DAMAC Properties hands over Lake Terrace to customers

Chairman & CEO stress DAMAC's commitment on delivering projects

Dubai, May 18, 2008: DAMAC Properties - the luxury lifestyle provider and Middle East's largest private sector master developer, today announced the completion and delivery of 572 units of its iconic Lake Terrace project at Jumeirah Lake Towers. Reinforcing the company's focus and commitment to the delivery of projects, DAMAC has announced plans to deliver over 2300 units in 2008, followed by an additional 7100 units in 2009/10.

In 2008, DAMAC will also deliver 527 units in Lake View located at Jumeirah Lake Towers, 192 units in Executive Heights project at TECOM, 198 units in Tera Del Sol 1&2 and 848 units of The Crescent, located at IMPZ.  In 2009/10, they will deliver a further 7100 units.

Sharing insights on DAMAC's focus and determination on delivery of projects, Hussain Sajwani, Chairman of DAMAC Holding, said: "There are over 2100 projects either planned or under way in the Gulf region and over 23% of these projects are located in Dubai. The property boom in the region, especially Dubai, has far exceeded the region's capabilities to develop these projects on time. The region has been facing a steep challenge on delivery of projects due to shortage of quality contractors and the rising costs of construction material. The delivery of our Lake Terrace project is a step towards our commitment and focus on completion of projects. At DAMAC, we are determined to ensure that we go all the way to get our customers their homes as quickly as possible."

He further added: "2007 saw a far slower pace of completed projects, with handovers of only 11,000 units of the expected 57,000 units across the region. In 2008, DAMAC will deliver over 2300 new units and we expect to deliver an additional 7100 units in 2009/10. To keep up to our commitment, we are working closely with all our contractors and providing them the necessary support mechanism towards timely completion of projects."

In his comments, Peter Riddoch, CEO of DAMAC Properties, said: "We would like to congratulate the owners of the Lake Terrace on the possession of their new homes. Lake Terrace - an example of contemporary architecture overlooking a picturesque manmade lake, is another luxurious offering from DAMAC. We are confident the residents will enjoy the exclusive DAMAC luxury lifestyle. "

Lake Terrace is situated in close proximity to some of Dubai's landmark sporting, leisure and recreational facilities. This high-rise tower incorporates extensive recreational amenities and lawned areas and a dazzling variety of flora and fauna that breathe life into the view.

He further added: "At DAMAC we strive for the best and are committed towards delivering high-end luxury and high return on investment to our customers. In line with our commitment, we only work with a handful of high quality contractors. Over the last two years, we have made significant achievements towards developing our projects. Construction work is currently under way in many of our projects. 2008/09 and 2010 are big years for us -- not only do we plan to hand over a large number of apartments to customers but we are also focused on awarding new projects to contractors."

Over 110 nationalities have bought properties from DAMAC Properties till date and effective support services have been provided by the property developer. The company's comprehensive customer care program provides solutions through its vast regional network with offices in the UK (London, Manchester), Ireland, UAE, Iran, Russia, Italy, Jordan, Saudi Arabia, Lebanon, Egypt and Qatar.

Further information about DAMAC projects is available at www.damacproperties.com  

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About DAMAC Properties
DAMAC Properties is part of DAMAC Holdings. DAMAC properties was established in 1995 and has grown into one of the most successful residential, leisure and commercial developers in Dubai and the Middle East, and is expanding rapidly into North Africa, Jordan, Lebanon, Qatar, Saudi Arabia and the Far East.

The company's portfolio includes properties spread across 500 million square feet and is worth in excess of US$30 billion. By partnering with world renowned architects and designers, DAMAC Properties aims to develop schemes that include residential, commercial and leisure facilities that will create an integrated community. The company's schemes are located in the most desirable and exclusive locations and the homes are built to a high quality specification that has become synonymous with the group.

Driven by a passion for excellence, DAMAC Properties manage all their projects from start to finish.

The company's diverse range of expertise allows them to control land purchase activity, appointment of architects and designers, construction and sales and after sales service. In addition to support services provided by their Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its vast regional network with offices in the UK (London, Manchester, Reading, Leicester, Birmingham and Glasgow), Ireland, Italy, UAE, Russia, Jordan, Lebanon, Egypt, KSA and Qatar.

The parent company, DAMAC Holdings, has grown over the years from a specialist catering company established in 1982, into a multi-billion dollar corporation to become one of the largest organizations in the Middle East.

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 3322005 Ex 383
Fax: 00 9714 3311028
Mobile +971 50 6251329
emaiI: niall.mcloughlin@damacgroup.com

© Press Release 2008