DAMAC Tower in Beirut attract top accolade at Bloomberg International Property Awards

November 29^th: The Middle East’s largest private luxury developer, DAMAC Properties, has won a prestigious International Property Award for DAMAC Tower, its landmark collaboration with VERSACE Home in Lebanon. 

DAMAC Properties beat a field of international developers to win the award for “Best High Rise Architecture” for its luxury DAMAC Tower development in Beirut. The award was announced at a gala ceremony in London at the weekend.

Speaking at the event, Niall Mc Loughlin, Senior Vice President of DAMAC Properties said “DAMAC Tower is a masterpiece. It’s a stunning blend of exquisite VERSACE interiors, unique architectural design, in an enviable location on the shores of the Mediterranean. This international accolade recognises DAMAC Tower on the global stage, and distinguishes the project as one of the most highly regarded residential developments in the world.”

DAMAC Tower was launched in June and is the first exclusive VERSACE Home branded residential tower in the region. Situated in the elite marina area of the new Solidere development in Beirut, DAMAC Tower has extensive views of the Mediterranean. The spectacular flowing curves and undulating volumes of the 28 storey building were designed to emulate the surging waves of the ocean. “DAMAC Tower is a majestic development which strikes a balance between technology and luxury without compromising on style and aesthetic appeal. This innovative collaboration between DAMAC Properties and VERSACE Home will deliver to residents the luxurious Italian lifestyle concept.” Mc Loughlin said.

DAMAC Tower will feature spacious private units resplendent with custom designed interiors. All the common areas including the health and fitness facilities, the concierge reception, and the main lobby will feature VERSACE Home products. “DAMAC Properties’ partnership with VERSACE, the world-renowned Italian fashion house synonymous with glamour and luxury, defined the interiors of DAMAC Tower. The shared vision of the two companies has combined to deliver the most prestigious and sought-after property in Beirut” said Mc Loughlin, “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.” He added.

The judging of the International Property Awards was carried out by an esteemed panel of international judges. This year’s judges included Luke McKend, industry head property markets of Google UK; Peter Bolton King, group chief executive of the National Federation of Property Professionals; Christopher Hall, president elect of FIABCI; Thijs Stoffer, International Consortium of Real Estate Agents Association (ICREA); Fiona Nixon, chairman of the Australia Institute of Architects, Hendrik Nelde, president of FIABCI Belgium; Helen Shield, editor-in-chief of International Homes Luxury Collection magazine and Sven Johns, CEO of the German Real Estate Association.

DAMAC Properties has a proven track record of designing and developing world-class luxury projects across the Middle East, North Africa and the Levant. The name ‘DAMAC’ has become synonymous with superior quality and luxury lifestyle living. DAMAC Properties’ recognition in the International Property Awards further cements the developer’s position as one of the most highly regarded property developers in the region.

Further information is available at www.damacproperties.com

DAMAC Properties, part of DAMAC Holdings was established in 2002, as a private residential, leisure and commercial developer in Dubai and the Middle East. Since then, DAMAC Properties has expanded rapidly into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.

2009 was labelled the ‘Year of Construction’ at DAMAC Properties, during which it aggressively focused on construction and contract delivery to trusted and quality contractors.  DAMAC Properties have already delivered more than 3500 units into the market with projects at IMPZ (The Crescent), TECOM (Executive Heights), JLT (Lake View and Lake Terrace) and the Marina (The Waves and Marina Terrace) already delivered and is expected to have handed over a further 3,971 in the next year.

In June 2010, DAMAC Properties further reinforced its position as a premium developer with the launch of DAMAC Tower in Beirut, Lebanon. A 28 iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home.

The company has a diverse range of expertise that allows them to have a good oversight and management of all aspects of a project right from the acquisition of land, appointment of architects and designers, construction and sales to after sales service.

The company’s projects are located in the most desirable and exclusive locations and homes are built to a high quality specification that has become synonymous with the group. DAMAC Properties aims to develop projects that include residential, commercial and leisure facilities that will create an integrated community.

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

The Wave, Muscat celebrates issuance of first Title Deeds

Muscat, Oman, May 4, 2009: In yet another major milestone for the project, The Wave, Muscat is delighted to announce that the first three Title Deeds for properties at the project have been issued by the Ministry of Housing, Land Registry Department.

These Title Deeds provide evidence of ownership of the properties and the land upon which they are built, and allows expatriate owners to move forward and apply for Resident Visa’s for themselves and their relatives of first degree.

