New Delhi 4 June 2014:Luxury real estate developer, DAMAC Properties has announced the development of AKOYA Drive, one of the longest shopping strip experiences in Dubai.

Similar in length to ‘The Walk’ at Jumeirah Beach Residences (JBR) and reflective of Rodeo Drive in Beverly Hills, The Croisette or Champs Elysees in Paris, AKOYA Drive will stretch 1.3 km through the AKOYA by DAMAC luxury golf community off Umm Suqeim Road and will include high-end food and beverage, retail shopping, serene locations to meet friends and a host of family entertainment offerings.

The strip will house an outdoor ice-skating rink, cinema screen and interactive kids play area. The area will be longer than 13 football pitches end to end, and create a vibrant focal point for the residents of AKOYA by DAMAC and the surrounding area. More than 80,000 people will live within 16 km of AKOYA Drive by the time is completed.

“AKOYA Drive is what everyone in Dubai has been waiting for,” said Niall McLoughlin, Senior Vice President, DAMAC Properties. “We expect AKOYA Drive to be the new place to meet friends, entertain and get away from it all. This new haute spot with shopping, dining and entertainment will provide a real central point for those living in Arabian Ranches, through Motor City, Jumeirah Village and the surrounding areas.”

The rising confidence and purchasing power in Dubai has resulted in more demand for premium brands and with the large primary malls largely full, there has been a growing demand for the street shopping experience.
A recent report by Jones Lang LaSalle stated that: ‘the overall retail market in Dubai continues to perform well, supported by positive sentiment, solid economic fundamentals, a growing tourism industry and a rising number of residents.’
The current stock of retail space in Dubai is currently just under three million sqm, with an additional 840,000 sqm set to be added by 2016. With such a strong increase, Mr. McLoughlin says AKOYA Drive needs to be different:
“AKOYA Drive will blend the most exclusive brand designs with a relaxed, pedestrian-friendly atmosphere that takes you away from the fast pace of the city. There will be no better place to while away the hours with your friends and families.”
AKOYA by DAMACis a42 million square foot golf community off Umm Suqeim Road in Dubai. The project includes mansions, villas, luxurious apartments and retail centre. The project also includes a 14 million sq ft extension to the original 28 million sq ft at AKOYA by DAMAC, with a dedicated 4.3 million sq ft of open parkland, which will be a first-of-its-kind development in the region.

DAMAC Properties has delivered almost 10,000 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of March 31st 2014.

###

About DAMAC Properties:

For over a decade, the real estate portfolio of DAMAC Properties has been at the forefront of the Middle East’s luxury real estate market. With an enduring passion for design and quality, the company has built a reputation for creating some of the most iconic and desirable properties in the UAE, Qatar, Saudi Arabia, Iraq, Jordan and Lebanon.

Established in 2002, DAMAC has delivered almost 10,000 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of March 31st 2014.

Always at the forefront of visionary concepts, DAMAC has relationships with Paramount Hotels & Resorts, (the official licensee of Paramount Pictures), Italian fashion houses Versace Home and FENDI Casa for branded residential apartments and villas and The Trump Organisation for the development and operations of the Trump International Golf Course, Dubai and The Trump Estates within the AKOYA by DAMAC development.

Mid 2013, DAMAC Properties introduced the ‘AKOYA by DAMAC’ master plan development in Dubai. This includes mansions, villas, luxurious apartments and a retail centre all surrounding ‘The Trump International Golf Club. Within the AKOYA by DAMAC, products include ‘The Trump Estates’, a limited collection of 100 luxurious mansions. Also set within the heart of the community is a global first, with the launch of FENDI fashion-styled villas. AKOYA by DAMAC is also the home of Golf Veduta – serviced hotel apartments and DAMAC serviced Villas by Paramount Hotels and Resorts.

As a global leader in branded real estate, the company is also developing a US$1 billion hotel and luxury serviced residences in the Burj area of Dubai, called ‘DAMAC Towers by Paramount’, which will comprise the first Paramount Hotel & serviced Residences in the region.

Within the hospitality sector, DAMAC’s in-house hospitality team is responsible for managing the Company’s growing portfolio of over 10,000 units of leisure assets in its serviced hotel apartment developments. The division provides complete hospitality management through its own hospitality operating brands ‘DAMAC Maison Hotels and Hotel Apartments and NAIA by DAMAC.

As DAMAC continues to innovate and bring new concepts to the market, the Company is determined to build on its powerful performance to date. With vision and momentum, DAMAC is building the next generation of Middle East luxury living.

In addition to support services provided by the Dubai headquarters, the company’s comprehensive Customer Care Program provides solutions through its network with offices in the UAE, Jordan, Iraq, Lebanon, KSA and Qatar.

Further information is available at www.damacproperties.com or join DAMAC Properties on Facebook, Twitter (@DAMACOfficial) and YouTube.

For more information please contact: Niall McLoughlin, Senior Vice President - Corporate Communications, DAMAC. Tel: +971 4 3732190 │ Fax: 00 9714 3732335 │Email: [email protected]

Media Contact
Abhinav Kaul
Director-Media
Melcole Public Relations Pvt. Ltd.
24,Feroze Gandhi Road,Lajpat Nagar-III
New Delhi-110024 INDIA
Tel.:91-11-29834428,29833118
Fax:91-1129831976
Mob.:+919810364560
E-mail : [email protected]