Dubai Maritime City Land Development

Press Release March 24, 2013

DAMAC Properties Managing Director, Ziad El Chaar at Signing: Photo credit DAMAC

DAMAC Properties continues its investment programme with plans to develop prime real estate in Dubai Maritime City.

DAMAC’s plot of land on the sea-front at Dubai Maritime City will be home to a high-rise luxury tower of serviced hotel residences and further expands the company’s project portfolio in the Emirate.

Dubai Maritime City is strategically located north of the main city centre and creek area business district, between Port Rashid and Dubai Dry Docks. The site is connected by a causeway to the wider road network, providing access to all of Dubai's principle expressways including Sheikh Zayed Road.

Speaking at a formal signing session this morning, DAMAC Properties Managing Director, Ziad El Chaar said: “Dubai is at the heart of our development programme and this investment is testament to the resurgence and our confidence in the market. The plot in Dubai Maritime City will offer stunning views of the sea and deliver quintessentially refined living, where we look after your every need.”

DAMAC Properties has already competed 37 buildings in the Middle East to date, with a further 66 at various stages of progress across the Middle East and North Africa. The plot at Dubai Maritime City will take the company’s total portfolio of buildings to 104.

“By being one of the first developers to commit to Maritime City, DAMAC Properties has been able to secure one of the most exclusive plots in the whole development and we expect this project to drive significant demand,” added El Chaar.

DAMAC Properties has been on an aggressive growth path in the past six months. Since completing Marina Bay, its first project in Abu Dhabi, the company has announced strategic partnerships with both the Italian luxury fashion house FENDI, and the iconic movie makers, Paramount Pictures.