DAMAC Properties Appoints Kasktas Arabia LTD as enabling works contractor for “Al-Jawharah” development in Jeddah

Jeddah, Feb 8th 2009: Luxury lifestyle provider, DAMAC Properties has announced the appointment of Kasktas Arabia LTD Construction to carry out enabling works at its “Al-Jawharah” residential project on the Jeddah Corniche.

This spectacular 40-storey tower, which will be located alongside the Red Sea, will be set in beautiful landscaped surroundings, with grand reception area, double height lobby, guest lounge designed by a top interior designer and will feature luxurious 3 bedrooms as well 2 and 1 bedroom apartments, Health club and multi-level car park.

Commenting on the appointment, Chairman of Damac Properties Hussain Sajwani said: “We are pleased to announce the signing of this agreement with Kasktas Arabia LTD Construction as our official enabling work contractor for “Al Jawharah” project. This agreement will add a lot of value to our project portfolio. Kasktas Arabia LTD has a very strong record for delivering top quality projects that adhere to international standards.

“At DAMAC we are always keen to work with contractors who have a good reputation and perform to our high standards on site. Kasktas has excellent standards of in terms of both operational professionalism and time efficiency – both of which are extremely important to us.’

He concluded that: ‘’The appointment of Kasktas comes after support by the Jeddah Municipality in the facilitation in obtaining required permits for the start of this project. Their guidance and input has assisted us greatly’’.

Work to secure the site and undertake clearance of the land is now expected to commence in three weeks. Once enabling works have been completed tenders to appoint the main contractor for construction will be reviewed and the successful contractor announced.

Suat Yildirim General Manager of Kasktas Arabia LTD. said,” We are pleased to have been appointed as the enabling contractors for the “Al Jawharah” project. This contract comes at a perfect time for us and gives us the opportunity to contribute positively and fruitfully to the development of Jeddah skyline.

‘This is the first time we have worked with DAMAC and we are hoping to follow up this collaboration with many more projects in the future. We have long had an admiration and respect for this real-estate developer in particular for its ability to incorporate quality design and innovation in all its projects”