Dubai Golf City

Aloula Middle East Co:

Al Oula ME incorporated as a SPV between shareholders to acquire 49% stake of DGC

project from Al Thani "the owner", while 51% remaining with Al Thani.

 

Al Oula ME Shareholders:

Al Oula Real Estate Development Co.                                    55.00%

Amwal Alkhaleej Commercial Investment Co.                   10.33%

Al Bareeq International Co.                                                     14.33%

Damas LLC                                                                                 20.33%

 

LOCATION & DESCRIPTION:

Dubai Golf City project is located in Dubai Land, Dubai, UAE on a Sq.Ft. 55 million land area.

The project will be a construction of mix use development project comprising of Golf courses,

Villas, Apartments, Mansions, Townhouses and Hotels.

 

 

PROJECT PROGRESS:

• DGC Master Plan approved on May 2007.

• DM permit approval in progress for Villa Type A, B and C, for village apartments Plot 9 & 7.

• The construction of Oasis Golf Course continues. The fine shaping is nearly complete. The

   grassed areas responded as expected. The course is expected to be ready by Fall 2009.

• The works for converting an area of warehouse to a golf maintenance area is underway.

   Delivery of maintenance equipments have been taken and put to use on as-needed basis.

• Infrastructure works for Golf course grading are in advance stage of completion. Temporary

   utilities are 100% available.

• DGC is monitoring current real estate market closely.