International business in Dubai will have a new address. The groundbreaking ceremony of the Dirhams 167 million Fortune Tower, developed by Fortune Investment LLC, commences today. Upon completion by end-2005, this towering landmark will stand out among the main residential skyscrapers of the Jumeirah Lakes development by offering international investors 34 floors of freehold office space.

Fortune Tower was conceived exclusively to meet the growing demand for office facilities as global businesses of every kind discover the advantages of Dubai as a commercial hub. Commenting on the extensive research that underpinned this mega project, Mr. Ahmed Hashem Khoory, Chairman, declared that feasibility studies indicated that 100,000 people would be coming in to work annually but the existing office space in the area could accommodate only 30,000 new personnel, thus creating a vacuum in office space.

The thousands of white-collar workers swarming to join the ranks of a growing workforce in what is one of the world’s fastest growing economies will require suitable commercial facilities to operate from. With office units ranging in size from 771to 5,136 square feet, Fortune Tower is uniquely placed to help meet this anticipated need. A staggering 50% of the offices on sale have already been bought over a period of just 4 months by diverse overseas investors. These buyers have also been attracted by the attractive prices ranging from Dhs 362,000 to Dhs 2,671,000, depending on which floor the office property is situated.

The easy payment schedule for prospective investors is also another factor in this investment decision with 10 % of the total payment going to reserve the space, the second instalment on start of actual construction, with the rest of the payments to be made over a 24-month stretch.

Fortune Tower offers extremely competitive value for money to investors seeking freehold offices as per Mr. Shafi Toffic of AGN Mak, advisors on this prestigious project. This is further supported by Mr.Syed Muhammad Ali, Managing Director of Perfect Homes, co-developers of Fortune Tower. According to Mr.Ali, excellent returns on investment are projected for businesses buying into Fortune Tower. Moreover, he declared that this particular asset will be completely owned by the investor.

Fortune Tower provides many advantages to investors, besides a strategic location with panoramic views of Palm Island,Jumeirah Islands and Sheikh Zayed Road. Investors in the freehold office space there also get a permanent residence visa to go with it. The tower itself will provide users all possible amenities including dedicated car parking, 24-hour security, computer-controlled ambient temperatures for maximum comfort, dedicated high-speed lines for heavy business traffic, etc. etc.Apart from its myriad business facilities, Fortune Tower will be topped by a revolving restaurant for an improved quality of working life. All these state-of-the-art services will be managed for maximum efficiency by a reputed facilities management company with international experience in this specialised field. experience in this specialised field.