Dubai, July 4, 2004: Dubai newest free hold property, The Residences at DIFC, which is being developed by DAMAC Properties, was unveiled recently to worldwide buyers through an online launch on www.gowealthy.com a widely popular website frequented by over 300,000 potential buyers around the world every month.

The online launch of The Residences at DIFC on www.gowealthy.com has set a new precedent in marketing freehold properties in Dubai as the home page of the site features the 30storey towers that are connected through a multi storey podium.

DAMAC has also launched a dedicated website for the property detailing information on floor plans and designs, facilities and services on offer at the property as well as payment terms and conditions of purchase. All relevant information could be found on www.theresidences.damacproperties.com.

The Residences at DIFC is a stunningly beautiful two egg-shaped towers built at the heart of the Dubai international Financial Centre (DIFC), over an area of around 12,000 square meters. The building is being designed by award winning architects and offers one, two and three bedroom apartments, designed to offer the best in living facilities and exclusivity.

"We have recently launched the property in the market and it is enjoying a great success and we are very much excited with the level of market demand it is receiving," Peter Riddoch, Chief Executive Officer (CEO) DAMAC Properties said.

Built at an investment cost of Dhs 600 million, The Residences at DIFC, will be owned by DAMAC Properties, and will feature the latest in construction design and offer superior amenities and services, as well as modern living standards.

According to the CEO construction of the property is expected to start on site in 2005 and is due to be completed within three years.

"A Sales Center at the location of The Residences at DIFC is due to open today (Monday July 5, 2004) to further support the sales and promotion activities for the property. Our expansion into www.gowealthy.com is one of the ways that will help us increase our market reach." he said.

Riddoch said the expansion of DAMAC Properties' activities to the city's newest financial hub was part of its plan to further develop and expand its property portfolio which currently include seven properties that are currently under construction across master development projects in Dubai on the Palm Islands in Jumeirah and Jebel Ali, Jumeirah Lake Towers as well as Dubai Marina.

"The Dubai Financial Centre is another step that will see the Emirate expand and grow and establish a name for itself in the financial industry and DAMAC is very proud to be part of such a plan and help support the activities of DIFC. We are planning to build The Residences at DIFC to the highest construction standards offering the latest in services and living standards. DIFC will host leading financial service companies and investors and we plan to build the best for them to suit their requirements," Riddoch stressed.

He further noted that the plan is to build two identical towers, each 30 floors in height, towers connected through a multi storey podium. The Residences at DIFC will also feature a top deck, open-air swimming pool, sauna, Jacuzzi and gymnasium.

Founded in 1982, the multi-million Dirham DAMAC Group is one the largest conglomerates in the Middle East operating across 16 countries and employing over 5,000 people from more than 25 nationalities. The group, holder of ISO 9002 international accreditation, operates a diversified portfolio of successful businesses ranging from industrial catering, to franchised restaurants, product manufacturing, education, insurance, global stock market investments and property development including commercial developments, hotels and multi-million waterfront properties that are internationally renowned engineering projects in their own

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For additional information, kindly contact
Mr. Nagy Sedra,
Public Relations Manager,
DAMAC Properties,
Tel: Office 04*-3322005,
Mobile: 050-4594252,
Fax: 3311028.

© Press Release 2004