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Damac Properties hits construction milestones in Jordan

Amman, 2^nd October 2011: DAMAC Properties , one of the largest private developers in the Middle East, has announced it has reached key construction milestones across its four projects in Amman, Jordan.

The main contractors United Engineering Construction (UNEC) and El Concorde Construction have completed level twelve of "The Heights," as well as the ground floor for "Lofts at the Heights" and the fourth basement slabs for both "The Courtyard 1 & 2."

" DAMAC Properties has been extremely pleased with how rapidly construction is advancing across all of our Jordan construction sites. We appointed the new main contractors in April, and they have been making very impressive progress" said Niall Mc Loughlin, Senior Vice President of DAMAC Properties .

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 Lofts at the Heights," is an executive residence, which sets a new benchmark for modern living. "The Courtyard 1 & 2" earns their appeal from their open-air rooftop terraces, where residents can take time out from their hectic work schedules.

Jordan's property market has been slowly recovering from the global downturn, with the help of government incentives aimed at stimulating the sector. As part of a raft of measures, the government is now exempting the first 150 square meters of residential apartments sized 300 sq/m from registration fees.

The registration concession has been coupled with an easing of bank lending, which has made access to credit facilities the easiest in three years. In a recent Reuters report, President of the Housing Investors Society Zuhair Omari believes the combination of factors will likely trigger significant growth in the real estate industry in the fourth quarter.

Jordan's economy is outperforming most developed nations, and is expected to expand 3.5% in 2011, according to the IMF, after growing 4.15% in 2010.

"Jordan's real estate market is a solid long term investment prospect. Economic growth is stable and sustainable, and the government incentives are already working to boost confidence in the property market. DAMAC Properties is extremely optimistic for the outlook for property in Jordan" Mc Loughlin concluded.

DAMAC Properties is an internationally recognised, luxury-focused, high-end developer. With a proven track record for delivering some of the most luxurious residential properties across the Middle East region, the developer is well capitalised and has the vision and momentum to provide solid investment opportunities for customers across all the markets in which it operates.

Further information is available at www.damacproperties.com

DAMAC Properties 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.

DAMAC Properties has completed 36 buildings to date with 7374 units and spanning 13,132,484.00 sq feet with projects in Dubai such as The Crescent and Lago Vista at IMPZ, Executive Heights and Smart Heights in TECOM, Park Towers in the DIFC, Lake View and Lake Terrace at Jumeirah Lake Towers, Business Tower and XL Tower at Business Bay, Emirates Gardens and Tuscan Residences in Jumeirah Village and Ocean Heights, The Waves and Marina Terrace at the Dubai Marina.

DAMAC Properties also has a further 50 buildings at various stages of progress across the Middle East, North Africa region. These consist of 9849 units, spanning 16,886,151.00 sq feet.

In June 2010, DAMAC Properties further reinforced its position as a premium developer with the launch of DAMAC Tower in Beirut, Lebanon. A 28 storey iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home. This was followed by the DAMAC Residences with Interiors by Versace Home, launched in Jeddah, Saudi Arabia in June 2011.

The company's projects are located in the most desirable and exclusive locations and are built to the highest quality specification that has become synonymous with the group. DAMAC Properties ' develop projects that include residential, commercial and leisure facilities that 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.

Further information is available at www.damacproperties.com

-Ends-

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