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DAMAC Properties Awards Main Contract in Jordan

Fast track construction for Abdali projects

Luxury developer DAMAC Properties has announced it has awarded the main construction contract for the completion of its projects in Amman, Jordan to United Engineering Construction (UNEC) and El Concorde Construction .

The joint venture between United Engineering Construction (UNEC) and El Concorde Construction will see them complete DAMAC Properties ' Jordan developments, which include the Heights, Lofts at the Heights and The Courtyard 1 & 2.

"Main works will recommence at the site immediately, and DAMAC Properties ' expects construction to accelerate from this point forward" said Niall Mc Loughlin, Senior Vice President DAMAC Properties .

UNEC , a highly reputable ISO 9001: 2008 certified full-service construction company has more than 36 years of industry experience. It has an impressive track record of work which includes multi-storey residential buildings, mosques, luxury villas and shopping malls.

UNEC 's Jordanian partner El Concorde Construction has been active in Jordan's construction industry for more than three decades, providing engineering and construction services to both the public and private sectors.

UNEC and El Concorde Construction will work with the well known consultant Dar Al-Omran, the Jordan-based consulting firm, which has distinguished itself through its expertise in culturally sensitive design work.

" DAMAC Properties is confident we now have the right mix of expertise to propel our Amman projects forward, and complete them to our high standards of quality and luxury" Mc Loughlin added.

DAMAC Properties ' projects in Jordan are situated at the gateway to the Abdali master plan. The Heights in Jordan is a luxury 35-storey residential tower, which is positioned alongside a piazza, making it a focal point for social gatherings and community events. The Courtyard earns its appeal from its open-air rooftop terrace, where residents can take time out from their hectic work schedules. The last of the projects in Jordan, the Lofts at the Heights, is an executive residence, which sets a new benchmark for modern living.

Jordan's property market has been staging a recovery, with official government figures confirming property prices in some parts of the capital, Amman, rose 20 per cent in 2010. The property market is expected to continue to strengthen this year according to Zuhair Omari, President of the Housing Investors Society.

Jordan's economy is expected to expand 4.5% in 2011, according to the IMF, after growing 4.15% in 2010. Mc Loughlin commented; "Jordan's economy is powering along, and DAMAC Properties is very optimistic about the outlook for the property market, given the country's strong financial and economic position."

DAMAC Properties will be delivering seven major projects over the next 12 months, and currently has more than 12,000 units at various stages of construction across the MENA region. In the last 12 months DAMAC has awarded new contracts to the value of $1billion including 15 main contracts in Dubai, two main contracts in Abu Dhabi and one main contract in KSA.

DAMAC Properties ' core focus for 2011 will be construction and delivery of its projects across the MENA region, with a strong emphasis on satisfying customers.

Further information is available at www.damacproperties.com

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.

2010 was labelled the 'Year of Construction' at DAMAC Properties , during which it aggressively focused on construction and contract delivery to trusted and quality contractors. DAMAC Properties have already delivered 4239 units into the market with projects at IMPZ (The Crescent), TECOM (Executive Heights), JLT (Lake View and Lake Terrace) and the Marina (Ocean Heights, The Waves and Marina Terrace) already delivered and is expected to have handed over a further 7 towers comprising 3387 units in 2011.

In June 2010, DAMAC Properties further reinforced its position as a premium developer with the launch of DAMAC Tower in Beirut, Lebanon. A 28 iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home.

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, Egypt, KSA and Qatar.

-Ends-

Further information is available at www.damacproperties.com

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: niall.mcloughlin@damacgroup.com

© Press Release 2011