2010 MARKS A YEAR OF CONTRACTS AND HANDOVERS FOR DAMAC PROPERTIES

DAMAC award $ 1 billion worth of contracts in 2010

DAMAC Properties, the luxury lifestyle provider, is marking the 2010 Cityscape event having awarded more than 20 contracts in the last 12 months to a value of AED 3.6 billion, and branding its presence at this year’s Cityscape as ‘DAMAC Properties, A Year of Contracts and Handovers’.

DAMAC has been focused on completion and handovers. On schedule for an end of year handover is DAMAC’s signature property Ocean Heights at Dubai Marina. The architectural award winning 82 storey skyscraper, with sweeping ocean views, and quality high-end interiors, has taken less than three years to build. Other completion highlights for the year and coming months include Emirates Gardens 1, Lago Vista, Smart Heights, XL Tower, Business Tower and Park Towers at the DIFC. Combined, these projects alone will bring over 3,900 units to buyers in 2010 and 2011.

June saw the launch of DAMAC Tower in Beirut, the first exclusive VERSACE HOME branded residential tower in the region. Situated in the elite hotels and marina area of the new Solidere development, DAMAC Tower has extensive views of the Mediterranean. The spectacular flowing curves and undulating volumes of the 28 storey building were designed to emulate the surging waves of the ocean.

Speaking on the progress, Chairman of DAMAC Properties Hussain Sajwani commented; ‘2010 has been a year of contracts and handovers for DAMAC. By focusing on our objectives, we have continued construction on all projects in the UAE, Jordan, Qatar, Saudi Arabia, Lebanon and Egypt and, as a result, DAMAC is making very good progress on all current projects, to the extent that we now have developments at various stages across the entire DAMAC portfolio.’

“Mr Hussain Sajwani continues, “As the largest private developer in the Middle East, DAMAC is well capitalized and focused on the future. I am confident that the progress DAMAC has made in 2010 will result in DAMAC becoming the most trusted property developer in the region and is also a positive sign that the UAE economy is gradually picking-up.”

DAMAC has awarded $1 billion worth of new contracts in the past 12 months. That includes 15 main contracts in Dubai, two main contracts in Abu Dhabi and one main contract in KSA. In Egypt,DAMAC has awarded the main construction contract for the first phase of its exclusive shopping mall project ‘Park Avenue’ at New Cairo. One of the biggest high-end retail destinations in the Middle East, this project includes the Park Avenue Shopping district, 595 luxury villas at Hyde Park and Centre Ville apartments all overlooking a lush central park.

In spite of the tough economic climate, DAMAC Properties has delivered more than 3,599 units into the market with projects at IMPZ, TECOM, JLT, Jumeirah Village and the Marina. By the end of 2010 and early 2011 this figure will have risen to over 7,500 luxury units delivered into the market, with a further 12,000 under construction across the region.

DAMAC has continued to adapt to the rapidly changing demands of a challenging market, looking at positive opportunities to bring the right properties to customers at the right time and the right location. Continued emphasis on providing first class developments has continued to attract buyers, seeking a luxury lifestyle, looking to make a longterm investment in a home.