The on-site survey took place on 8 March 2007, 60 kilometers north of Hurghada. It was attended by a delegation of officials from the TDATDA as well as members of DAMAC Egypt's team.

DAMAC PropertiesDAMAC Properties, the Middle East's largest private-sector luxury property developer, sealed the Gamsha Bay agreement with the Egyptian government in December 2006. The land hand over is an essential step towards planning and implementing the project.

'We are very pleased with the onset of procedures towards the handover. This allows us to move forward with our development plans for Gamsha Bay,' said Mr Hussain Sajwani, Chairman and Founder of DAMAC Holding. 'The Egyptian authorities have been extremely supportive and we value the Egyptian government's confidence in DAMAC. In turn, we are very proud that the immense development plans outlined for Gamsha Bay will support the local economy and generate many employment opportunities for Egyptians,' he added.

Billed as the largest development in the region, the Gamsha Bay project will be implemented on an area covering almost 320 million square feet (30 million square meters) with total investments expected to reach US$ 16 billion over the next 10 years. It will offer residents a wide array of housing options, entertainment venues and recreational amenities including an innovative extreme sports adventure theme park.

'When we decided to expand regionally in 2005, we knew that Egypt would be an intrinsic part of our plans. We chose Gamsha Bay in particular from among a number of potential sites on the Red Sea for its unsurpassed natural beauty and we will work diligently ensure its preservation by implementing an environmentally conscious design,' said Mr Sajwani. 'The Gamsha Bay project will set the benchmark for real estate development in the region in line with DAMAC's consistent tradition of convenience and luxury,' he added.

DAMAC PropertiesDAMAC Properties won three prestigious awards at the CNBC Arabian Property Awards 2006. The property developer received the best development award for 'Oceanscape', best architecture award for 'Ocean Heights 2' and the best website award for the company's website. In 2005, the company was honored with three prestigious Bentley International Awards in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights-1 and Best Developer Website at a ceremony in London.

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ABOUT DAMAC PROPERTIES:
DAMAC PropertiesDAMAC Properties is part of DAMAC Holding. The company was established in 1996 and has grown into one of the most successful residential, leisure and commercial developers in Dubai and the Middle East, and is expanding rapidly into North Africa, Jordan, Lebanon, Qatar and the Far East. The company's portfolio of 52 towers is worth over US$ 4 billion. By partnering with world renowned architects and designers, DAMAC PropertiesDAMAC Properties aims to develop schemes that include residential, commercial and leisure facilities that will create an integrated community. The company's schemes are located in the most desirable and exclusive locations and the homes are built to a high quality specification that has become synonymous with the group. Driven by a passion for excellence, DAMAC PropertiesDAMAC Properties manage all their projects from start to finish. The company's diverse range of expertise allows them to control their land purchase activity, appointment of architects and designers, construction and sales and after sales service. In addition to support services provided by their Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its vast regional network with offices in the UK (London, Manchester and Glasgow), UAE, Iran, Russia, Jordan, Lebanon and Qatar. DAMAC Holding has grown over the years from a specialist catering company established in 1982, into a multi-billion dollar corporation to become one of the largest organizations in the Middle East. For further information, please refer to www.damacgroup.com.

Media contact:
Prem A. Ramachandran,
DAMAC PropertiesDAMAC Properties,
Tel: 00 9714 3322005
Fax: 00 9714 3311028

Agency Contact:
Sara Shamel, TRACCS
Tel: 00 202 3046860
Fax: 00 202 3031219