Laguna Tower Construction Update

Laguna Tower is continuing to generate a lot of investor interest and we are very happy with sales to date. Our application for the piling permit has been accepted and with the contractor now on site. Piling and shoring works have started as scheduled.

We are still on track to deliver the building within the previously indicated timescales.

The main structural construction is due to commence in November after the piling and shoring works are finished. Building will be inground for the first two months to secure the
sub- structure and basements and construction of the superstructure will follow thereafter. Construction work will be visible from the road early 2007 and we plan to publish progress photos on a regular basis.

There’s also some great news from the Master Developer, Dubai Multi Commodities Centre
(DMCC). The entire concourse, promenade level and lake have been redesigned to now boast public areas, walkways and additionally, IFA Hotels & Resorts has introduced three food and beverage facilities plus outdoor seating.

The lake design was altered to facilitate better circulation of water. Changes to the master
development were made as a direct result of key information becoming available from other developers. The new designs will soon be finalised and the lake infrastructure is now scheduled for completion during the last quarter of 2008.

Without doubt, the changes enhance the overall development hence we trust this is very positive news for resident investors. Pedestrians will be able to walk, run and cycle around the entire perimeter of the lake, adding to its attraction for pedestrians and providing an even more people-friendly environment.