As Beirut named Number One emerging city in the world for Real Estate Investment in 'The Global Prime Sector and Beyond' report

Beirut, Lebanon, June 16th 2014: DAMAC Properties, one of the largest luxury developers in the Middle East, has announced its iconic DAMAC Tower in the prime area of Solidere, Beirut has been topped off, just days after the city was named the number one emerging city in the world for real estate investment.

The US$300 million premium project is an innovative collaboration between DAMAC Properties and VERSACE Home which will deliver an entire Versace lifestyle to discerning residents through a high-end building with bespoke Versace Home interior design packages throughout.

The key construction milestone was hit as research reported by CNN suggested Beirut was the most important 'rising city worldwide, with the potential to show extra strong residential property price growth.'

The report, 'The Global Prime Sector and Beyond', commissioned by Candy & Candy, and produced by Savilles in partnership with Deutsche Asset Management, went on to say that 'real estate in the city looks very cheap by international standards with considerable growth potential.'

"As a Lebanese national, I have always been a huge believer in the growth potential of the sector in Beriut and it is great to see that recognized in the international markets," said Ziad El Chaar, Managing Director, DAMAC Properties. "DAMAC Tower is right at the heart of Solidere - one of the most sought after and desirable locations in the city. Now that the project is topped off, we can get to work in earnest on the stunning Versace interior designs. We are at very exciting stage of the development."

The facade work has already reached the 4th floor & the block work is at the 21st floor, while interior design work is currently ongoing in the first 5 floors.

DAMAC Tower was introduced as the first exclusive Versace Home branded residential tower in the region. Situated in the elite hotels and marina area in Solidere, DAMAC Tower has extensive views of the Mediterranean.

The flowing curves and volumes of the 28-storey building are designed to emulate the surging waves of the ocean.

DAMAC Tower will feature spacious private units resplendent with custom designed interiors, by the famous Italian fashion house. All the common areas including the health and fitness facilities, the concierge reception and the main lobby will feature VERSACE HOME products.

Speaking about the collaboration, El Chaar added: "DAMAC Tower promises to bring to Beirut a never-seen-before top-end designer lifestyle and appeal to a clientele who know what they like and why they like it. They are stylish, with a passion for the dazzling and eye-catching."

DAMAC Tower won a prominent Bloomberg International Property Award in 2010 which is one of the highest accolades awarded in the property sector, globally. DAMAC Tower won the global award for "Best Interior Design" in recognition of its landmark collaboration with VERSACE Home.

The shared vision of the two companies has combined to deliver the most prestigious and sought-after property in Beirut, and now that DAMAC Tower has been recognised as being one of the most outstanding developments in the world, interest in this project is likely to come from much further afield.

The Candy & Candy report also referenced DAMAC Properties home of Dubai. It said that 'growth in Dubai over the last year has been phenomenal - its importance in the Middle East region and its high profile has enabled it to now fully enter the league of high-performing world cities.

Established in 2002, DAMAC has delivered almost 10,000 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of March 31st 2014.

Further information is available at www.damacproperties.com

About DAMAC Properties:
For over a decade, the real estate portfolio of DAMAC Properties has been at the forefront of the Middle East's luxury real estate market. With an enduring passion for design and quality, the company has built a reputation for creating some of the most iconic and desirable properties in the UAE, Qatar, Saudi Arabia, Iraq, Jordan and Lebanon.

Established in 2002, DAMAC has delivered almost 10,000 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of March 31st 2014.

Always at the forefront of visionary concepts, DAMAC has relationships with Paramount Hotels & Resorts, (the official licensee of Paramount Pictures), Italian fashion houses Versace Home and FENDI Casa for branded residential apartments and villas and The Trump Organisation for the development and operations of the Trump International Golf Course, Dubai and The Trump Estates within the AKOYA by DAMAC development.

Mid 2013, DAMAC Properties introduced the 'AKOYA by DAMAC' master plan development in Dubai. This includes mansions, villas, luxurious apartments and a retail centre all surrounding 'The Trump International Golf Club. Within the AKOYA by DAMAC, products include 'The Trump Estates', a limited collection of 100 luxurious mansions. Also set within the heart of the community is a global first, with the launch of FENDI fashion-styled villas. AKOYA by DAMAC is also the home of Golf Veduta - serviced hotel apartments and DAMAC serviced Villas by Paramount Hotels and Resorts.

As a global leader in branded real estate, the company is also developing a US$1 billion hotel and luxury serviced residences in the Burj area of Dubai, called 'DAMAC Towers by Paramount', which will comprise the first Paramount Hotel & serviced Residences in the region.

Within the hospitality sector, DAMAC's in-house hospitality team is responsible for managing the Company's growing portfolio of over 10,000 units of leisure assets in its serviced hotel apartment developments. The division provides complete hospitality management through its own hospitality operating brands 'DAMAC Maison Hotels and Hotel Apartments and NAIA by DAMAC.

As DAMAC continues to innovate and bring new concepts to the market, the Company is determined to build on its powerful performance to date. With vision and momentum, DAMAC is building the next generation of Middle East luxury living.

In addition to support services provided by the Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its network with offices in the UAE, Jordan, Iraq, Lebanon, KSA and Qatar.

Further information is available at www.damacproperties.com or join DAMAC Properties on Facebook, Twitter (@DAMACOfficial) and YouTube.

For more information please contact: Niall McLoughlin, Senior Vice President - Corporate Communications, DAMAC. Tel: +971 4 3732190 │ Fax: 00 9714 3732335 │Email: niall.mcloughlin@damacgroup.com

© Press Release 2014