H.E. Eng. Sultan bin Hamdoon Al Harthi, President of Muscat Municipality, Chairman of the Board of Directors at The Wave, Muscat, commented: “This is a momentous achievement for The Wave, Muscat as we welcome these homeowners to this new community. The issuance of these Title Deeds reinforces the credibility of the project and would not have been possible without the continuous support of the concerned Government authorities to whom we give our thanks and appreciation”.

Nick Smith, CEO, The Wave, Muscat said: “This is an exciting leap forward in the life of the project and will give our stakeholders and investors renewed confidence. We are committed to working with both the Government and our homeowners in order to fulfill the promise of delivering real homes for real people in a multi-cultural beachside community offering a unique living experience for all.

The successful registration of these properties will help us to understand the process and will enable us to continue working closely with Ministry of Housing to issue the Title Deeds for all the homes at The Wave, Muscat.”

The population of The Wave, Muscat continues to grow with properties being handed over to home owners every day, and families are moving into their new homes nearly every week. The Wave, Muscat is truly becoming the new heart of Muscat.

Emaar Properties to maintain focus on business segmentation and geographic expansion

Dubai, UAE; April 29, 2009: The financial results for Emaar Properties PJSC for the year ending December 31, 2008, were approved by shareholders at the company’s eleventh Annual General Meeting (AGM), held today. At the meeting, it was highlighted that Emaar will continue to build on its strategy of business segmentation and geographic expansion, despite the challenging global business environment.

“Today, the global economic landscape is changing rapidly, and in these challenging times, our strategy of business segmentation and geographic expansion remains central to our business plans,” said Mr. Mohamed Alabbar, Chairman, Emaar Properties, outlining the company’s growth strategy. “We will stay true to the path of growing our new business lines, including shopping malls & retail, hospitality & leisure, education and healthcare.”

Mr. Alabbar said that completion of projects and ensuring timely delivery will be a priority in 2009. “There are several bright spots for the company during 2009. These include the completion and opening of the world’s tallest building Burj Dubai; the scaled-up operations of The Dubai Mall with its full complement of 1,200 stores and unique family entertainment concepts; and the unveiling of The Dubai Fountain in Downtown Burj Dubai. Several projects will move ahead quickly in our international markets, including the handover of homes, offices and industrial land in a number of projects. All these support the company in staying firmly on the growth path,” he explained.
The AGM approved the election of Mr Mohamed Alabbar, Mr Hussain Al Qemzi, Mr Majid Saif Al Ghurair, Mr Ahmad Jamal Jawa, Dr Lowai Mohamed Belhoul, Mr Ahmad Al Matrooshi, Mr Khalifa Al Daboos and Mr Saeed Ahmed Al Tayer, as the Board of Directors of the company. The meeting also approved the decision not to distribute dividends for 2008 and instead reinvest profits for long-term growth of the company. Approving the Directors’ Report, Auditor’s Report and financial statements, the AGM appointed Ernst & Young as the Auditors for the year 2009.
One of the world’s leading property developers, Emaar’s current land bank stands at 516 million square metres, with a fair value of AED 79 billion (US$21.64 billion). In 2008, Emaar recorded net operating profits of AED 5.578 billion (US$1.519 billion. Emaar’s annual revenue for 2008 is AED 16.015 billion (US$4.360 billion).

DM, Civil Defence discuss simplifying building permits

Dubai Municipality held a meeting with Dubai Civil Defence Department recently on improving and simplifying the procedures between the two in order to provide excellent advanced services and facilitate the work procedures under one roof.

During the discussion both the sides addressed the issue of improving the procedures regarding building permits and ways to develop procedures and opportunities for improvement in this area.

The Municipality was represented in the meeting by Mariam Al Hammadi, Director of Corporate Excellence Department and Yusuf Abdullah, Head of the Licensing Section in the Buildings Department and a number of officials from the department, while the Civil Defence was represented by Major Jamal Ahmad, Director of Preventive Safety Department and a number of other officials.

Al Hammadi, said the meeting was organized following a directive of the Council of Ministers and the Dubai Executive Council to work towards giving more care in the development of work and procedures among government establishments and departments in a way that achieves the ideal environment for investment and customer service so as to provide services simply and clearly to the customers.

She added that the meeting also comes in parallel with the directives of the government based on the report of the World Bank to improve the procedures and raising the status of the UAE and the city of Dubai with other countries in the world.

Al Hammadi pointed out that all departments and establishments in the country are trying to coordinate with others in developing procedures and this meeting will help in the efforts to streamline the building licensing procedures.

