DAMAC Enters Booming India Real Estate Market !

(MENAFN - Arab News) JEDDAH, 28 May 2007 � Dubai-based DAMAC Properties Co. LLC, which has a track record of $30 billion real estate projects, has entered the booming Saudi market with its first project on the Jeddah Corniche.

"Al-Jawharah is the Kingdom's first iconic project, a residential tower in the Kingdom located on the Corniche alongside the Red Sea," Peter R. Riddoch, chief executive officer at Dubai-based DAMAC Properties Co. LLC, told a press conference at the Jeddah Hilton yesterday.

"The spectacular 40-story tower has beautiful landscaped surroundings, a grand reception area with double-height lobby, a guest lounge designed by one of the top-most interior designers, luxurious five-bedroom penthouses and apartments ranging from one to four bedrooms, and a multi-level car park," Riddoch said.

"All apartments and penthouses feature wide balconies that offer private access to the magnificent outdoors and also stunning views of the Corniche and the Red Sea," he said, adding that the SR800-million project will have around 300 units.

The project provides a superior living environment with every conceivable modern facility, including advanced smart home devices that ease home management. In addition, the project has a lift lobby with multiple smart elevators, smart home technology with electronic access system, concierge services and 24-hour residents' services, and camera surveillance covering multiple floor parking.

DAMAC Propereties also recently opened a state-of-the-art sales lounge for its customers in Riyadh. The company currently has three sales offices in the country located in Jeddah, Dammam-Alkhobar and Riyadh.

"This is just the beginning and our ambitious plan for the Kingdom that includes a number of real estate ventures will be unveiled within the near future. Saudi Arabia is a very important market for us and unlike any other developers in the UAE, we are showing our commitment to the Kingdom by launching our state-of-the-art Al-Jawharah project and also by establishing a strong local presence in a number of cities in the country," Riddoch said.

In addition to the Kingdom, DAMAC Properties is pursing projects in Egypt, Qatar, Jordan and Lebanon with future schemes being considered in Turkey, Oman, Morocco, Tunisia, India and Pakistan among other countries.

DAMAC recently launched yet another luxurious masterpiece � The Signature Series in Dubai. This will be the most expensive penthouse in the Middle East. Each penthouse will be in the range of SR35-40 million. This private world of select apartments is just one each on floors 67 to 75 in Ocean Heights � the 82-story award-winning marvel in Dubai Marina and Lotus Heights in the bustling Business Bay.

DAMAC Properties, part of DAMAC Holding, was established in 1996 and has grown into one of the most successful residential, leisure and commercial developers in Dubai and the Middle East. The company's portfolio of 52 towers is worth over AED15 billion. DAMAC Holding, with Hussain Sajwani as chairman, has now grown into a global conglomerate with more than 7,000 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.

"By 2012, DAMAC Properties, the largest private sector master developer and luxury lifestyle provider, aims to be the most admired luxury property services company in the world. Saudi Arabia will be an integral component of our expansion strategy and thereby also be part of the company's global vision," he said.

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.
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