AED1.6 BILLION REAL ESTATE PROJECT IN DIFC
DUBAI – United Arab Emirates: The December 2005 official ground-breaking ceremony for the AED 1.6 billion “The Buildings by Daman” mixed use real estate development project was held on site at the prestigious Dubai International Financial Centre (DIFC).
The ceremony was attended by Daman’s senior management team with other staff, senior DIFC management and officials, representatives from the US-based architects Parkins & Will, appointed suppliers and contractors such as Arif & Bintoak, Buro Happold, Al Rostamani Pegel, Turner, and Roya International, ASTECO, Curtis, Mallet-Prevost, Colt & Mosle LLP (London) corporate law firm among others.
“This is a landmark day for all of us at Daman. We are delighted to be able to mark the official beginning of works in December 2005 as previously announced, on schedule. It makes us particularly happy to welcome everyone here today as part of the growing team working on the project. We are looking forward to delivering the project within its targeted time-frame in mid 2008” said Mr. Shehab Gargash, Managing Director, Daman.
“There is no doubt that our choice of the location in DIFC adds significant value to the project, because of strongly codified freehold rights, tax exemption commitments and other exemplary free zone features,” added Mr. Gargash.
Photo Caption: Shehab Gargash Managing Director of Daman (Centre) with officials from DIFC as well as Daman senior staff and team members from Al Rostamani Pegel; Arif & Bintoak; ASTECO; Buro Happold, Perkins & Will; Turner; Roya International shown during groundbreaking ceremonies for “The Buildings by Daman” on site in DIFC.
About The Buildings by Daman at The DIFC
The Buildings by Damn at the DIFC precinct is a 62 floor mixed use residential and commercial complex 213 meters high. Encompassing 1.6 million square feet of built up area surrounded by sculpture gardens and waterfeatures, the complex includes freehold apartments, offices, a luxury hotel and retail space. The company had acquired a 220,000-square feet plot of land for this project in an open tender process during 2004. Expected project completion date is mid-2008.
The Buildings by Daman project will generate value out of the unique vision of the DIFC as a world-class financial centre, which has already attracted top financial institutions from around the world. Many more are expected in the near future and this is anticipated to result in a steady increase in demand for office, residential retail and leisure real estate within the DIFC. The downtown location and plans for a metro station in DIFC that will be operational by 2009 are the additional features that are expected to add value to the project.
About Perkins and Will:
Perkins and Will, world renowned architectural firm responsible for the Design Architect for the project, has already completed the detailed design.
Formed in mid 2000 by a group of prominent UAE investors to cater to the growing need for in- depth, professional financial services tailored to the Arab World region. Daman’s grass roots understanding of the fast changing dynamics of the region have made the group a specialist operating in this space.
Daman has grown into a group encompassing the full spectrum of non-bank financial services known for providing international standard quality services as well as innovative investment and asset management options.
Daman today is a diverse and dynamic operation which includes a dedicated brokerage arm (Daman Securities LLC) as well as divisions offering advisory services, real estate, private equity and venture capital development.