"Everybody would like to join the group of bodies that offer these services and the Civil Defence is one among them. During the meeting the importance of providing services through one place was emphasized so that it becomes easier for the investor or the customer to obtain the service without any trouble saving his time and effort, In addition to that the meeting also discussed distribution of tasks as per their importance between the two bodies so that the customer does not feel the existence of multiplicity of bodies that interact and deal with him," she said.

The two sides emphasized the importance of facilitating services to the customers, need to encourage them to support the investment environment, achieving excellence in providing building permit services, importance of providing all the necessary support from both sides and concerted efforts towards the development of such procedures in a way, which would be worthy of the reputation that suits the city of Dubai.

Emaar Misr launches sale of fully-finished Mivida townhomes in Views District

Cairo, Egypt; April 2, 2009: Emaar Misr for Development S.A.E, the wholly-owned subsidiary of Emaar Properties, will launch the sale of townhomes in its newest mixed-use community, Mivida, located in New Cairo City, only 1.5 km from the American University. The townhomes, master-planned and designed by award-winning architects MDR and JZMK, are located in the Mivida Views district in close proximity to a community centre, central park and other lifestyle amenities.

The two- and three-bedroom townhomes range in size from 158 to 190 sq m, with prices starting from EGP1.2 million with only 5 per cent down payment. Scheduled for hand-over in 2012, the Mivida townhomes meet the requirements of families seeking attractively-priced, smartly designed, fully-finished, ready-to-live-in residences. The homes have elegant interiors designed by international designers Saddleback and PDI. Construction of Mivida has commenced with Emaar Misr leveraging the expertise of Emaar Properties in the delivery of large-scale integrated communities for timely completion.

Mr Sameh Muhtadi, Chief Executive Officer, Emaar Misr, said: “The launch of Mivida townhomes follows the strong customer response to the Mivida villas. Mivida offers the distinctive advantage of easy accessibility from the city centre and the American University in Cairo, as well as the option of owning ready-to-live-in homes. Emaar Misr has worked with award-winning and international architects and interior designers to offer a trend-setting residential development.”

Residents in the integrated community will have access to boulevard-style retail, healthcare centres, educational institutions and business parks. The homes are also set in close proximity to the 30-acre Mivida central park offering a healthy lifestyle choice. The community centre will have retail stores and food & beverage outlets thus ensuring a self-sustained residential development.

Potential customers can visit the Emaar Misr Sales Centre in Cairo from 10am to 8pm; call toll free 16116 or log on to www.mividaegypt.com for more details. Models of the Mivida townhomes have been displayed at the sales centre. Customers can also interact with Emaar Misr customer sales representatives for details on home finance support by third-party mortgage providers.

The EGP5.75 billion Mivida is set in 3.8 million sq m and features 5,000 homes including three- to five-bedroom villas, two- to three-bedroom townhomes and a range of apartments. All units are air-conditioned and have fully finished bathrooms with all accessories. Customers have the option of choosing quality finishes and fittings.





Mivida is the third master-planned community by Emaar Misr in Egypt, and follows the success of Uptown Cairo and Marassi, both currently progressing as per schedule. Work on the Business Park of Mivida is also currently being undertaken.

Deyaar to hand over seven projects in 2009

Dubai, February 18, 2009: Further demonstrating its continued commitment to its customers, Deyaar Development PJSC, one of the region’s fastest growing real estate companies, announced today that it will hand over seven projects in 2009, including premier developments in Dubai’s master planned communities. The handover will include over 1,300 units from across its diverse project portfolio.
The projects scheduled for delivery in 2009 include The Citadel, a state-of-the-art commercial tower, and Hamilton Residency, a contemporary residential tower. Both projects are located at Business Bay, strategically positioned in close proximity to most major destinations in the emirate. Madison Residency, a premium 27-storey residential project located at TECOM, is also scheduled for delivery in 2009.

The other residential projects to be handed over this year include the Coral Residence, Jade Residence, Sapphire Residence, and Ruby Residence, all located at Dubai Silicon Oasis, a commercial and residential master development conveniently located in New Dubai and marked by superior infrastructure quality.

Highlighting the company’s continued commitment to its customers and investors amidst challenges facing the real estate sector, Markus Giebel, Chief Executive of Deyaar, said: “Today, more than ever, Deyaar is focused on meeting its commitment to its customers and adapting to their evolving needs. This is demonstrated in our 2009 operational strategy, which was recently unveiled. Deyaar remains exceptionally well positioned to build on its current growth momentum and effectively use its balance sheet strength to help clients overcome short-term market constraints.

