DAMAC pioneers by launching the first residential project at the International Media production Zone

Dubai, June 9th - Senior Executives from DAMAC Properties and the International Media Production Zone (IMPZ) recently held a groundbreaking ceremony to mark the beginning of construction on "The Crescent", DAMAC's first project to be unveiled on the IMPZ master planned development. The property company pioneered, once again, by being the first to launch a residential undertaking within the International Media Production Zone.

DAMAC Properties Chief Executive Officer, Peter Riddoch, DAMAC Projects Senior Vice President, Ian Ward, along with Hamed Hureiz, Executive Director, and Fahad Harab, Operations Manager at IMPZ attended the ground breaking ceremony on The Crescent construction site.

Due to its strong belief in IMPZ, DAMAC Properties ventured in 11 plots of lands to develop exquisite real estate projects, going forward.

"The International Media Production Zone is due to become a highly dynamic media hub with an extensive number of residents. Our significant investment in IMPZ is a result of our belief in the project and the fact that it is due to develop into one of the leading residential undertakings in Dubai, said Peter Riddoch, CEO at DAMAC Properties.

He added: "we perceive the International Media Production Zone to be a solid partner and will announce a number of stunning residential projects on IMPZ in the future."

The International Media Production Zone (IMPZ), launched in July 2003, is the first dedicated trade zone created in the region for media-related production activities. The new initiative provides a highly pro-business environment and a complete technology and community infrastructure to support and foster the growth of media production.

Hamad Huraiz spoke of the importance and impact of the groundbreaking ceremony: "IMPZ is a unique proposition with its comprehensive offerings of commercial, residential and leisure projects. While it is true that this free zone will be the world's largest community for the printing, packaging and publishing (3P) industries, it is a lesser-known fact that IMPZ will also offer numerous lifestyle opportunities within its environs.

"The launch of this new residential project by DAMAC underlines IMPZ's mission to offer a comprehensive and complete environment to support the 3P industry. It is not just about infrastructure, but also about opportunities, facilities, amenities, and a comprehensive lifestyle," he stated. Huraiz added that DAMAC's launch was the latest in a progress chart of developments at IMPZ, which is running on schedule to launch in 2008.

The Crescent will encompass a plethora of residential and leisure amenities. It includes 704-luxury studio, one, and two bedroom apartments with breathtaking views over a large man-made lake. The project offers a wide range of restaurants, as well as ample parking space for residents, a swimming pool, tennis court, squash court, gymnasium, 24 hours security and maintenance.

"Designed to suit many different discerning tastes, each apartment at The Crescent will be built according to the highest specifications and design using the best materials. We have worked very closely with New York based architectural firm, BM Design Group, and local consultant Al Gurg & Associates, to ensure that each apartment offers every modern amenity in a chic and homely setting," commented Riddoch

The property company was recently honored with three prestigious Bentley International Awards 2005 in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (www.damacproperties.com) at a ceremony in London on 4 November 2005.

The Bentley International Property Awards, now entering their 11th year, have been described as the 'Oscars' of the property industry. The aim of the awards is to distinguish the highest levels of achievement in a range of property-related fields. Categories cover a wide range of property and real estate related activities and services, including Development, Interior Design, Architecture, Property, Advertising, Marketing, and Estate Agency Services.

The total value of DAMAC Properties' projects is over AED 10 Billion. It is a subsidiary of the DAMAC Group established in 1982. An accredited ISO 9002 company, the DAMAC Group has now grown into a global conglomerate with more than 5000 employees in 16 countries. Being the first private sector Company to make a commitment to Dubai's real estate market, DAMAC properties has become the market leader with a strong sales record to its credit.

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© Press Release 2006