Main contractors due on site this month

Dubai, UAE, Oct 19th 2008- Leading property developer DAMAC Properties Dubai has announced that enabling works at two of its developments at Business Bay have been completed.

Work to carry out shoring piles and excavation in readiness for construction of the two properties at Capital Bay and Park Central has now finished and the areas are now ready for main contractors to move on site this month. DAMAC Properties Dubai has already awarded main contracts worth AED390million for both projects to Al Nekhreh Contracting Co. LLC.

Both Capital Bay and Park Central offer commercial space at the heart of Business Bay. At the 17-storey Park Central tower, people will be able to make the most of the working day with a shopping arcade and cafes on site. In addition both outdoor and indoor leisure facilities are on offer including a gym and also an opportunity to enjoy walking around the nearby lake. Similarly at its two tower development at Capital Bay, DAMAC Properties is offering people a location right at the heart of business in Dubai.

CEO of DAMAC Properties Dubai Peter Riddoch commented that the positive progress on these two developments was indicative of the company's determination to push forward at all of its locations in Dubai.

'We have completed our enabling works on time and now look forward to the arrival of the main contractors on site to commence the construction phase of these two striking projects,' he said.

'Business Bay truly represents the ambition and dynamism of Dubai by creating a hub for modern and forward looking companies to work in. The whole area will have vibrancy about it and we are delighted to have several projects at the heart of this cosmopolitan new business environment.'

In addition to Park Central and Capital Bay, DAMAC Properties Dubai also has several other projects underway at Business Bay with contractors at  its XL Tower development due to undertake the ground floor concrete pour in the next few weeks.

Mr Riddoch added:' Our entire range of properties at Business Bay will reflect the different styles and design capabilities we have as a company and we look forward to more progress at each of our towers in the coming months.'

2008 has been the 'Year of Construction' at DAMAC Properties, during which its businesses have aggressively focused on construction and contract delivery to trusted and quality contractors. In line with this, the company is making good progress at its major developments and has recently handed over 571 units at Lake Terrace in Jumeirah Lake Towers in Dubai and with the promise of delivery of 192 units at the Executive Heights project at TECOM in Dubai, 198 units in its Tera Del Sol developments in Discovery Gardens in Dubai, 536 units at LakeView in Jumeirah Lake Towers in Dubai and 847 units at The Crescent, located at IMPZ in Dubai, all before the end of 2008.

Approximately a further 7,100 units are planned for handover in 2009/10 across the region.

Further information is available at www.damacproperties.com 

-Ends-

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