60% of Superstructure in DAMAC Towers by Paramount Hotels & Resorts Completep;

Four Tower Luxury Project in the Burj Area to be Finished Next Year - Three Other Paramount Hotels and Resorts-Branded Properties all Under Development

Dubai, United Arab Emirates: 6 May 2015: Luxury real estate developer DAMAC Properties is turning Hollywood glamour into a reality with extensive construction on its Paramount Hotels & Resorts branded projects across the region.

The company has confirmed that 60% of the superstructure works of the iconic DAMAC Towers by Paramount Hotels & Resorts project in the Burj Area is now complete. Speaking at the Arabian Travel Market (ATM) in Dubai, executives confirmed that work has reached the 28th level, in less than two years of construction.

Development on the US$1.35 billion project has been moving forward at a good pace and already the core walls at the four towers have been cast with construction moving at an average of a floor a week on each tower.

In addition, DAMAC Properties has topped out its major DAMAC Tower by Paramount Hotels & Resorts hotel residences in Riyadh, KSA, construction is underway on its DAMAC Villas by Paramount Hotels & Resorts luxury living within its AKOYA by DAMAC master community and work has started on the Paramount Hotel, Jumeirah Waterfront in Dubai Maritime City.

The DAMAC Towers by Paramount Hotels & Resorts luxury project, which will stretch 250 metres into the air includes more than 1,800 units comprising approximately 1,000 one-, two- and three-bedroom hotel apartment suites and circa 800-key, 5-star Paramount Hotel & Resorts Hotel.

"DAMAC Towers by Paramount Hotels & Resorts has seen a significant acceleration in the construction in recent months, despite the fact that the project is one of the largest and most complex in Dubai," said Niall McLoughlin, Senior Vice President, DAMAC Properties. "The exciting development will provide a unique lifestyle bringing to life the class and style of Hollywood for the first time in the Middle East."

"DAMAC Towers by Paramount Hotels & Resorts is already an iconic development coming up in the Burj Area and we look forward to opening the first ever Paramount Hotel & Resort anywhere in the region by the end of next year."

The project provides a wide range of restaurants set within a glamorous environment, including the Italian restaurant - an authentic Italian to make you feel you are sitting in a set from the Godfather.

On the ground floor is a Lebanese-style restaurant, which leads up to the Uber lounge with Shisha and All Day Dining. There is also a Family friendly kid's buffet and a special Asian buffet area.

Access to the Paramount movie library of more than 3000 films, a private screening room and creative usage of transformational elements like digital signage, media mapping and lighting effects throughout the public areas are planned along with accents of local colour.

DAMAC Properties has numerous projects with Paramount Hotels & Resorts across the region. In addition to DAMAC Towers by Paramount Hotels & Resorts, the companies are also collaborating on the Paramount Hotel, Jumeirah Waterfront in Dubai, DAMAC Tower by Paramount Hotels & Resorts in Riyadh, Saudi Arabia and DAMAC Villas by Paramount Hotels & Resorts in the AKOYA by DAMAC Master Development off Umm Suqeim Road in Dubai.

DAMAC Properties is showcasing its latest hotel apartment projects, throughout the ATM exhibition running until 7th May at the Dubai World Trade Centre.

As of March 31st 2015, DAMAC Properties has delivered almost 14,000 homes and has a development portfolio of over 37,000 units at various stages of progress and planning.

Further information is available at www.damacproperties.com

DAMAC Properties has been at the forefront of the Middle East's luxury real estate market since 2002 - bringing luxury living experiences to residents from all over the world. Making its mark at the highest end of stylish living, DAMAC Properties has cemented its place as the leading luxury developer in the region, offering iconic design and the upmost quality. The company's footprint now extends across the Middle East with projects in the UAE, Qatar, Saudi Arabia, Jordan and Lebanon.

As of March 31st 2015, DAMAC Properties has delivered almost 14,000 homes and has a development portfolio of over 37,000 units at various stages of progress and planning.

The company is listed on the Dubai Financial Market (DFM). The company also issued a US$650 million five year Sukuk on NASDAQ Dubai in April of 2014, which was more than four times oversubscribed and was placed with institutional investors across Europe, the Middle East and Asia.

As a leading player in the market, DAMAC Properties has joined forces with some of the most recognisable fashion and lifestyle brands in the world to bring new and exciting living concepts to the market. Projects include a Tigers Woods designed golf course which will be managed by The Trump Organisation, luxury apartments with interiors by Italian fashion-house Versace, luxury apartments and villas with interiors by FENDI and uniquely conceptualised Paramount Hotels and Resorts to bring serviced living at it most opulent.

The company is also developing two of the most anticipated luxury master communities in Dubai - AKOYA by DAMAC and AKOYA Oxygen. With a combined square footage of almost 100 million sq ft, the two distinct projects bring luxury villas within lush green surrounds to the doorstep of those looking to escape the city lights in a private, serene environment.

Running through the heart of each project will be an 18-hole Championship Golf Course - The Trump International Golf Club, Dubai designed by Gil Hanse at AKOYA by DAMAC and The Trump World Golf Club, Dubai, designed by Tiger Woods. Both courses will be managed by the Trump Organisation, offering the highest levels of white glove service.

Each project will house the highest luxury villas and apartments currently available on the market, with branded living concepts available within AKOYA by DAMAC from Paramount Hotels & Resorts and FENDI. The Trump Estates mansions also offer a truly indulgent lifestyle, with panoramic views across the course.

As a global leader in branded real estate, the company is also developing a US$1.35 billion hotel and luxury serviced residences in the Burj area of Dubai, called DAMAC Towers by Paramount, which will comprise the first Paramount hotel and serviced residences in the region.

DAMAC Properties' hospitality portfolio will extend to reach around 13,000 units of hotel rooms, serviced hotel apartments and serviced villas. The company's pipeline of hospitality projects are operated under the DAMAC Maison Hotels & Resorts and NAIA Hotels & Resorts brands.

With vision and momentum, DAMAC Properties is building the next generation of Middle East luxury living.

Further information is available at www.damacproperties.com or join DAMAC Properties on Facebook, Twitter (@DAMACOfficial) and YouTube. 

For more information please contact: Niall McLoughlin, Senior Vice President - Corporate Communications, DAMAC. Tel: +971 4 3731000 │ Fax: 00 9714 3732335 │Email: niall.mcloughlin@damacgroup.com 

© Press Release 2015