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Sat 2 Jun 2007 12:00 AM

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Damac twists into the Saudi market

Damac Properties has launched its first project in Saudi Arabia. Located on the corniche in Jeddah, Al Jawharah is a 40-storey residential tower.

Damac Properties has launched its first project in Saudi Arabia. Located on the corniche in Jeddah, Al Jawharah is a 40-storey residential tower. The project marks Damac's first foray into the country.

"Saudi Arabia will be an integral component of our expansion strategy and thereby also be part of the company's global vision," said Hussain Sajwani, chairman, Damac Holding. "With the wealth of experience we have gathered over the years - we are sure to wow the residents of Saudi Arabia with this masterpiece project."

The project will feature a grand reception area with double height lobby, five-bedroom penthouses and one to four-bedroom apartments, along with a health club.

Damac recently opened a sales office for customers in Riyadh. The company also has sales offices located in Jeddah and Damman-Khobar.

"This is just the beginning. Our ambitious plan for Saudi Arabia includes a number of real estate ventures that we plan to unveil in the near future," said Peter Riddoch, CEO, Damac Properties.

"Saudi Arabia is a very important market for us and unlike any other developers in the UAE, we are showing commitment and confidence in the kingdom by launching our Al Jawharah project and also establishing a strong local presence in a number of cities in the country."

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