Prestigious mixed‐use property celebrates simultaneous achievement of two major milestones
DUBAI (United Arab Emirates): Daman Investments PSC, one of the leading UAE based regional investment management companies, celebrated the topping up of The Buildings by Daman, an AED 1.6 billion mixed‐use real estate project at the prestigious Dubai International Financial Centre (DIFC), on November 10th, 2010.
Commenting on the announcement, Mr. Shehab Gargash, Managing Director of Daman Investments, said, “We are proud to celebrate this important moment in the life of our project with the topping up of The Buildings by Daman, the development of which has continued steadily and is now nearing our initial phased handover stage beginning in 2011 with the office tower. This significant construction event simultaneously marks two major milestones in the project – the completion of both Tower B and the Office Tower superstructures. This further demonstrates the company’s commitment to its investors and stakeholders in bringing value to their equity and promoting mutual growth.”
Topping Up – a landmark achievement in the life of a new addition to the Dubai skyline.
Behind the photograph of a new major building project in the prestigious Dubai International Financial Centre are some real construction details that represent another landmark in the life of this major mixed use project. The topping up of The Buildings by Daman took more than 448 m3 of special concrete mix pumped up 224 metres above the ground level and poured across a roof plate area of 1,410 m2, bringing the overall concrete quantity poured into the building, inclusive of the roof slab, up to 20,527 m3.
Special additives are incorporated into the concrete mix to facilitate vertical pumping of the material to such heights, and required two placing booms capable of delivering 40 cubic metres of concrete per hour.
The 224‐meter high Buildings by Daman is a 65‐floor high rise, built on 220,000‐square foot plot of land in the heart of the DIFC, Dubai’s commercial business district.
A mixed‐use residential and commercial complex, it includes freehold apartments, offices, a luxury hotel and retail space, encompassing 3.3 million square feet of built up area surrounded by sculptured gardens and water features. The project is being built on a 220,000‐square foot plot of land which was acquired through a tender process during 2004.
About Daman Investments PSC
Daman Investments PSC is a private joint stock company based in Dubai and capitalized at AED 200 million. From its early beginnings in 1998, the group has grown rapidly into a non‐bank financial services company now widely recognized as an authority in its core markets, the Gulf Cooperation Council and Iraq.
Known for offering innovative investment products and services to both regional and international clients, Daman provides investment management and development capital investment opportunities as well as domestic and regional brokerage operations through its subsidiaries. Daman is committed to the principles of ethical business practice and operational transparency. All Daman’s various operations are regulated by the United Arab Emirates Central Bank, the Emirates Securities and Commodities Authority (ESCA) and the Dubai Financial Services Authority (DFSA).
Daman is contemplating an initial public offering in 2012.
About The Buildings by Daman
Since its introduction to the property market five years ago, Daman Investment’s innovative real estate project has been considered as a groundbreaking concept, due to its pioneering approach to the capitalization of the development. The project is financed by a US $ 100 million private equity real estate fund, structured as a special purpose company (Daman Real Estate Capital Partners Limited). This unique ownership structure, along with the overall project finance model which includes non‐recourse debt and re‐invested project revenue, provides investors with the opportunity to participate in a major development through a specifically developed structure.
Shehab Gargash, CEO of Daman Investments (center) and Mr. Laurie Voyer, CEO and Managing Director of Al Habtoor Leighton, with shareholders, stakeholders and Daman managers on the 65th floor of the Buildings by Daman in the Dubai International Financial Centre, topping up the final concrete pour.
For further details please contact:
Daman Corporate Communications OR Arabia PR FZ LLC
Michele Smith Motiwalla Yasser Fathy
Tel: +971 4 332 41 40 Tel: + 971 4 391 12 00
Fax: +971 4 332 42 40 Fax: + 9714 390 45 11