Dubai Properties, leading master real estate developer, announced the AED 3 billion Executive Towers, which are markedly visible from Sheikh Zayed Road and Al Khail Road, is nearing completion, and the anticipated handover date will be during the fourth quarter of 2008.

Work is proceeding simultaneously on all 11 buildings of the Executive Towers, which include nine residential units, the Aspect Tower, and the Business Bay Hotel. The development’s outdoor component, the Bay Avenue, is also on its way to deliver 175,000 square feet of retail space as well as water-front terraces.

With all the units of the Executive Towers sold out, the handover of all towers will commence in the fourth quarter 2008.

Dubai Properties’ first project in Business Bay, the region’s new business capital, will also be the second major project to be handed over by the Master property developer following the successful release of Jumeirah Beach Residence in 2007, handing over 6000 apartments.

Yaqoob Al Zarooni, Deputy CEO, Dubai Properties, said: “While we are committed to adhere to our delivery schedule, we are equally keen on providing our investors with latest updates on each project. The feedback we have received from our partners and contractors has been positive as we work together to ensure we deliver on our promises to investors.”

Al Zarooni said: “With 5,400 on-site workers, we are delighted to inform that our ambitions for the Executive Towers will soon achieve fruition. The towers and the lifestyle they represent are geared towards people who celebrate success and an intelligent way of life, and we are confident the development will set new benchmarks in the industry.”

With two-level shopping mall, clinics, health clubs and other facilities, the Executive Towers will boast a contemporary design and architectural theme reflecting Dubai’s progressive outlook.

The main contractor for The Executive Towers is Al Habtoor Engineering, while the Business Bay infrastructure is being handled by Halcrow Engineering.