DAMAC's AED87mn DSF initiative well on target

The company has already sold more than 545 units as part of its special Dubai Shopping Festival (DSF) promotion. DAMAC will give a brand new ECLIPSE 500 Jet, worth AED5.5 million to one lucky customer amongst the first 700 properties bought during DSF 2006. The company will also give a Jaguar to every new customer who buys a DAMAC Property during this DSF.

'We have introduced innovative promotions year-on-year and we plan to continue the trend in times to come. This time, we introduced the largest promotion ever - worth over AED87 million during DSF and thus have made it more challenging for us to raise the bar next year. But I am confident that my team will continue to add to the excitement and attraction Dubai Shopping Festival enjoys globally,' said Mr. Hussain Sajwani, Chairman DAMAC Holding.

'During DSF DAMAC has witnessed a 50 per cent increase in sales in 2004, 85 per cent in 2005, 105 per cent in 2006 and the company has already seen exponential sales since the commencement of shopping festival this year. We are expecting the sales to go higher as we move closer to the end of the festival phase,' said Mr. Peter Riddoch, CEO DAMAC Properties.

In line with the government's introduction of freehold ownership, DAMAC was the first to introduce iconic properties on all the freehold master planned development launched by Dubai and Abu Dhabi governments. Throughout the spectrum of 52 buildings launched to date, DAMAC Properties provides a luxury lifestyle that is second to none. It is a subsidiary of DAMAC Holding established in 1982.

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.