MENA April 3rd 2012: The Middle East's largest private developer DAMAC Properties has announced it has completed the first phase of its Cairo shopping mega mall.

Park Avenue on Cairo Alex Desert Road will be Cairo's premier boutique retail and commercial destination, with 657 retail units and 84 office units over 120,625 sqm of developed land. There is also provision for 2,050 parking spaces.

"DAMAC Properties is now a mall developer. We have built thousands of residential, office and retail units all across the MENA region and now with Park Avenue mega shopping mall we are a certified retail developer. This is a huge milestone for us" said Niall Mc Loughlin, Senior Vice President of DAMAC Properties.

The complex will host a selection of fashion boutiques as well as a multitude of stores from furniture and home accessories to jewellery, electronics and giftware. In addition there will be a range of fast food outlets, trendy cafes and restaurants, many with al fresco dining.

"Selecting the right location is extremely important for food and beverage operators like us. We looked at the demographics of Cairo, and the expected footfall of the Park Avenue Mall, and are excited about the future prospects for our cafe" said Omar Islam Shalaby from Coffee Bean, one of the F&B tenants.

As a high-end shopping destination, Park Avenue will also accommodate luxury showrooms for cars and boats, with international auto brands already confirmed to occupy spaces.

For convenience, local and international banks as well as exchanges will be situated within the compound. Additional services will include pharmacies, optical and travel agencies.

"We already have an impressive list of international brands moving to Park Avenue. There are more than 200 fashion stores, over 50 furniture and home-ware shops, as well as a plethora of small boutiques" commented Mc Loughlin.

The project is designed to have five intersecting zones, which cover a development footprint of 48,250 sqm. The design concept follows that each zone is surrounded by lush landscaped gardens and linked by outdoor avenues to create a seamless transition between the indoor and outdoor shopping experience.

"We didn't want to build just another shopping mall, we wanted to create a lifestyle destination where people come with their friends and families to enjoy the landscaped grounds, have a coffee in the al fresco cafes and lose themselves in the tranquillity of the gardens" said Mc Loughlin.

Ten minutes from the pyramids of Giza, 30 minutes from downtown Cairo and 45 minutes from Cairo International Airport, Park Avenue will be an exclusive world of boutique retail and office space which will inevitably become a favourite destination for people to work, shop and enjoy the surrounds with friends & family.

With the retail and office tenants now beginning their fit outs, the grand opening of the mall to customers will only be a short while away.

"The opening of the Park Avenue Mall will be an extravagant affair. We are very much looking forward to revealing our luxury mega mall to the world. It will be a grand and impressive shopping complex which will become one of Cairo's preeminent landmarks" Mc Loughlin concluded.

With 36 buildings, including 7374 units completed to date, DAMAC Properties has a proven track record for delivering some of the most luxurious real estate in the MENA region. The addition of Park Avenue Mall to its list of completed projects represents an extension of its international award winning property development portfolio.

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DAMAC Properties 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.

DAMAC Properties has completed 36 buildings to date with 7374 units and spanning 13,132,484.00 sq feet with projects in Dubai such as The Crescent and Lago Vista at IMPZ, Executive Heights and Smart Heights in TECOM, Park Towers in the DIFC, Lake View and Lake Terrace at Jumeirah Lake Towers, Business Tower and XL Tower at Business Bay, Emirates Gardens and Tuscan Residences in Jumeirah Village and Ocean Heights, The Waves and Marina Terrace at the Dubai Marina.

DAMAC Properties also has a further 50 buildings at various stages of progress across the Middle East, North Africa region. These consist of 9849 units, spanning 16,886,151.00 sq feet.

In June 2010, DAMAC Properties further reinforced its position as a premium developer with the launch of DAMAC Tower in Beirut, Lebanon. A 28 storey iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home. This was followed by the DAMAC Residences with Interiors by Versace Home, launched in Jeddah, Saudi Arabia in June 2011.

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

Further information is available at www.damacproperties.com

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

Parisa Ansarian / Tameem Alkintar, ASDA'A Burson-Marsteller, Dubai, UAE

Tel: 971-4-4507600 │Fax: 971-4-4358040 │Email: p.ansarian@asdaa.com/ t.alkintar@asdaa.com

© Press Release 2012