Al Habtoor awarded both contracts

Dubai, May 8, 2008: DAMAC Properties - the luxury lifestyle provider and Middle East's largest private sector master developer - has awarded an AED 13.5 million contract for enabling works at its Park Central and Capital Bay Tower projects at Business Bay, the nerve centre of business in Dubai.

The contracts have been given to Al Habtoor Engineering Enterprises - one of the leading names in construction and engineering field in the region.

Commenting on the contracts, Hussain Sajwani, Chairman of DAMAC Holding, said: "We at DAMAC Properties take extreme care that our projects are executed and handled by well-known and experienced contractors to ensure that there is no compromise on the quality aspects of our properties. We are pleased to join hands with Al Habtoor Engineering, which is ranked first in the field of building construction and engineering."

Park Central and Capital Bay are commercial towers at Business Bay, comprising state-of-the-art office spaces as well as exquisite retail and recreational facilities.

Park Central is a 17-storey office tower with beautiful and serene landscape. The design and layout of the offices provide fantastic lake views from three sides of the tower and offers the varied range of facilities and amenities.

Complementing Park Central, Capital Bay is a 19-storey office tower that provides an exclusive world of boutique retail space on the ground level with parking at four levels.

The towers offer a well-designed workplace with innovative state-of-the-art facilities like swipe access, hi-speed internet, business lounge, reception desk and 24-hr security with security cameras.

Peter Riddoch, CEO of DAMAC Properties, said: "DAMAC projects have been well accepted by the customers as they showcase great ambience and are centrally located. Our projects in Business Bay have seen a considerable increase in their annual appreciation value and create perfect investment opportunities. Park Central and Capital Bay will offer the best of luxury with comfort and elegance woven into the finest detail and we are happy to team with Al Habtoor to extend world-class commercial amenities."

DAMAC Holding has now grown into a global conglomerate with more than 7000 employees in 18 countries. Being one of 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.

Further information is available at www.damacproperties.com

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About DAMAC Properties
DAMAC Properties is part of DAMAC Holdings. DAMAC Properties was established in 1995 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, Saudi Arabia and the Far East.

The company's portfolio includes properties spread across 500 million square feet and is worth in excess of US$30 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 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, Reading, Leicester, Birmingham and Glasgow), Ireland, Italy, UAE, Russia, Jordan, Lebanon, Egypt, KSA and Qatar.

The parent company, DAMAC Holdings, 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.damacproperties.com

For more information please contact:
Niall McLoughlin, Senior Vice President
Corporate Communications, DAMAC
Tel: +971 4 3322005 Ex 383
Fax: 00 9714 3311028
Mobile +971 50 6251329
emaiI: niall.mcloughlin@damacgroup.com

© Press Release 2008