Rotana, Daman Investments announce strategic alliance in building Centro Hotel

Notes and media contacts

About the new Centro Hotel - Al Maktoum International Airport:

The site was selected to provide a very convenient location serving air travelers, the business community and the general public, on the residential side of the airport.

The area for the hotel footprint and site development consists of approximately 60,000 sq ft. with a planned gross Built Up Area of 400,000 sq. ft which will include a nine (9) story new building.

The new project is designed as a fully serviced 500 room executive budget hotel that will include standard rooms, suites, restaurants, a lounge, a health club, business center, swimming pool and ample parking spaces.

The LWD Group has been selected as lead consultant and interior designers.

DG Jones & Partners is the project cost consultant. Estimated at a project cost of Dhs500m with a target completion date of January 2011, design and preparation works are well under way, with enabling work scheduled to commence in the first quarter of 2009.

About Centro Hotels by Rotana:

Crisp and modern interiors provide essential requisites and advanced technologies. Every element of the Centro concept has been fully and thoroughly researched - from the fundamental principles of guest service and operations, to the design of a unique property formula. This has resulted in a new, highly efficient operational model, which provides essential amenities and necessities specifically geared to the travelling executive. Centro is coming at a time that will ideally position it for continuous long-term development, strong operating performance and sustainable growth well in to the future.

About Daman Investments PSC:

Daman Investments PSC is a private joint stock company based in Dubai and capitalized at Dhs200m. From its early beginnings in 1998, the group has grown rapidly into a non-bank financial services company now widely recognized as an authority in its core markets, the Gulf Cooperation Council and Iraq. Known for offering innovative investment products and services to both regional and international clients, Daman provides investment management and development capital investment opportunities as well as domestic and regional brokerage operations through its subsidiaries.

Daman is committed to the principles of ethical business practice and operational transparency. All of Daman's various operations are regulated by the United Arab Emirates Central Bank, the Emirates Securities and Commodities Authority (ESCA) and the Dubai Financial Services Authority (DFSA). Daman is well positioned for its clients as their gateway to the new Arab World economy.

About Buildan Development Limited:

Buildan Development Limited was formed on July 19, 2006 under Cayman Island law for the purpose of developing or participating in diverse projects or businesses which, directly or indirectly, have a link with the new Al Maktoum International Airport (the new Jebel Ali Airport City). A venture capital company, Buildan aims to become a leading developer and investor in aviation and logistics related businesses as well as real estate projects and will work through direct investment, partnerships, venture capital and infrastructure investments.

These projects will be located within and around the new Maktoum International Airport (Jebel Ali International Airport Free Zone), the future home to the world's newest state of the art international airport and global logistics hub, Buildan will actively develop innovative projects through direct investment, partnerships, venture capital and infrastructure investments.

About Rotana:

Rotana currently manages a portfolio of 65 properties throughout the Middle East. At Rotana, we have chosen to acknowledge how precious time is to you by making all time spent with us, Treasured Time. This means that we pledge to understand and meet the individual needs of all our guests. In so doing, we have evolved our product brands to include, Rotana Hotels & Resorts, Centro Hotels by Rotana, Rayhaan Hotels & Resorts by Rotana and Arjaan Hotel Apartments by Rotana. Treasured Time. Our promise to you.

Further information on any Rotana property, its brands or reservations can be obtained by visiting www.rotana.com or by contacting one of our regional sales offices.

For further information about this press release or any of Rotana's properties and brands, please contact:

Amal Harb
Associate Vice President
Marketing & Communications
Rotana Hotel Management Corporation LTD.
P.O. Box 43500
Abu-Dhabi, United Arab Emirates
Tel: 00 971 2 699 44 44
Fax: 00 971 2 644 14 12

For information on Daman Investments and its group of companies please contact:

Daman Corporate Communications
Tel: + 971 4 332 41 43
Fax: + 971 4 332 42 40

Press contacts:

Yasser Fathy / Walid El-Tigi
Arabia PR FZ LLC
Tel: + 971 4 391 12 00
Fax: + 971 4 390 45 11