DAMAC Properties signs agreement with DIFC to develop 'Park Towers at DIFC'

Built at an investment cost of Dhs 600 million, Park Towers at DIFC, will overlook Park Boulevard at the region's financial hub. The towers owned by DAMAC Properties will feature the latest in construction design and offer superior amenities and services, as well as modern living standards.

Announcing the news, Peter Riddoch, Chief Executive Officer of DAMAC Properties explained that Park Towers at DIFC would be offered to interested investors on freehold basis.
"The construction is expected to start on site in 2005 and is due to be completed within three years. A Sales Center at the location of Park Towers at DIFC is currently operational to further promote the project," he added.

Riddoch said the expansion of DAMAC Properties' activities to the city's newest financial hub was part of its plan to further develop and expand its property portfolio which includes seven properties that are currently under construction across master development projects in Dubai on the Palm Islands in Jumeirah and Jebel Ali, Jumeirah Lake Towers as well as Dubai Marina.

"The Dubai Financial Centre is another step that will see the Emirate expand and grow and establish a name for itself in the financial industry and DAMAC is very proud to be part of such a plan and help support the activities of DIFC. We are planning to build Park Towers at DIFC to the highest construction standards offering the latest in services and living standards. DIFC will host leading financial service companies and investors and we plan to build the best for them to suit their requirements," Riddoch stressed.

He further noted that the plan is to build two egg-shaped identical 30 floor towers connected through a multi storey podium. Park Towers at DIFC will also feature a top deck, open-air swimming pool, sauna, Jacuzzi and gymnasium.

Founded in 1982, the multi-million Dirham DAMAC Group is one the largest conglomerates in the Middle East operating across 16 countries and employing over 5,000 people from more than 25 nationalities. The group, holder of ISO 9002 international accreditation, operates a diversified portfolio of successful businesses ranging from industrial catering, to franchised restaurants, product manufacturing, education, insurance, global stock market investments and property development including commercial developments, hotels and multi-million waterfront properties that are internationally renowned engineering projects in their own right.