November 23rd 2010: Luxury developer DAMAC Properties is getting down to business at Business Bay, casting slabs for almost 50% of its projects in a single week.

DAMAC Properties cast basement slabs at four of its nine projects currently under construction in Business Bay, (The Corner, Executive Bay, Capital Bay and Park Central.) "Once the slabs have been cast, construction tends to speed up quite significantly" said Niall Mc Loughlin, Vice President of DAMAC Properties. "Once we reach the first floor it should be a floor a week from there onwards, that's the general rule of thumb" he added.

DAMAC Properties is making impressive progress at Business Bay, with two office towers, Business Tower and XL Tower soon to be handed over, and piling works completed at three other projects, Commercial Square, Water's Edge and Business Central.

Four main contractors are building DAMAC Properties' nine projects currently under construction in Business Bay. Sun Engineering is the main contractor for Executive Bay and Capital Bay, Modern Building Construction Company is building Commercial Square, Water's Edge and Business Central, while Drake and Scull subsidiary, Gulf Technical Construction Company is the main contractor for Park Central and The Corner.  

"DAMAC Properties has demonstrated the construction efficiencies from having the   same main contractor   build   more than one project within close   proximity.    XL   Tower   and   Business Tower   were built   simultaneously   by   CSHK,   which accelerated the build time" said Mc Loughlin.

Business Bay will form the new commercial heart of Dubai, with stylish offices, executive residential apartments and some of the city's best amenities and transport links.

Commenting on DAMAC Properties' significant footprint in Business Bay, Niall Mc Loughlin said "It is a testament to foresight and strategic planning that DAMAC Properties will be in a position to offer customers a range of properties and options through our portfolio at Business Bay."

Dubai remains the most favoured location in the Middle East for multinational corporations to establish their regional headquarters. According to research by CB Richard Ellis, more than 30 percent of senior managers in the GCC, prefer Dubai for their head office, over all other cities in the region. "Dubai is well established as a regional trade and financial hub, and it has the infrastructure to support future development and growth. Other cities in the GCC are still a long way behind Dubai in providing the high standard of infrastructure required to sustain multinational corporations." said Mc Loughlin.

Business Tower and XL Tower are two of eight Dubai based projects that DAMAC Properties will hand over to customers by mid 2011. Included is the delivery of DAMAC Properties' signature Ocean Heights development at Dubai Marina and Park Towers at the DIFC.

DAMAC Properties has a proven track record of designing and developing world-class luxury projects across the Middle East, North Africa and the Levant. The name 'DAMAC' has become synonymous with superior quality and luxury lifestyle living. DAMAC Properties' commitment to completing its projects in Business Bay further cements the developer's position as one of the most highly regarded property developers in the region. 

Further information is available at www.damacproperties.com

-Ends-

DAMAC Properties, part of DAMAC Holdings 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.

2009 was labelled the 'Year of Construction' at DAMAC Properties, during which it aggressively focused on construction and contract delivery to trusted and quality contractors.  DAMAC Properties have already delivered more than 3500 units into the market with projects at IMPZ (The Crescent), TECOM (Executive Heights), JLT (Lake View and Lake Terrace) and the Marina (The Waves and Marina Terrace) already delivered and is expected to have handed over a further 3,971 in the next year.

In June 2010, DAMAC Properties further reinforced its position as a premium developer with the launch of DAMAC Tower in Beirut, Lebanon. A 28 iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home.

The company has a diverse range of expertise that allows them to have a good oversight and management of all aspects of a project right from the acquisition of land, appointment of architects and designers, construction and sales to after sales service.

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

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 2010