ETA Star launches AED 4 Billion VERDE Towers in Dubai Maritime City

April 2008

Dr. R.K. Pachauri, environment scientist and co-recipient of the 2007 Nobel Peace Prize, unveils the majestic Green towers

Dubai, April 26, 2008 - ETA Star Properties, a leading property developer in the UAE, today announced the launch of VERDE Residences and Offices in Dubai Maritime City. The AED 4 billion two-tower VERDE Residences and Offices, designed to achieve a Gold rating as provided by the US Green Building Council's Leadership in Energy and Environment Design (LEED) programme, will be built in Dubai Maritime City, near Port Rashid, Dubai.

Designed by celebrity architects Mr. Adrian Smith and Mr. Gordon Gill of Adrian Smith + Gordon Gill Architecture, VERDE Residences and Offices establish a new international standard for sustainable, high-performance building design. The towers are shaped to harness power from natural forces at the building site. Each building incorporates both new technologies and latent systems, including integrated wind turbines, photovoltaic cells, geothermal technologies, efficient building facades and recyclable construction materials to dramatically reduce energy consumption.

Dr. R. K. Pachauri, renowned environment scientist, co-recipient of the 2007 Nobel Peace Prize and Chairman, Intergovernmental Panel for Climate Change (IPCC), graced the official launch event of VERDE Residences and Offices. Mr. Adrian Smith and Mr. Gordon Gill also attended the event.

The project consists of one residential tower and one commercial tower.

The trapezoidal shaped 33- level VERDE Office tower includes unique sky gardens, which emphasize outdoor space and the open nature of the building. The tower includes podium offices and has a total built-up area of 820,000 square feet.

The VERDE Residence tower recalls the form of a boat, elegantly referencing its location in the Maritime City. The 48 storey glass tower, with a total built-up area of 1.35 million square feet, includes luxurious 2 & 3 bedroom units, 3 & 4 bedroom penthouses and 4 bedroom duplex townhouses in the podium facing the harbour.

Commenting on the launch of VERDE Residences and Offices, Dr. R.K. Pachauri said: "It gives me immense pleasure to be a part of the launch of VERDE Residences and Offices. I am happy that ETA Star Properties have shown the industry the direction towards working on projects that maintain equilibrium in the environment we live and operate in. I must appreciate the efforts of Dubai Maritime City in promoting sustainable development. Let the launch of VERDE lead to setting of a benchmark for many similar projects in this region."

Mr. Abid Junaid, Executive Director, ETA Star said "The name VERDE has its roots in Spanish, which means green. It is rather apt that we have named our first Green project thus. Besides aiming for a Gold-certified Green building, VERDE will provide the best of amenities for both working and living. We are happy to state that this launch is in line with Dubai Maritime City's vision of sustainable development and to create a unique environment for the global maritime community."

Mr. Adrian Smith and Mr. Gordon Gill, the Chief Architects of the towers said, "It's been a privilege to design these towers- sustainable buildings are truly a first step towards a greener, healthier world. We've designed the Verde towers to exist in harmony with their environment and to perform at a very high level. The energy produced by the towers reduces carbon emissions equivalent to planting approximately 600,000 trees or removing 680 cars off the road yearly."

As part of a self sustained Green community, VERDE Offices and Residences will use a district cooling system, wind turbines, photovoltaic cells, solar hot water collectors, energy efficient lighting equipment and a grey water system.