Project to be handed over to customers by second half of 2007

Dubai, March 15th, 2006: DAMAC Properties, the largest private master developer and luxury lifestyle provider, has announced the completion of the Lake Terrace structure at the Jumeirah Lake Towers. The project will be handed over to the customers by the second half of this year.

"We are delighted to have completed the Lake Terrace structure.  For us this is a major milestone and we are eagerly waiting to hand over our third project to our valued customers. We have already handed over the Marina Terrace and The Waves properties that are located in Dubai Marina. With Lake Terrace, we are further expanding our family and we are confident that the customers will enjoy the luxuries that we have intelligently embedded into the project," said Mr. Hussain Sajwani, Chairman DAMAC Holding.

Lake Terrace is situated in close proximity to some of Dubai's landmark sporting, leisure and recreational facilities. A marvel of contemporary architecture, this high rise tower over looks a picturesque manmade lake incorporating extensive recreational parks and lawned areas and a dazzling variety of flora and fauna that breathe life into the view.

"We would like to thank our main contractor, China State Construction Engineering ME to have ensured that the project structure is completed on time. Lake Terrace includes two parking levels, in addition to a concourse level that includes the swimming pool and leisure amenities as well as over 40 floors - housing over 500 apartments ranging from studios to one, two and three bedroom apartments. Lake Terrace is spread across a total built up area of approximately 55,000 square meters. This is yet another luxurious masterpiece from DAMAC," said Peter Riddoch, CEO, DAMAC Properties.

Furthermore, 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 6000 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.

Media 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