Marina Diamond II nears completion

It is announced today that the company expects to handover 266 units in late September 2006.

This will be the second successful handover by Diamond Investments, with Marina Diamond I also being completed on time in Dec 2005. This consistent success makes Diamond Investments one of the few developers in the region who is delivering as promised - a situation set to continue with the remaining four Diamonds.

Mr. Faris Saeed, general manager at Diamond Investments, said: "Meeting our construction and handover targets is central to the Marina Diamond vision."

The company's goal is to provide affordable high quality apartments to accommodate consumers who have been priced out of the Marina area due to the increasingly high prices. To meet this aim Diamond Investments is vigilant about cost overruns and construction schedules.

Mr. Saeed concludes: "The growth in Dubai over the past few years has been astonishing, and the real estate market is maturing. Diamond Investments is not alone in recognizing the need for reasonable housing for those who continuously work hard to make Dubai what it is today."

Other development news:
Construction of the final four Marina Diamond developments continues to progress as scheduled:
• Marina Diamond III has begun construction on its ninth storey
• Work on the second floor of Marina Diamond IV is underway
• The foundations for the final two Diamonds have been set, and Marina Diamond V's basement parking is nearing completion.