“Through the scheduled delivery of these projects, we make clear once again our commitment to meeting the needs of our clients through a comprehensive customer support strategy, which also includes an enhanced payment support programme and individual assistance for bank financing.”
Giebel added: “Located along the major growth corridors of Dubai, these projects are ideally situated in Dubai's most prestigious and sought-after locations. We are extremely pleased to be able to hand over these quality projects this year.”

Committee formed to implement Green Roofs System in Dubai

Dubai Municipality has formed a temporary committee to oversee the implementation of Green Roofs System in the buildings of Dubai emirate as per the directives of the UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum.
The move is aimed at applying green buildings standards in the emirate as the green roofs will protect the buildings from the environment and climate angle as well as rationalize the use of power.
Eng. Hussain Nasser Lootah, Director General of Dubai Municipality, who issued an Administrative Decision in this regard, said the decision comes at a time when the concept of green buildings gains momentum all over the world.
He said green buildings are considered to be environmentally friendly and provide healthier places to live as well as encourage productivity in work places.
The committee is chaired by Eng. Essa Al Maidour, Assistant Director General for Planning and Buildings Affairs with Ahmed Mohammed AbdulKarim, Director of Public Parks and Horticulture Department, Mohammed Noor Mashroom, Director of General Projects Department, Mohamed Ahmed Saleh, Building Expert in the Buildings Department and Fatima Essa Al Mehairi, Head of Gardening and Landscaping Unit in the General Projects Department as members.
As per the Administrative Decision, the committee can take the help of anybody it finds appropriate with expertise from within the Municipality or outside in implementing the system. It can also appoint a secretary from among the Municipality employees.
The committee shall conduct technical studies for the Green Roofs System for buildings in the emirate of Dubai and define the engineering, building, environmental and horticultural specifications as well as the irrigation and water disposal systems as per the best practices in the world.
The committee shall gradually make implementation of the Green Roofs System compulsory in all buildings in the emirate, whether it is private or government, residential, commercial or industrial as per a time schedule, which will be fulfilled in coordination with the Buildings Department in the Municipality.
An awareness campaign will also be organized through various media to introduce the system. Seminars, lectures and meetings involving different bodies concerned in the construction industry would also be conducted.
The project comes as an implementation and follow up of the Green Buildings project. It also caters to the huge urban expansion witnessed by the city of Dubai, which enhances the heat level of the region. Green roofs are considered to be one of the environment friendly solutions taken up by Dubai Municipality to face the project expansions.
The Municipality has conducted an extensive study that confirmed the success of this project in other countries. Hence, the Municipality decided to apply this excellent concept in protecting the environment and reducing the heat level and cleansing the air from other pollutants.
The Green Buildings project becomes important as it reduces carbon emission and enhances indoor environment and air. It also enhanced the health of the society and increases life expectancy of the buildings as well as protects the eco system.

Real Estate Regulatory Agency and Dubai Islamic Bank hosts escrow forum

Dubai, January 17, 2009: Dubai Islamic Bank (DIB) in partnership with Real Estate Regulatory Agency (RERA) hosted over 50 real estate developers at an escrow forum aimed at providing a platform for DIB’s escrow account customers to have a dialogue with Real Estate Regulatory Agency (RERA).

The forum was attended by senior RERA officials including Engineer Marwan Bin Ghalaita, CEO; Khalid Obaid Ahmad Al Mutaiwei, Director of Escrow Account Department; Essa Saeed Ahmed Al Mansoori, Head of Escrow Account Section; and Ayman Adel Kamal, Executive Vice President, and the Chief of Real Estate Finance & Direct Equities Department, DIB.

Addressing the forum, Marwan bin Ghalita said: “Since RERA’s establishment in 2007, we have taken several steps to bring about greater transparency and credibility in the real estate sector and will continue to play a key role in regulating the market. This interactive session is another step in the right direction.

“The current market situation calls for a greater need for regulation and scrutiny to ensure that only credible developers enter the market. Also, we plan to apply new conditions aimed at regulating off plan sale of properties in line with the new laws # 8 of 2007 and 13 of 2008.”

As one of the largest escrow players in the market, DIB has been actively involved with consulting RERA on general issues related to the escrow regulations. Ayman Adel Kamal said: “As a provider of value-added services such as escrow account management, we are pleased to facilitate this interaction between our customers and RERA. Such industry dialogues enable service providers like DIB to enhance the services offered, while also supporting authorities such as RERA to strengthen and tighten regulations. Working together with RERA and developers, DIB will continue to contribute towards enhancing investor confidence in Dubai’s real estate sector.”