DAMAC Enters Egypt with 320 million Square Feet Gamsha Bay Project

Dec. 13, 2006 – Amman, Jordan (December 2006) – DAMAC Properties, Middle East’s largest private-sector luxury property developer, today announced its entry into the Egyptian market came with the launch of its 320 million sq. ft., Gamsha Bay project. This project is the largest development of its type in the region, and it comes to life with an abundance of facilities.

The agreement pertaining to this new development was signed during the Arab Strategy Forum of 2006 and by Mr. Khaled Makhlouf, Chairman of the Tourism Development Authority, and Mr. Hussain Sajwani, Chairman and Founder of DAMAC Holding Group. The Signing ceremony was held in the presence of the Prime Minister of Egypt, Mr. Ahmed Nazif. The Arab Strategy Forum itself was attended by several prominent figures within the Egyptian society including Mr. Zohair Garranah, Minister of Tourism, Dr. Youssef Boutros Ghali, Minister of Finance, Dr. Mahmoud Mohiddin, Minister of Industry, Mr. Mohammed Mansour, Minister of Transport and Secretary General, Mr. Samy Saad Zaghloul,.

During the event’s proceedings it was announced that Gamsha Bay will be the region’s largest township, located at the north of Hurghada. It will offer its residents a wide array of housing options, entertainment venues and recreational amenities including an innovative extreme sports adventure theme park.

Gamsha Bay will also be divided into 9 distinct zones – Gamsha Marina, Marina Park, Coral Golf Course, Sea View Crescent, Creek Retreat, Gamsha Bay, Peninsula Luxury Villas, Downtown Gamsha and Extreme Sports World Theme Park.
The township itself will be built in five phases over 10 years, with the initial components of the first phase completed within the next five years.

Commenting on this new development from DAMAC, Mr. Hussain Sajwani, Chairman, DAMAC Group said, “We at the firm are delighted to enter this exciting new market, and are grateful to the Egyptian government for their confidence in us. Gamsha Bay, with its environmentally conscious design, and its innovative architecture will surely set a benchmark for the real estate marketplace in the region and will further influence economic development,”

Mr. Sajwani added that he is proud to be present at the project’s prestigious launch” the new project is located within driving distance to Cairo, and close to Sharm El Sheikh, Hurghada and El Gouna, Gamsha Bay which is located 60km north of Hurghada will offer the very best of Egypt – with its coral reefs, hills and beautiful coastline. I am sure this world class development will boost the economy of this region and create new attractions for tourists. The other important aspect of this project is on the employment front as this mega project will require several hands to put the masterpiece together,” he said. .

“The Gamsha Bay project will offer residents an open scenic environment with 39 kms coastline and 25 kms of beaches. Customers will have over 55,000 units that include – villas, townhouses, retail establishments, shopping centers, marinas, apartments and several other amenities to choose from.

In terms of its most unique offerings, Gamsha Bay will bring a first-of-a-kind Extreme Sports Adventure Theme Park to the region. Continuing the tradition of convenience and luxury associated with the DAMAC brand, the township will include spa resorts, a world class golf course, a marina village, educational facilities, cinemas, shopping boulevards and scuba diving facilities.

DAMAC Properties has already introduced three projects out of four. These projects include,‘ the Heights’, a 35-storey tower, and ‘The Lofts’ an 8-storey residential development adjacent to the tower . The third project called ‘The Courtyard’ was unveiled in November this year. Among the companies other developments in the region is the new Abdali development area located in Downtown Amman.

DAMAC Properties won three prestigious awards at the CNBC Arabian Property Awards 2006. The 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 2005, the property 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.

DAMAC Holding has now grown into a global conglomerate with over 6000 employees in 18 countries. Being the first private sector company to make a commitment to Dubai’s real estate market, DAMAC Properties has become the market leader with a strong sales record to its credit.

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