DAMAC to open 12 new sales offices in UK and Ireland in 2007

This move comes as a result of significant number of UK buyers who have invested in properties in Dubai. Currently 45 per cent of DAMAC Properties customers are based in UK.

DAMAC Properties already has an established office in Mayfair, London. The new offices planned are in Manchester, Glasgow, Edinburgh, Birmingham, Newcastle, Bristol, Nottingham, Leicester, Belfast within UK and Dublin in Ireland and some more cities in following months. This represents a significant investment in the country and an important contribution to employment by creating up to 200 new jobs in the UK and Ireland.

Hussain Sajwani, Chairman, DAMAC Properties says:

'In line with the exponential growth and awareness of our Dubai property portfolio in the UK, we are now in a position to move to a larger scale operation in more visible locations in cities across the country. This will support us in our broader aspiration to offer our customers local support and property opportunities in other areas of the Middle East and the Mediterranean.'

Peter Riddoch, CEO, DAMAC Properties said, "Second home buyers, owner occupiers and investors will now have the opportunity to visit a local DAMAC Properties branch to enquire about their current and new properties for sale around the world. Customers can get a detailed insight into the specification, facilities and local amenities offered by the development of their choice. Our aim is to provide outstanding customer service and our agents are in the best position to provide objective advice on international property markets and guidance on the purchase process in various countries."

The announcement comes as a result of the company's plans to expand their operations internationally. In addition to the UK and Ireland, DAMAC Properties is pursing projects in Qatar, Jordan, Lebanon and Tianjin in China with future schemes being considered in Egypt, Turkey, Oman and Morocco. These projects represent significant progress in the company's plans for targeted growth over the next four years. By 2010, DAMAC Properties aims to grow its current £800 million portfolio of 3,000 homes per year into a £2.3 billion portfolio providing 9,000 homes per year worldwide.

Peter Riddoch concludes: 'Unlike any other developers in the UAE, we are showing commitment and confidence in the UK by establishing a local presence in a number of cities. In line with this commitment and to show our dedication and long-term vision for the UK we have already entered into long-term leases in Manchester and Glasgow. While the perception is that the property market is volatile, our presence on the ground in the UK will reassure our customers and provide confidence in our product offering.'

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.