UNITED ARAB EMIRATES – DLA Piper advises on billion dollar deal

DLA Piper advised Paramount Hotel & Resorts on a deal with property developer DAMAC to construct ‘Damac Towers by Paramount’, a unique, luxury development of four buildings in the Business Bay area of downtown Dubai. The development will comprise a 540 key Paramount Hotel and serviced apartments and more than 1,400 units of DAMAC Maison–Paramount co-branded serviced hotel residences.

The USD1 billion ‘Damac Towers by Paramount’ is currently under construction and set for completion at the end of 2015.

The site will provide enviable views of the world tallest tower, the Burj Khalifa within close proximity to one of the world’s largest shopping malls, The Dubai Mall.

“This is a significant deal for DLA Piper’s hotel practice in the region and we are delighted to have advised on such a large mixed-use development,” commented Helen Hangari, Senior Legal Consultant at DLA Piper Middle East. She added, “This development is indicative of a buoyant hospitality sector in the UAE and the wider Middle East region, driven by strong tourism figures and a strengthening economic climate – as a firm we are optimistic of continued levels of activity as we move forward in 2013.”