DAMAC Properties tops off 2009 on an 84 floor high as Arabtec completes frame construction of Ocean Heights

Main concrete construction completed on company’s flagship building – now the tallest in Dubai Marina
December 22nd 2009: Luxury lifestyle provider DAMAC Properties has announced the concrete frame completion of its tallest tower at Dubai Marina with its Ocean Heights development topping out at 84 floors this week.

The structural completion of the building marks the end of a year of significant progress for the company during which it has completed eight building structures and handed over three developments to customers.

Ocean Heights is DAMAC Properties’ flagship building located at the entrance to Dubai Marina on Al Sufouh Road and will undoubtedly become one of the area’s most iconic buildings, already towering above all others in the vicinity with its twisting architectural design now clearly visible.

At a special topping out ceremony to mark the completion of construction, Chairman of DAMAC Properties Hussain Sajwani was joined by Riad Kamal, Chairman of main contractors Arabtec.

Mr Sajwani said: “This is a significant day for DAMAC Properties – the structural completion of our flagship building is a source of great pride and an occasion that we are glad we have been able to mark with the support of RERA, Arabtec and so many of the staff who have worked on site for the past three years.

‘To think that this magnificent building has been constructed in a little less than two and a half years is a testament to their efforts and I pay tribute to their hard work and accomplishments.

‘This has been a turbulent 12 months for everyone involved in real estate and it is therefore all the more impressive that everyone involved has remained so focused and dedicated to the task at hand. We are delighted to be literally ending this year on a high by finishing our tallest building.’

Riad Kamal, Chairman of Arabtec, added further congratulations to the teams on site and spoke of his pride that such an iconic building on the Dubai skyline was being added to the growing Arabtec portfolio.

‘As a contractor we are always proud to be associated with quality projects and it is pleasing to be here to commemorate this milestone event for DAMAC Properties as we finish the main construction of Ocean Heights,’ he said.

“A large part of our philosophy at Arabtec is to work hard with developers to build a relationship and to work together as one team on challenging projects like this.

‘In the light of some of the recent negative news and speculation, I believe it is even more important that we recognise the efforts and achievements of everyone involved in the construction of Ocean Heights and celebrate how significant they are.’

Once completed in 2010 Ocean Heights will eventually offer 680 apartments ranging from one to three bedrooms. In addition the building will feature DAMAC Properties’ Signature Series penthouse range – ultimate luxury apartments with the latest in hi-tech gadgetry and luxurious home comforts.

DAMAC Properties has also recently topped out its Park Towers development at DIFC and altogether has completed eight projects this year. In addition new construction contracts have recently been awarded for further developments at Business Bay in Dubai, Reem Island at Abu Dhabi and also in Egypt.

Mr Sajwani said that the progress seen in the last 12 months was all the more significant given the economic circumstances and financial crisis that continued to affect the worldwide property market.

“There have undoubtedly been some severe challenges but we have stayed focused and committed to our construction and delivery plans,’ he said.

“This has not been an easy year for any developer but I feel proud of what we have still achieved in terms of delivering units to customers and planning for the future in a coordinated and effective manner.

‘We have continued to award contracts and make progress at our main sites and whilst we have reviewed our construction plans we have not cancelled any projects in Dubai which is testament to the strength and solidity of this business.

‘We remain committed to our intention of delivering of 25 towers by the end of 2011.’

Currently DAMAC Properties has 11,500 units under construction and has delivered 3,029. By the end of next year the company is expected to hand over a further 7,100 units across the GCC region.

Ends

DAMAC Properties, part of DAMAC Holdings was established in 2002, as a private residential, leisure and commercial developer in Dubai and the Middle East. Since then, DAMAC Properties has expanded rapidly into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.

2008 and 2009 are labelled the ‘Years of Construction’ at DAMAC Properties, during which it has aggressively focused on construction and contract delivery to trusted and quality contractors. DAMAC Properties have already delivered more than 3029 units into the market with projects at IMPZ (The Crescent), TECOM (Executive Heights), JLT (Lake View and Lake Terrace) and the Marina (The Waves and Marina Terrace) already been delivered and is expected to hand over approximately a further 7,100 units in 2009/10 across the GCC region.

In 2008 more than 18million man hours were worked across DAMAC Properties’ major sites and in keeping with this schedule are committed to having delivered 25 towers by the end of 2011.

The company has a diverse range of expertise that allows them to have a good oversight and management of all aspects of a project right from the acquisition of land, appointment of architects and designers, construction and sales to after sales service.

The company’s projects are located in the most desirable and exclusive locations and homes are built to a high quality specification that has become synonymous with the group. DAMAC Properties aims to develop projects that include residential, commercial and leisure facilities that will create an integrated community.

In addition to support services provided by the Dubai headquarters, the company’s comprehensive Customer Care Program provides solutions through its vast network with offices in the UAE, Jordan, Lebanon, UK, Egypt, KSA and Qatar.

For more information please contact: Niall McLoughlin, Senior Vice President - Corporate Communications, DAMAC. Tel: +971 4 04 3732190 ¦ Fax: 00 9714 3732335 ¦Mobile +971 50 6531824. emaiI: