Dubai, UAE, 27th July 2009: Luxury lifestyle provider DAMAC Properties has announced that the structural works of all three towers of its Lago Vista development at the International Media and Production Zone (IMPZ) have been completed.

Structural work at the three tower development has now been completed with the domed roof work in progress on two of the three towers. In addition cladding on the outside of the buildings has reached the lower roof level whilst inside mechanical, plumbing and electrical works are already at the top floor.

Lago Vista will be the second project to be completed by DAMAC Properties at IMPZ, following on from the completion of The Crescent, a neighbouring three tower development, earlier this year. The development, which comprises of two 25 storey towers and one 28 storey tower, will feature studio, one and two bedroom apartments and is scheduled for completion during the spring of next year with work on site progressing at a rapid pace.

CEO of DAMAC Properties Peter Riddoch commented that the advanced level of progress at Lago Vista was a testament to all the commitment and spirit of the teams on site.

"It is very pleasing to see that we are now entering the final construction stage at Lago Vista and the finishing work inside will then be the main focus for the contractors as we look to complete this building during the early part of next year," said Peter.

IMPZ will no doubt grow into a great community with all the convenience of the Emirates Road nearby to provide great connectivity to other parts of Dubai and Jebel Ali - but set far enough back to enjoy good views and a peaceful surrounding.

Lago Vista has a stylish Mediterranean themed facade accompanied by a distinctive domed roof. The building features GRC cladding, with apartments having good views across the surrounding landscape and a man made lake.

Ziad El Chaar, General Manager of Operations at DAMAC Properties added: "Lago Vista will also of course be extremely well situated to make the most of the facilities at the forthcoming Dubailand complex and also at the nearby Sports City. Ultimately it will have stunning views across the IMPZ landscape and right across to Dubailand."

Dubai's International Media Production Zone (IMPZ) is an initiative of the Dubai Government and has set out to create a unique cluster environment for media production companies from across the global industry to interact and collaborate effectively. The business park will ultimately cover 43 million square feet of land, and is part of Dubai's vision to develop itself into a global media hub.

Residential, leisure and community facilities all feature as an integral part of the master development and DAMAC Properties has plans for a third development at IMPZ - Lake Side - where the main contract is due to be issued for tender very soon. This is one of ten contracts which the company has committed to award before the end of 2009 worth a total of AED. 2 billion. So far this year the company has already awarded enabling contracts for its Burjside Boulevard development at downtown Dubai, at Marina Bay in Abu Dhabi and also for The Piazza in Qatar.

"We have always maintained our intention to focus on construction throughout this more turbulent period in the real estate market and regularly awarding new contracts is indicative of this commitment," said Chaar.

"The fact that we have one project finished at IMPZ, one reaching the final stages and another just starting out is a good example of the range of progress that DAMAC has made at all levels and is typical of our property portfolio across Dubai," added Chaar.

-Ends-

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 04 3732190
Fax: 00 9714 3732335
Mobile +971 50 6531824.
emaiI: niall.mcloughlin@damacgroup.com

© Press Release 2009