DAMAC Properties’ to Launch Damac Residences with Interiors by Versace Home at Riyadh International Urban Development and Real Estate Investment Event

DAMAC Residences with Interiors by Versace Home on Jeddah Corniche to be Featured at the Event

Luxury developer DAMAC Properties will showcase its award-winning regional development portfolio at Riyadh International Urban Development and Real Estate Investment Event from December 11th to 13th 2011.

DAMAC Properties’ highlighted projects will include its two regional collaborations with Interiors by Versace Home in the Middle East; ‘DAMAC Residences in Jeddah and DAMAC Tower in Beirut.

"DAMAC Properties is one of the most highly regarded developers in the region, with a proven track record of delivering high quality, luxury properties to the market with over 36 buildings having already been completed.

Through our partnership with Versace Home Interiors in Jeddah and Beirut, we have set a new benchmark for luxury residential developments in the region, and our display at Cityscape will reflect that,” said Ziad El Chaar, Managing Director of DAMAC Properties. “The show is also our launch of the DAMAC Residences with Interiors by Versace Home here in the Kingdom’ continued Ziad.

This event is a major event on DAMAC Properties’ calendar, due to the company’s landmark high rise Al Jawharah project on the Jeddah Corniche. The ‘DAMAC Residences with Interiors by Versace Home’ will occupy the highest ten floors of the development. The Versace-branded residences were launched at Harrods in London during the summer.

"Following the successful pre-launch of the DAMAC Residences with Interiors by Versace Home at Harrods in London, we are delighted to now launch our latest collaboration with DAMAC for the first time in the Kingdom of Saudi Arabia," commented Gian Giacomo Ferraris, CEO of Versace Group S.p.A.

By the end of the year, DAMAC Properties will be introducing its Versace show apartment at Al Jawharah in Jeddah which is situated within the Al Jawharah development.

Al Jawharah was recently awarded the Arabian Property Award for ‘Best High Rise Architecture’ in the Kingdom. At 47 storeys, Al Jawharah will be one of the tallest towers in Jeddah, and among the tallest developments in the country. Construction is currently up to level eight, with block work up to level three.

“The height and unique architectural design of Al Jawharah make it an ‘iconic’ project for the Jeddah Corniche. Visually, it is an awe inspiring development with an architecturally impressive curved facade. The design incorporates a series of aluminium composite panels for privacy which contribute to the spectacular aesthetic appearance of the exterior, by creating shining, silver ‘fins’” El Chaar commented.

DAMAC Properties is well established in Saudi Arabia, having been one of the first international developers to be granted a license, under the jurisdiction of the Kingdom’s new real estate laws, to develop and sell properties off-plan.

Commenting on Al Jawharah, El Chaar said: “Our core aim is to provide luxury lifestyle concepts in every market in which we operate. Al Jawharah tower is positioned at the high end of the property market, and is targeted at customers who seek comfort, luxury and every modern convenience. Al Jawharah will appeal to young professionals, families and retirees alike. It is a stylish, exclusive address which will attract those in search of a luxury lifestyle.”

The International Monetary Fund recently forecast that economic growth in Saudi Arabia will increase to 6.5% in 2011, up from 4.1% in 2010. The higher growth forecast follows a commitment from King Abdullah to spend 30% of the Kingdom’s annual GDP on public spending aimed at addressing unemployment and the country’s housing shortage.

“Saudi Arabia’s property market is currently undergoing a once in a generational transformation. The injection of government spending is likely to be supplemented by the introduction of the highly anticipated mortgage law. Both of these factors will be major contributors to growth in the real estate sector over the next five years” El Chaar added.

Also on display at the event will be the ‘DAMAC Tower,’ the first exclusive residential tower in the region with interiors by Versace Home. Situated in the elite marina area of the new Solidiere development in Beirut, the tower has extensive views of the Mediterranean.

With spectacular flowing curves and undulating volumes, the 28-storey building was designed to emulate the surging waves of the ocean, and was last year awarded the international property award for “Best High Rise Architecture.” Enabling works are complete and main construction contract will be awarded soon.

“DAMAC Tower is a stunning blend of luxury and unique architectural design, in an enviable location on the shores of the Mediterranean. It has been recognised on the global stage, which distinguishes the project as one of the most highly regarded residential developments in the world,” continued El Chaar.

Established nearly a decade ago as a private residential, leisure and commercial developer in Dubai and the Middle East, DAMAC Properties has since expanded rapidly in North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.

Where other developers promise much, but often deliver little, DAMAC Properties has developed more than 13 million square feet of land across the Middle East, with another 17 million square feet currently under development. The company has completed 36 buildings to date, comprising of 7374 units. In addition, there are another 50 buildings, comprising of almost 10 thousand units, at various stages of construction across the Middle East and North Africa region.

“There are very few developers in the world who could claim to match what we have been able to achieve over the past two years, and across such a diverse range of regional markets. We have a proven track record for delivering some of the most luxurious residential properties across the Middle East region and we have the vision and momentum to provide solid investment opportunities to our customers in the future” El Chaar concluded.

The Riyadh International Urban Development and Real Estate Investment Event will take place at the Riyadh Exhibition Centre from December 11th to 13th. DAMAC Properties’ representatives will be available at stand C20 for more information on exhibited and upcoming projects.