Gamsha Bay Update

[Flyerman]

Hello El Gouna,

Regarding Gamsha Bay, as we are agents for Damac, I can add following my recent meeting with Damac that Gamsaha Bay launch is delayed further.

Its is clear that paperwork is taking longer than expected and launch will not be until next year. In spite of current economic woes, there has been considerable interest to invest in this project because, in part, its expected to be a good alternative to leisure projects in the UAE.

Although I concede we do not know prices yet so we should wait for these.

Historically early investors have done well in Damac projects, particularly those who have participated in the early launch deals.

But the devil is in the detail. Let's wait and see. I'll post when I hear more.

Lance

[Elite Overseas Properties]

February '09 was hinted to me by our regional DAMAC office

[El Gouna]

Originally Posted by Elite Overseas Properties

February '09 was hinted to me by our regional DAMAC office

Good news! Thank you. Please, keep me informed.

[dave99]

Just had a call from someone claiming that DAMAC in the UK are downsizing their operation and would I like to market their products instead - he said that DAMAC had given them my details.

Anyone know what's happening - I suspect that this could be a more general slowdown by DAMAC and that there may be some effect on the Gamsha Bay project.

Originally Posted by Elite Overseas Properties

February '09 was hinted to me by our regional DAMAC office

[Flyerman]

Originally Posted by dave99

Just had a call from someone claiming that DAMAC in the UK are downsizing their operation and would I like to market their products instead - he said that DAMAC had given them my details.

Anyone know what's happening - I suspect that this could be a more general slowdown by DAMAC and that there may be some effect on the Gamsha Bay project.

Hello,

Yes they now have just one Docklands, City of London office.

No news on Gamsha Bay. No point speculating about unknowns. But I'm sure many of us would be surprised if this project is launched anytime soon.

Regards
Lance

[rossantony]

Egypt's state-controlled Housing and Development Bank said on Sunday it was considering buying a stake in UAE real estate developer Damac.

The Egyptian lender did not say how large a stake it could buy or give further details in a statement to the stock exchange.

Officials at the bank could not immediately be reached for comment.

Damac, Dubai's largest private developer, has planned projects in Egypt worth more than $20 billion and has said 20 percent of its revenue could come from Egypt by 2009.

It is developing a $16.3 billion residential and tourism project on Egypt's Red Sea coast and a 2 billion Egyptian pound ($360 million) commercial and retail venture in 6th October City west of Cairo.

The company said in December 2007 it would spend 30 billion Egyptian pounds over 10 years on another residential and commercial project near Cairo to tap demand for housing in the most populous Arab country.

Damac said in November it would not be expanding into new markets and is looking to reschedule the construction of some projects due to the global financial crisis.

Dubai's real estate sector has been hit hard as property prices fall, construction projects are scaled back and jobs are cut.

[propertastic]

I heard that Gamsha Bay is now either on hold or else it's been cancelled. Their Hurghada office has been closed down.

Certainly not a lot has happened since Gamsha's supposed launch date of last May.