The office marks DAMAC’s entry into the Egyptian market following the Gamsha Bay project announcement in December 2006. Bringing one of the most successful residential, leisure and commercial developers into the market, this office will support DAMAC’s expansion plans in Egypt.
“We are delighted to open our first office in Egypt, as it is a key regional market with significant growth potential. This is only the first step along the way to establishing a strong presence for DAMAC Properties in Egypt,” said Mr. Hussain Sajwani, Chairman and Founder of DAMAC Holding. “Egypt is blessed with a number of factors such as the natural beauty of its coastlines and easy access to international markets that will help position it as one of the top countries to attract overseas home owners,” he added.
DAMAC Properties sealed the Gamsha Bay agreement with the Egyptian Government in December 2006. Located 60 km north of Hurghada, the project is billed as the largest development in the region. It will offer residents a wide array of housing options, entertainment venues and recreational amenities including an innovative extreme sports adventure theme park. The project will take place on an area covering 320 million sq ft. and total investments are expected to reach US$16 billion over the next ten years.
“We look forward to bringing unique and innovative projects into the Egyptian market. We’re building an exceptional local team capable of providing our customers with an unprecedented level of support,” said Mr. Peter Riddoch, CEO of DAMAC Properties. “Quality is one of DAMAC’s core beliefs and we are committed to delivering superior value. This applies to the properties we deliver and extends to encompass our comprehensive customer care program,” he added.
DAMAC Properties is the property arm of DAMAC Holding, a global business conglomerate with over 6000 employees in 18 countries. Established in 1996 and headquartered in Dubai, the total value of DAMAC Properties’ portfolio currently stands at US$4 billion.
Furthermore, DAMAC Properties recently won three prestigious awards at the CNBC Arabian Property Awards 2006. Property developer bagged the best development award for ‘Oceanscape’, best architecture award for ‘Ocean Heights 2’ and the best website award for the company’s website – www.damacproperties.com. In December 2006, the company also won the IREF ME award for the best residential development in the UAE. In 2005, the company was honored with three prestigious Bentley International Awards in the categories of – Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights-1 and Best Developer website at a ceremony in London.
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