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Daman Investments announces the establishment of Buildan Development Limited

US$ 180m company is purpose built for projects in Al Maktoum International Airport Jebel Ali
Dubai-UAE: Daman Investments PSC announces the successful launch of Buildan Development Limited ("Buildan"), a UAE-focused investment holding company with an initial capitalization of US$ 180 million. The company has nine founding partners of which Daman Investments is one. The partners are GCC based (from Iraq, Kuwait, Saudi Arabia, UAE) and are a mix of private and public sector institutions as well as high net worth individuals.

Buildan is a venture capital company that aims to become a leading developer and investor in aviation and logistics related businesses as well as real estate projects located primarily within and in the vicinity of the new Al Maktoum International Airport developed by Dubai World Central at Jebel Ali. Buildan will work through direct investment, partnerships, venture capital and infrastructure investments. Already in operation, Buildan is fully staffed and set up with projects in the pipeline, some of which are nearing completion. Major projects will be announced in mid October, 2008.

Commenting on why this company was established, Mr. Shehab Gargash CEO of Daman Investments said: "Buildan was created to participate in very early entry opportunities which we recognized when the new Jebel Ali area airport (now Al Maktoum International Airport ) was announced. Conceived as a holding company that will act directly or through special purpose vehicles, Buildan is a very early strategic investor within this new infrastructure city and international logistics hub currently being developed with costs estimated at US $33 billion.

Mr. Gargash added: "We believe that Buildan is yet another example of Daman 's ability to bring premium financial products to life with enhanced investor value. We are proud to be a pioneer investor in this important infrastructure and logistics hub which will change the face of transportation and tourism in the region. "

When asked about future projects and long term planning Mr. Gargash replied: "As the business evolves, Buildan will naturally require a broader capital base. We foresee that we may consider an IPO within a 4-5 year time horizon."

Speaking on behalf of Buildan, Mr. Ahmad Al Matrooshi, Strategic Project Manager said: "We have had the opportunity to work closely with Dubai World Central and their highly professional team from a very early stage of the project. This enabled us to bring value as a private sector contributor to this impressive initiative."

Al Maktoum International Airport will house 6 integrated clusters and become the largest, most technically advanced new international airport in the world. Mr. Al Matrooshi continued: "Although a very young company, Buildan is built upon a clear vision with well defined goals backed with a team of seasoned investment professionals. With our specific geographic and sector development focus, the company will benefit from its early mover advantage."

Buildan's initial focus and primary objectives are the development of assets and operating businesses located primarily in the Al Maktoum International Airport area located in Jebel Ali, Dubai. These businesses may include specialized airport facilities, long-term investments in the airline industry and freehold purchases of commercial property, warehousing or logistics property as well as specialized airport facilities and residential property.

-Ends-

About Daman Investments PSC (www.daman.ae)
Daman Investments PSC is a private joint stock company based in Dubai and capitalized at AED 200 million.

From its early beginnings in 1998, the group has grown rapidly into a non-bank financial services company now widely recognized as an authority in its core markets, the Gulf Cooperation Council and Iraq. Known for offering innovative investment products and services to both regional and international clients, Daman provides investment management and development capital investment opportunities as well as domestic and regional brokerage operations through its subsidiaries. Daman is committed to the principles of ethical business practice and operational transparency. All of Daman 's various operations are regulated by the United Arab Emirates Central Bank, the Emirates Securities and Commodities Authority (ESCA) and the Dubai Financial Services Authority (DFSA). Daman is well positioned for its clients as their gateway to the new Arab World economy.

About Buildan Development Limited (www.buildan.com)
Buildan Development Limited was formed on July 19, 2006 under Cayman Island law for the purpose of developing or participating in diverse projects or businesses which, directly or indirectly, have a link with the new Al Maktoum International Airport (the new Jebel Ali Airport City). A venture capital company, Buildan aims to become a leading developer and investor in aviation and logistics related businesses as well as real estate projects and will work through direct investment, partnerships, venture capital and infrastructure investments. These projects will be located within and around the new Maktoum International Airport (Jebel Ali International Airport Free Zone), the future home to the world's newest state of the art international airport and global logistics hub, Buildan will actively develop innovative projects through direct investment, partnerships, venture capital and infrastructure investments.

About Dubai World Central (www.dwc.ae)
Dubai World Central (DWC) is a 140 square kilometre urban aviation community centred around the world's largest international airport. Currently being built 40 kilometres from the existing Dubai International Airport the project is almost twice the size of Hong Kong Island.

DWC creates a new benchmark in urban planning and destination living designed to support Dubai's aviation, tourism, commercial and logistics requirements until 2050 and represents one of the most important developments in the history of the United Arab Emirates.

Eventually home to 900,000 people, DWC will be true 'city-within-a-city' with all the amenities that make up a world-class residential destination.

DWC , with infrastructure costs estimated at US $33 billion, comprises six specialized clustered zones: Al Maktoum International Airport , Dubai Logistics City (DLC), DWC Commercial City, DWC Residential City, DWC Aviation City and DWC Golf City.

DWC is endorsed by the Government of Dubai and is chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai City of Aviation Corporation - Dubai World Central , Government of Dubai.

About Dubai World Central components:
Al Maktoum International Airport when completed will be the world's biggest passenger and cargo hub, with a capacity of 120 million passengers and more than 12 million tonnes of cargo annually. The airport will have six parallel runways and as many concourses with a 91 metre high control tower that will be an aviation landmark in the Middle East.

DWC Aviation City will be the region's premier centre of excellence for aviation manufacturing, MRO, aviation support services and consultancy, research and development, training, aviation products and parts and high tech industries. It is a unique concept to establish a complete aviation cluster in one area to cater to the region's aviation growth. It is strategically located to provide clients access to emerging markets as well as servicing the fast growing Middle East market.

Dubai Logistics City will be part of the world's first truly integrated multi-modal logistics platform in a single-bonded free zone environment made up of DLC, JXB and Jebel Ali Port. It is designed as the region's unchallenged logistics hub catering to some two billion people throughout the Middle East, Indian Sub-continent, Africa and the CIS, all within three-to-four hours flying time from Dubai.

DWC Commercial City will be DWC 's business and finance hub featuring more than 850 towers, ranging from 1 - 45 storeys in height. The city, expected to employ 130,000 people, will also boast 25 hotels ranging from deluxe, through to five-star, four-star and three-star properties.

DWC Residential City will include a mix of five-ten storey mid-cost apartment blocks. Up to 250,000 people are expected to live in this 'city'. A special staff village will house blue-collar workers within high-quality accommodation.

DWC Golf City will feature two 18-hole golf courses, extensive practice facilities, driving ranges, putting greens, a luxury clubhouse with restaurants and a pro-shop. Over 5,000 freehold homes will surround the courses. The resort will also feature a high-end boutique hotel.

For further details please contact:
Daman Corporate Communications
Tel: 971 4 332 41 43
Fax: 971 4 332 42 40
corpcomm@daman.ae

Or, Yasser Fathy/ Walid El-Tigi
Arabia PR FZ LLC
Tel: + 971 4 391 12 00
Fax: + 9714 390 45 11
yasser@arabiapr.com; walid@arabiapr.com
www.arabiapr.com

© Press Release 2008