Construction Begins at DAMAC's Smart Heights

Company's second project in TECOM with sophisticated technology

Dubai, UAE, Sep 10th, 2007: DAMAC Properties, the largest private master developer and luxury lifestyle provider, has announced the commencement of construction work on schedule of 'Smart Heights' at TECOM. The project is scheduled to be completed by August 2009.

DAMAC was the first to announce an office tower within TECOM with the launch of Executive Heights. Smart Heights is the company's second project in TECOM.

Enabling works which included excavation and piling to clear way for infrastructure development was completed on 24^th July 2007. International Foundation Group (IFG), Dubai's foremost deep foundation specialists, was the enabling works contractor for Smart Heights. IFG stands as one of the leaders in the field of specialist geotechnical and foundation engineering.

ECC (Engineering and Contracting Company LLC), one the industry's leading contractors is now completely mobilized at site and will begin construction of 'Smart Heights' on schedule.

"While aiming to diversify the group's activities, we launched DAMAC Properties four and a half years ago, and today, the property company has grown tremendously to become the Middle East's most prominent luxury focused private sector master developer. We are delighted to have chosen ECC for the Smart Heights project and I am confident that this will be a unique offering that the industry will be proud off," said Mr. Hussain Sajwani, Chairman of DAMAC Holding.

Smart Heights will offer 288,000 square feet of state-of-the-art office space, 22,000 square feet of prime retail outlets, as well as 6 levels of parking. Other amenities include a healthcare and day-care centre. The project will offer businesses the ultimate in smart technology.

"Through Smart Heights, we are offering our clients the ultimate in convenience and comfort. Its highly sophisticated smart technology will provide companies with the facility to operate in one of the most efficient and effective business environments available today in Dubai. Going forward we plan to launch many such office developments in the markets that we currently operate in," said Peter Riddoch, CEO at DAMAC Properties.

Smart technology feature encompasses a smart card for controlled access anywhere in the building, smart lighting energy management system, smart technology featuring eye-biometric recognition, a fully automated boardroom and business lounge, along with a touch pad request and LCD screen response in smart elevators.

Furthermore, DAMAC Properties recently won three prestigious awards at the CNBC Arabian Property Awards 2006. Property developer bagged the best development award for 'Oceanscape', best architecture award for 'Ocean Heights 2' and the best website award for the company's website - www.damacproperties.com. In December 2006, the company also won the IREF ME award for the best residential development in the UAE.

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ABOUT DAMAC PROPERTIES:
DAMAC Properties is part of DAMAC Holding. The company was established in 2003 and has grown into one of the most successful residential, leisure and commercial developers in Dubai and the Middle East, and is expanding rapidly into North Africa, Jordan, Lebanon, Qatar and the Far East. The company's portfolio includes properties spread across 420 million square feet and is worth over AED15 billion. By partnering with world renowned architects and designers, DAMAC Properties aims to develop schemes that include residential, commercial and leisure facilities that will create an integrated community. The company's schemes are located in the most desirable and exclusive locations and the homes are built to a high quality specification that has become synonymous with the group. Driven by a passion for excellence, DAMAC Properties manage all their projects from start to finish. The company's diverse range of expertise allows them to control their land purchase activity, appointment of architects and designers, construction and sales and after sales service. In addition to support services provided by their Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its vast regional network with offices in the UK (London, Manchester and Glasgow), UAE, Iran, Russia, Jordan, Lebanon, Egypt, KSA and Qatar. DAMAC Holding has grown over the years from a specialist catering company established in 1982, into a multi-billion dollar corporation to become one of the largest organizations in the Middle East. For further information, please refer to www.damacgroup.com and www.damacproperties.com.

Media contact:
Faris Qavi,
Public Relations Manager,
DAMAC Properties

Tel: 00 9714 3756906
Fax: 00 9714 3311028
Email:faris.qavi@damacgroup.com

Agency Contact:
Ashutosh Gupta, PanGulf PR,
M: +97150 2834339
ashutosh@batespangulf.com