Contract worth AED120m will give twin towers a modern high performance glazed finish

Dubai May 26th, 2009 - Luxury lifestyle provider DAMAC Properties, has announced that cladding has commenced on its iconic twin tower development at DIFC- Park Towers - with construction also continuing at pace.

Park Towers is now approaching the 25th floor in the North Tower with the South Tower at the 22nd storey. Both towers are now clearly visible on the DIFC skyline. In addition the glass and aluminum cladding which will give the building its eye catching fully glazed façade has now commenced on site with contractors Arabian Aluminium starting to work from the 13th floor of the towers down.

The cladding contract is valued at AED 120million and DAMAC Properties is delighted to have secured the services of Arabian Aluminium - who are currently also carrying out the cladding for the Burj Dubai. The external finish will comprise intricate double glazed triangular panels set in aluminium framing.

Construction of Park Towers' two distinctive shaped buildings is due to be completed by the beginning of 2010. The development is DAMAC Properties' only project at the rapidly expanding financial centre of Dubai and will offer more than 400 apartments in a range of sizes. Thanks to its glazed finish each apartment at Park Towers will offer stunning uninterrupted views of the growing DIFC landscape.

In addition to the construction progress achieved at Park Towers recently, the building has also notched up the accolade of completing five million man hours of construction without a single lost time incident on site since work began. To mark this milestone, contractors Shapoorji Pallonji were presented with a special certificate by DAMAC Properties' Health, Safety and Environment Manager in recognition of their efforts.

Commenting on the progress at Park Towers, CEO of DAMAC Properties Peter Riddoch said: 'It is fitting that we should record a double achievement on our twin tower building - with the 25th floor now in sight and cladding on the outside of the building already under way.

'Park Towers will be a truly stunning building when it is finished and the cladding is an integral part of its striking design. We are delighted to be working with Arabian Aluminium on this part of the project and also commend the solid progress shown by our main contractor Shapoorji Pallonji - which is even more commendable in the light of their impressive safety performance on site as well.

'To have reached the impressive milestone of five million man hours since construction began without a single Lost Time Incident is a testament to the teamwork and co-ordination on site among all the staff and I want to thank them for the efforts they have made.'

DIFC is one of the world's fastest growing international financial centres and aims to develop the same stature as New York, London and Hong Kong. It primarily serves the vast region between Western Europe and East Asia and since it opened in September 2004, has attracted high calibre firms from around the globe as well as the GCC region.

Mr Riddoch added: 'To be able to live at the heart of a financial district and be at the centre of the action with stock markets, banks and financial institutions just minutes away is both convenient and important to the people who work in this sector.

'However to combine with this with well designed apartments set in lush green landscaping with walkways and water features helps to creates an ambience of home and a sense that you can still get away from the stresses of every day - even in the middle of a buzzing city like Dubai.'

In addition to offering freehold residential units for both UAE nationals and expatriates, Park Towers will feature ten floors of commercial space - three for shops and seven which will offer state of the art offices. In addition it will have excellent connectivity with direct pedestrian access to the DIFC retail spine and financial centre and within easy walking distance of the several metro stations that will ultimately serve the area. By car the Sheik Zayed or Al Khail roads are minutes away.

There will also be a number of hotel type services which will be available for residents including a restaurant, room service, regular housekeeping and also individual post boxes. A residents health club with tennis court, saunas, steam rooms, swimming pool, gym and crèche will also be on site along with a children's playground and designated barbeque area within the landscaped gardens.

Mr Riddoch said that the progress at Park Towers was now typical of the emphasis being placed on delivery by DAMAC Properties at all of its major sites.

He said: 'We are working hard with our contractors to ensure they understand how important it is for us to move forward in a positive direction together. This sends out a strong signal to customers that it really is business as usual.'

Further information is available at www.damacproperties.com

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For more information please contact:
Niall McLoughlin, Senior Vice President - Corporate Communications, DAMAC
Tel: +971 4 3732190
Fax:+ 971 4 373 2335
Mobile +971 50 6531824
emaiI: niall.mcloughlin@damacgroup.com

© Press Release 2009