Dubai: Al Mazaya Real Estate Co. sold two towers in the three-tower Al Mazaya Business Avenue project in Dubai.

Al Mazaya Business Avenue includes three 44-storey towers designated for commercial use, at a cost of $340 million.

The two towers were sold for $220 million. While Hilal Al Zarooni Group and Dynasty Enterprises bought the first one for $111 million; Hilal Al Zarooni and Baraq Group bought the second for $109 million.

Al Mazaya Business Avenue takes advantage of its strategic location at the Jumeirah Lakes and Shaikh Zayed Road, where it offers stunning views of the lakes. The towers were designed to incorporate the latest in smart technology and communications, as part of an integrated system that provides the highest level of state of the art services. It is expected that the project will be completed by the end of 2009.

"From the outset we have been receiving a great deal of interest from prospective clients, right up until we had eventually awarded the contracts to Hilal Al Zarooni Group, Dynasty Enterprises and Al Baraq Group," said Khalid Esbaitah, managing director and CEO of Al Mazaya Holding.

"We are looking to keep the third tower of the project as a long-term investment, where we intend to manage it through a rental system, allowing it to be an asset that brings income to our firm in Dubai. The feasibility of these projects has been examined in accordance with the rules of financial flow," he added.