Damac Properties' commitment to delivery reflected in 60 contracts valued at Dhs2.5bn awarded in 2008

From initial consultants through to enabling and main contractors, the company has awarded more than 60 contracts in the first nine months of the year - showing that it means business when it comes to delivery.

So far approximately Dhs2.1bn in worth of contracts have been awarded by Damac Properties in Dubai, Dhs45m at projects in Abu Dhabi and a total of Dhs320m by Damac International in Qatar and Jordan.

Chief Executive Peter Riddoch said he believed that this continued progress sent out a clear message to customers and was indicative of Damac Properties' determination to deliver luxury products to its customers.

'2008 has been a landmark year for Damac Properties for a number of reasons and when you look at the scope and extent of the contracts we have awarded you can see why we refer to it as our Year of Construction,' said Mr Riddoch.

Among the largest contracts awarded by Damac Properties Dubai this year was the Dhs805m main contract for LakeSide, a four tower development at Dubai's IMPZ area - and also an Dhs275m main contract for Capital Bay, the company's twin tower office development at Business Bay in Dubai.

In addition, enabling contracts worth a total of Dhs277m have been awarded at Damac Properties' international developments in Jordan.

Another example of Damac Properties' commitment to progress is Amber Residences in Dubai, where all three contracts of lead consultant, enabling and main contractor were awarded in under just six months.

Mr Riddoch added that he believed it was important to show that whilst progress continued at other new developments that there was no distraction from the delivery of projects launched in earlier years.

'We believe that we can no better show our commitment to progress than through continued momentum and everyone at Damac Properties senses that the momentum is with us. However we want customers to understand that whilst we are continuing to launch new projects we are fully committed to delivering on those projects already in the pipeline. There is no distraction on that front.'

Damac Properties Dubai introduced its first three projects in 2002 and has handed over all three towers that had been launched during its first two years.

In 2008, Damac Properties Dubai will complete a further three projects in Dubai that were launched in 2004/05 (Executive Heights, The Crescent and Lake View).

Today Damac Properties Dubai and Damac Properties International have more than 60 projects under various stages of construction across the GCC region - with 25 of these being launched and consultants appointed already in 2008.

These properties are expected to be handed over at various times over 2009/ 10/ 11.

Mr Riddoch explained: '''We look forward to continuing in this vein in 2009 because sustained progress like this will be the way that we fully meet our commitments - and truly deliver on our promise of wishes fulfilled for our customers''.

Damac Properties also celebrated its sixth anniversary in 2008 and marked the occasion with a new corporate identity and brand promise of 'wish fulfillment'.