Tanmiyat Group, a UAE-based real estate development firm, has announced the successful delivery of its new office tower project at Business Bay in Dubai.

The Exchange Tower,' which was completed in January, has now been handed over to the owners.

Located in Business Bay opposite the JW Marriot Marquis, the tower includes offices and retail spaces that have been finished to a high standard using top quality materials, said a statement from Tanmiyat.

With many offices already leased, several landlords are benefitting from a nine per cent net on rental yield, one of the highest in the commercial property market.

The Exchange Tower is fully live and operational marking a historic year for the Saudi-based real estate developer Tanmiyat Global, who also recently announced the Phase One handover of the Living Legends Community in Dubailand containing 184 villas and 144 apartments.

"This is an exciting time for Tanmiyat; 2016 is all about delivery and we are showing our commitment to our clients and partners with the completion of The Exchange Tower," remarked its CEO Mohammed bin Odah.

"There is no doubt that the past several years have been tough for the construction industry in the region but we believe in this market and feel the only way is up from this point," he added.

According to him, the demand is partly due to the positive impact of Expo 2020 which has seen more companies relocating to Dubai and new start-ups entering the market.

"The Exchange Tower is in a close proximity to new landmark the Dubai Water Canal and is in a fast growing location near the new address of the Dubai Financial Market. The location offers steady and clear growth potentials to our clients and we are already witnessing high demand from secondary markets on the tower," stated Mohammed.

"We are expecting Business Bay to attract more anchor brands and large corporations in the future," he added.

Tanmiyat’s key developments include the Living Legends Community containing apartments, villas and mall, The Exchange Tower and The Court Tower on the Business Bay canal.

According to him, Phase Two of Living Legends will start handover in the fourth quarter of 2016 while the full line-up of facilities including a school, mall and five-star hotel will be completed in late 2017.

"The handover of both The Exchange Tower and Living Legends projects demonstrates Tamiyat’s commitment to delivering icons in the UAE and the future looks bright for us," he added.-TradeArabia News Service