Damac Properties scoop Five CNBC Arabian Property Awards 2008

On the architectural side Marina Bay won two awards - one for the Best High-rise Architecture and a second for Best Marina Development.

In addition Hyde Park in Egypt was judged the Best Development. On the marketing and communications front Damac Properties' DSF Promotion picked up the Property Marketing Award and for the fourth consecutive year the company won the Best Developer Website Award for the website.

Commenting on the news, Peter Riddoch, CEO, Damac Properties said:

"To have picked up five awards in one evening is a great achievement and we are extremely proud to have been recognised in this way by the judges of the CNBC Arabian Property Awards. It is particularly pleasing to have been recognised in such a wide range of categories from those focusing on our architecture - the very essence and core of our business - to those that recognise the planning and creativity that goes into our marketing and corporate image."

Last year Damac Properties won two awards and Mr Riddoch added that this year's improved performance was a reflection of the progress made within the company during the past year.

He added, "After winning two awards at the CNBC Arabian Property Awards last year, a total of five awards this year clearly reaffirms our commitment in providing world-class and unique properties coupled with excellent marketing and communication initiatives. We hope to achieve many more awards in the coming years.

"2008 has been a significant year for Damac Properties with the launch of our new corporate identity and our drive to focus on construction and delivery at all our of projects across Dubai. We look forward to another successful year in 2009.'

An impressive Dhs2.5bn worth of contracts have been awarded by Damac Properties in the first nine months of 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 worth of contracts have been awarded for projects in Dubai, Dhs45m for projects in Abu Dhabi and a total of Dhs320m by Damac International for projects in Qatar and Jordan.

In line with this, Damac Properties Dubai, is making good progress at its major developments in Dubai and has recently handed over 571 units at Lake Terrace in Jumeirah Lake Towers and with the promise of delivery of 192 units at the Executive Heights project at TECOM, 198 units in its Tera Del Sol developments in Discovery Gardens, 536 units at LakeView in Jumeirah Lake Towers and 847 units at The Crescent, located at IMPZ in Dubai, all before the end of 2008.

Damac Properties is expected to hand over approximately a further 7,100 units in 2009/10 across the GCC region.

The CNBC Arabian Property Awards aim to distinguish and position a property provider with the highest levels of achievement in a range of property related fields.
Mr Riddoch concluded: "The fact that Damac Properties earned one of these coveted awards is a sure proof that the UAE can not only compete but also triumph within the highly competitive Arabian property arena.

"These days property companies need to find ways to differentiate themselves from their competitors and the fact that we can use the CNBC Arabian Property Awards logo further demonstrates excellence and our commitment to quality.'