The DAMAC thread ...

[Dubai_Steve]

Don't be fooled by this bullshit. They just add the price of the jag to your apartment and then you take out a mortgage on the price. So you end up paying a lot for that jag and have a long wait for your apartment.

[dubaiflo]

crazy shit.

[GoDubai!]

They must be spending 50% of their revenues on advertising. It's a big hot air balloon. Another 30% is lining the pockets of some fat cats, 10% is lost, wasted, mismanaged on God knows what, and the remaining 10% is going into actually constructing properties--which explains why only two have been completed and only another couple are under construction. Someone above said 55 is the tally of approved or announced projects--but when you consider that some of these projects involve multiple structures, we're talking about a lot more.

These articles say they have 6000 staff working for them. Do you think anyone has ever checked out these figures? It is probably hot air, like everything else. DAMAC is scary and what's just as scary is that the Dubai and UAE government do nothing to investigate it. It makes one think that on a fundamental level there is little governmental infrastructure here, so to say, with regard to facilitatating sound business practice.

In all honesty, I know that none of us have any inside info on this company, which is precisely the problem. They are allowed to announce, launch and collect deposits from so many people who have no way of knowing what is really going on behind closed doors. All we see are these zany promotions and very little work on the ground. Another thing is that we all see Peter Riddoch as the face of the company, but for all we know he could actually be the fall guy when all the s--t hits the fan while the real masterminds get away Scott free.

[worried1]

MED which like DAMAC does not know its a**se from its elbow is giving a DH50000 discount. Last year it was a Mercedes.

[minime]

chain letter anyone? In time this will most likely collapse. Good thing I did not go with DAMAC in March 2005 at the time because I would still be waiting for my apartment. I think this is beyond anything acceptable.

Also. I have noticed that the sales guys that bugged me at the time all moved to different companies whilst at DI most of them still work at the same place. Tells me something about the company too.

Will the last person of the 6000 staff to leave the office turn off the lights?

[Dubai_Steve]

Its interesting that despite all the advertising power of DAMAC they have yet to sell out Ocean Heights after all those years. This says to me that a companies reputation for delivery is far more important than any major advertising campaigns or giveaway promotions.

[thedubailife]

It also says the Ocean Hieghts was Overpriced when it was intially launched and then the delays put people off......with the apperance of more choice people then decided to purchase elsewhere Infinity, Torch etc

I know Infinity is 80% sold and it was only Launched over a year ago it was similar in price to Ocean Heights and the only remaining Properties are on the Higher Floors generally 2 bed Lofts and the bigger 3, 4 and penthouses.

Well i just hope for all the Investors that DAMAC actually Deliver on there promises

[AltinD]

I think somehow weird apartment layouts and relatively small in size, were a reason as well.

[Morrismarina]

Other than Marina Terrace what other towers have Damac completed in Dubai ???

[Naz UK]

The Waves.

[Morrismarina]

Of course...thanks. So only two towers built for a company with 6,000 employees, sounds very odd to me. I've never deal with Damac to be fair, but they've virtually no building track record then. What would worry me is that their advertising with free this and that, is a bloody joke, no property investor is going to take them seriously, but they can't see it. Scarey.....

[smussuw]

I didnt go through the thread but as for Damac there are rumors say that it is funded the Iranians who are part of the Iranian regime especially because Damac owner is Shiite.

The chairman of Damac became one of the Emirati billionaires for a reason

[Naz UK]

Well if that's the case, then God help the Iranian nuclear programme...which should be ready sometime between 2050..and the return of the dinosaurs.

[dubaiflo]

anyway as for Ocean Heights sure their VERY crappy layouts was a reason.

[Krazy]

This article is dedicated to Naz UK

DAMAC bags 'Best residential developer in UAE' award at IREF Middle East Awards 2006

Luxury lifestyle provider and the region's leading private sector developer, DAMAC Properties, won the 'Best residential developer' award at the inaugural IREF ME 2006 awards.


Peter Riddoch, CEO, DAMAC Properties (right) receiving DAMAC's best residential developer in UAE award from Mr. Mushtak Parker - ICG Events.

UK based, ICG (Islamic Conferences Group) presented the inaugural IREF ME Awards to institutions for their excellence and contribution to the real estate market within the GCC region.

'DAMAC Holding has grown into a major regional player in a wide variety of businesses with 6000 employees in 18 countries. We launched DAMAC Properties 4 years ago, and today, the property company has grown tremendously to become Middle East's leading prominent private sector developer,' commented Hussain Sajwani, Chairman, DAMAC Group.

Over 40 institutions and individuals were honored for their outstanding contributions and achievements in various areas of real estate. Nominees in the various categories were short listed and selected by a panel of leading industry experts from each of the GCC countries.

'We are delighted and proud to have won this award as the country's best residential developer. Recognition at the IREF ME Awards 2006, further reiterates our leadership position in the property marketplace,' said Mr. Peter Riddoch, CEO, DAMAC Properties.

DAMAC has recently also won three prestigious awards at the CNBC Arabian Property Awards 2006. 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 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 Properties was launched 4 years ago. In line with the government's introduction of freehold ownership, DAMAC was the first to introduce iconic properties on all the freehold master planned development launched by the Dubai and Abu Dhabi governments. Throughout the spectrum of 52 buildings announced to date, DAMAC Properties provides a luxury lifestyle that is second to none. The total value of DAMAC Properties' projects is over US$4 Billion. It is a subsidiary of the DAMAC Holding established in 1982.

[Morrismarina]

So they've annouced 52 developments to date.......assuming they do start building these, how on earth are they going to monitor each one properly. Really hope they start building these soon as could be really bad news for Dubai if things go wrong with this company. What developments have they announced in the Marina ?? I know of Ocean Heights 2 but is there anything else ??

[AltinD]

There's nothing else in Marina

[dubaiflo]

as of now. but then again i doubt there will be more anyway.

i wonder if they paid money to get those awards? i mean how stupid can anyone be..

[Naz UK]

Front the onset, Damac set out to become the "No.1" private property developer in the shortest possible time. They only way they could achieve this was by annoucing as many new developments in as new projects in as many new countries as possible. So if the criteria in these cheesy award ceremonies for becoming "No.1" is judged by the number of developments announced, then Damac has achieved this "No.1" spot. However, everyone else living in the "real" world knows its not anouncements, glossy press releases and vomit-inducing "promotions" that count, but integrity, professionalism and finished results that really matter.

[Morrismarina]

Anbody know what they've built in total "worldwide" ?? (Or would it still be just the two Dubai Marina towers, Terrace & Waves ?? )