Aims to award contracts worth AED 2 bn in 2009 and deliver 7,100 units during the next two years

Dubai, UAE, May 3rd 2009: Making construction and delivery its key focus, DAMAC Properties, the luxury lifestyle provider today announced the completion of almost 500 floors across all its projects in Dubai. Marking a significant achievement, the company also announced its plans to award construction contracts worth AED 2 billion in 2009, with the aim to deliver an additional 7,100 units by the end of 2010.

 "Our focus for 2009 and 2010 is construction & delivery. By the end of this year we plan to award AED 2 billion worth of contracts for the construction of ten new projects. We will maintain this momentum and emerge as a market leader in the region. Across Dubai, DAMAC Properties has built almost 500 floors of residential, commercial and retail units thus far, this is a significant milestone for us and we look forward to doubling this number soon," said, Hussain Sajwani, Chairman, DAMAC Holding.

"To succeed in these times of market uncertainty, it is important to demonstrate commitment to customers and maintain their confidence. Completion of projects and delivery is a key industry concern and our aim is to reassure our customers about their investments and deliver their purchase to them as planned," said Peter Riddoch, CEO, DAMAC Properties.

During the year 2008, DAMAC Properties awarded an impressive AED 2.5 billion worth of contracts. A total of 60 contracts were awarded during the year comprising of initial consultants to main contractors. In 2009, the majority of the contracts awarded will be main contracts.

DAMAC Properties has delivered over 2,300 units during the last six months and is embarking on an aggressive delivery plan during the next two years. It plans to have delivered 25 towers in total by the end of 2009.  With almost 500 floors completed across all its projects and having already delivered 9 towers till date, the property developer is full steam ahead in construction.

The company has made notable progress across its various projects and recently announced the completion of Lake View, Executive Heights and The Cresent. Highlighting the pace of construction at DAMAC projects, the company is building a floor every 5.2 days at its Ocean Heights tower in located Dubai Marina. And the company's iconic twin tower development - Park Towers at DIFC is also rising quickly by a floor every week.

DAMAC Properties have already recorded significant achievements across various projects in its first quarter of 2009. The company has completed enabling works at the Lincoln Park site at Arjan in Dubailand. The construction of its project XL Tower, located at Business Bay, has reached the third floor while Its Smart Heights development has reached the half way point of construction - 15th floors. External cladding and painting has started at Emirates Garden in Jumeirah Village. The company has also completed the enabling works for its Executive Bay development at Business Bay.  

Further information is available at www.damacproperties.com 

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For more information please contact:
Niall McLoughlin,
Senior Vice President
Corporate Communications,
DAMAC
Tel: +971 4 3732190
Fax:+ 971 4 373 2335
Mobile +971 50 6531824
emaiI: niall.mcloughlin@damacgroup.com

© Press Release 2009