DAMAC Properties, member of DAMAC Holding, Dubai investment arm, signed on recently a landmark Memorandum of Understanding (MOU) with the Tanggu District Government located within Tianjin City, People's Republic of China, to develop an iconic mix-use real estate development in the exquisite Trumpet Bay region.
Zhang Jiaxing, Governor of Tanggu District, Tianjin City, and Peter Riddoch, Chief Executive Officer at DAMAC Properties signed the MOU, based on which DAMAC shall initiate a breathtaking real estate project in Trumpet Bay.
The Executive Mayor of Tianjin City, Hung Xing Guo led the Government delegation visiting DAMAC Properties in Dubai and held fruitful talks related to the Binnai New Area Development, Tianjin, with Hussain Sajwani, Chairman of DAMAC Holding, reaching consensus on the development of a central business commercial zone within the Tanggu District, Tianjin.
DAMAC's mega real estate undertaking is a Dh10 billion, five million square feet mix-use project consisting of a number of iconic residential towers, along with retail, offices, and an elegantly designed exclusive five star hotel. The development will also encompass a stunning marina with a capacity of 100 boats, as well as promenades and landscaped areas.
DAMAC is due to introduce soon other exquisite projects outside the UAE, within the world acclaimed Beirut City Centre in Lebanon on the prime location of Omar Daouk and Fakhreddine streets, as well as in the new Abdali master planned development in Amman, Jordan. Press conferences to unveil those projects are planned to take place early in the summer.
The property company was recently honoured with three prestigious Bentley International Awards 2005 in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (http://www.damacproperties.com) at a ceremony in London on 4 November 2005.
The Bentley International Property Awards, now entering their 11th year, have been described as the 'Oscars' of the property industry. The aim of the awards is to distinguish the highest levels of achievement in a range of property-related fields.
Categories cover a wide range of property and real estate related activities and services, including Development, Interior Design, Architecture, Property, Advertising, Marketing, and Estate Agency Services.
The total value of DAMAC Properties' projects is over $US 4 Billion. It is a subsidiary of the DAMAC Group established in 1982. An accredited ISO 9002 company, the DAMAC Group has now grown into a global conglomerate with more than 5000 employees in 16 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. (Emirates News Agency, WAM)
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