DAMAC Properties Closes most Successful Cityscape

September 23, 2014

Unprecedented Response to AKOYA Oxygen Master Development Reaffirms Strength of Dubai's Luxury Real Estate Market

Senior executives at DAMAC Properties, one of Dubai's leading luxury real estate developers, has hailed this year's Cityscape Global as its most productive to date.

The DAMAC Properties stand was packed throughout the three day event, with investors from all over the world looking to learn more about the company's latest luxury master development, AKOYA Oxygen.

The 55 million sq ft project in Dubailand was the highlight of a high quality show which reaffirmed the global belief in the Dubai real estate market.

“The last three days has shown investors belief in Dubai's fundamentals; this year's Cityscape Global has been the busiest ever for DAMAC Properties,” said Ziad El Chaar, Managing Director, DAMAC Properties. “Dubai is set on a stable growth pattern and the response to AKOYA Oxygen and our full luxury portfolio is testament to that.”

DAMAC Properties had a number of important announcements at the show: revealing that The Trump Organisation will manage its 18-hole, championship-standard golf course in AKOYA Oxygen and that it has broken ground on a 1,250 key hotel in Business Bay, in collaboration with Paramount Hotels & Resorts - a project which will create the third largest hotel in Dubai. ……

‘The Paramount Hotel Dubai, Downtown’ will showcase timeless Hollywood elegance with contemporary styling and a polished integration of elements of Paramount Pictures movies through high tech media mapping and digital signage. As a compliment, the property will honour its own identity influenced by the local creative communities, becoming a living showcase of contemporary arts reflected in every facet of the hotel.

“Dubai remains the strongest real estate market in the world and the right product at the right time with the right luxury developer is still a huge draw to savvy investors looking to capitalize on the emirates safe-haven status,” added El Chaar. “We remain steadfast in our belief in Dubai and the core fundamentals which supports its strong growth.”

Established in 2002, DAMAC has delivered almost 11,000 units to date and currently has a development portfolio of over 26,000 units at various stages of progress and planning as of June 30th 2014, which includes over 10,000 hotel rooms and serviced hotel apartments.