Developer's third commercial tower in Business Bay offers state-of-the-art amenities and intelligent work environment

DUBAI, APRIL 10th, 2007: DAMAC Properties, the largest private sector master developer and luxury lifestyle provider, has announced that its Executive Bay commercial tower in the heart of Business Bay was completely sold out within 15 minutes of its launch.

Once complete, the 19-storey tower will feature state-of-the-art office spaces as well as retail and recreational facilities that promise to make Executive Bay one of the most sought-after corporate addresses.

In his comments on the record sales, Mr. Hussain Sajwani, Chairman of DAMAC Holding, said: "We were always confident of the demand for our Executive Bay project. But we are absolutely ecstatic with the enthusiastic response to our project. The unparalleled sales of our tower within 15 minutes of its launch reflect the faith everyone has in DAMAC, which has always been associated with iconic projects that deliver excellent value in this dynamic city."

The unprecedented sale of Executive Bay follows the impressive success experienced by DAMAC's first two projects at Business Bay - 'Business Tower' and 'XL Tower'.

In his reaction to the sales, Peter Riddoch, CEO, DAMAC Properties, said: "We are thrilled by the overwhelming response to our Executive Bay project. Our presence in the Business Bay stems from our belief in the extremely vibrant and dynamic master plan for the development. Executive Bay represents the wealth of our global expertise and we are thrilled with the tremendous sales achieved at its launch."

The Executive Bay tower at Business Bay will offer an intelligent work environment that will enhance employee satisfaction and help increase productivity. While the health-conscious could de-stress by working out at the gym or by joining a fitness class at the Executive Bay, the tower is equipped with ultra-modern business communication and security facilities such as hi-speed internet, a business lounge, reception desk, and swipe access, security cameras and 24-hr security guards.

The project includes commercial space supplemented by retail and recreational space. Employees, clients and business associates will be able to enjoy a wide variety of leisure facilities, as this unique environment is designed to reduce stress and increase productivity. Patrons will be able to enjoy the many recreational benefits of working at the Executive Bay such as engaging in a little retail therapy at exclusive shopping outlets, relax in the beautifully landscaped courtyards or socialize at outdoor cafs.

DAMAC Properties recently won three prestigious awards at the CNBC Arabian Property Awards 2006. Property developer bagged the best development award for 'Oceanscape', best architecture award for 'Ocean Heights 2' and the best website award for the company's website - www.damacproperties.com.  In December 2006, the company also won the IREF ME award for the best residential development in the UAE. 

DAMAC Holding has now grown into a global conglomerate with more than 7000 employees in 18 countries. Being the first private sector company to make a commitment to Dubai's real estate market, DAMAC Properties has become the market leader with a strong sales record to its credit.

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ABOUT DAMAC PROPERTIES:
DAMAC Properties is part of DAMAC Holding. The company was established in 1996 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 and the Far East. The company's portfolio of 52 towers is worth over AED15 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 their 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 and Glasgow), UAE, Iran, Russia, Jordan, Lebanon and Qatar. DAMAC Holding 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.damacgroup.com and www.damacproperties.com.

Client contact:
Prem A. Ramachandran,
DAMAC Properties,
Tel: 00 9714 3322005
Fax: 00 9714 3311028
Email:prem@damacgroup.com

Agency contact:
Ashutosh Gupta,
PanGulf PR,
M: +97150 2834339
ashutosh@batespangulf.com

© Press Release 2007