DAMAC reinforces its presence in Egypt

Damac plans to launch three projects, Gamsha Bay located on the Red Sea, Park Avenue in 6th of October City as well as another exclusive project in New Cairo.

"We firmly believe in the Egyptian market's tremendous potential and this is why Egypt is well on the way to becoming one of our largest investment areas outside of Dubai," said Mr Hussain Sajwani, Chairman and Founder of DAMAC Holding.

"The real estate sector in Egypt is booming and this is only the beginning. There is great scope for growth and we look forward to leading the way towards unparalleled standards in Egypt's real estate sector."

The Gamsha bay project marks DAMAC's first and largest project in Egypt. Taking place on an area covering 30 million square meters on the Red Sea, this mega leisure development offers residents a 39 kilometer coastline. Total investment is expected to reach over US$16 billion over the next ten years.

More recently DAMAC has unveiled plans for two other projects in Egypt. Park Avenue, in 6th of October, offers the world's shopping at one place and a unique experience in the heart of business and recreational activities. This project is expected to be worth US$300 million upon completion. In addition, DAMAC has plans underway for another exciting project in New Cairo. Taking place on a massive area covering 1500 feddans, it is foreseen to epitomize residential and commercial exclusivity.

To back these tremendous projects and cater to the strong level of demand, DAMAC is solidifying its local presence. DAMAC's office in Maadi office began operations in February 2007 and two other offices will be inaugurated shortly in Orouba and Katameya.

"Over 100 members have joined DAMAC's team in Egypt and we will continue to grow forcibly during the coming period. Our clear priority is to deliver unprecedented customer care," said Peter Riddoch, CEO of DAMAC Properties. "We believe that our team in Egypt has what it takes to provide our clients with the best level of service and support that are synonymous with DAMAC's philosophy."

As the property arm of DAMAC Holding, a global business conglomerate with over 6000 employees in 18 countries, DAMAC Properties was established in 1996 and is headquartered in Dubai. The total value of DAMAC Properties' portfolio currently stands at US$4 billion.