Damac Properties attempts to elevate its image to luxury levels with the launch of its new brand image that is to convey "luxury in a more unique context", said a press release from the private developer yesterday.
The largest non-listed private developer has gone for a luxurious re-branding and logo makeover at a cost of more than Dh2 million, said industry sources.
When contacted Damac officials neither denied nor confirmed the figure.
Speaking about the new identity, Hussain Sajwani, Chairman of Damac Holding, said: "Damac Properties embarked on a journey in 2002, and today we are one of the largest private property developers in the region. The Damac Properties brand enjoys a premium over our competitors due to the luxury and quality we offer.
"Our goal is to become world leader in the luxury property segment. Luxury has played an inevitable role in our business and it is imperative that we strengthen our offering further.
Many of our competitors offer luxury as a feature. In order to distinguish and sustain our competitive edge over others, we have introduced our new brand promise that focuses on the benefits of luxury, and at the same time fulfilling the wishes of our customers."
"Our aim is to turn our customers' wishes into reality and help facilitate their aspirations. We aspire to further strengthen this emotional relationship between the brand, its staff, its stakeholders and its customers."
Commenting on the new brand, Peter Riddoch, Chief Executive Officer of Damac Properties, said: "We at Damac Properties are expanding aggressively into new markets and are growing at a very fast pace. We are associated with luxurious high-quality construction and properties. Our new corporate identity is a significant step forward and the beginning of a new journey that will lead us to the top."
"A company's corporate identity is 20 per cent visual and 80 per cent behavioural. Today, we are also introducing our four new core values for our organisation: enterprising, responsiveness, tenacity and premium.
"We believe in living these core values as it will be very important for us to deliver our brand promise. This will be evident in all our projects, right from its inception to delivery," he added.
The new Damac wordmark and identity symbolise reflective luxury – a symbol of Damac reflecting the desires and wishes of its customers. The stylised alphabets create a distinct look while the forward tilt of the alphabets symbolises its operational, enterprising and advancing capabilities.
Damac Properties is rolling out the new identity globally and is hosting employee and media events across the Middle East and Europe.
On the floor level, Damac Properties has more than 670 million square feet of luxury under development, in eight countries with more than 18,000 customers from 120 nationalities. Damac Properties has expanded into Malaysia and Erbil in Iraq with the announcement of new projects earlier this year.
Damac Properties is part of Damac Holding. Damac was established in 1995 and has grown into one of the most successful residential, leisure and commercial developers in Dubai and the Middle East, and is expanding rapidly into North Africa, Jordan, Lebanon, Qatar, Saudi Arabia and the Far East. The company's portfolio includes properties spread across 670 million square feet and is worth in excess of $45 billion (Dh165.28bn).
By partnering with world renowned architects and designers, Damac Properties aims to develop schemes that include residential, commercial and leisure facilities that will create an integrated community. The company's schemes are located in the most desirable and exclusive locations and the homes are built to a high-quality specification that has become synonymous with the group.
Damac Properties has announced plans to deliver more than 2,300 units in 2008, followed by an additional 7,100 units in 2009-10.
This year, Damac will also deliver 527 units in Lake View located at Jumeirah Lake Towers, 192 units in Executive Heights project at Tecom, 198 units in Tera Del Sol 1 and 2 and 848 units of The Crescent, located at IMPZ. In 2009-10, it will deliver a further 7,100 units.