September 22, 2007

Sama Dubai Donates Land Worth AED 50 Million in 'The Lagoons' to 'Dubai Cares'

Land To Be Auctioned By Dubai Land Department Dubai-UAE: 22 September, 2007 - Sama Dubai, the international real estate investment and development arm of Dubai Holding, has donated land, in its 'The Lagoons' project, worth AED 50 million to the 'Dubai Cares'. The charitable initiative was unveiled last week by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai with the aim of raising funds for primary education for one million children in poor countries around the world. The donated land has 170,000 sq.ft of building area in 'The Lagoons', a leading project being developed by Sama Dubai on the Dubai creek. Sama Dubai will auction the land under the supervision of the Government of Dubai land department, which will announce the auction date at a later stage, with the proceeds going to the 'Dubai Cares' campaign. Farhan Faraidooni, