Cadi 5 will be done by Italian Foundation Company; work for Jouri 5, Jouri 6 & Orchid Residence by Pilex Foundation LLC.; work for My Tower, Judi Palace & Soraya Tower by International Foundation; Zetas will do the foundation work for KPM and the foundation work for Dolce Vita will by handled by Dutch Foundation.

Final delivery for the Jumeirah Village projects will be in the third quarter of 2010 while the projects in Dubai Marina will be delivered during the first quarter of 2011.

-Ends- For further information, please contact: Tariq Al Sharabi Senior Consultant Cicero & Bernay PR T: + 971 4 334 2966 F: + 971 4 334 2977 M: +971 50 626 5535 E: tariq@cbpr.ae

© Press Release 2009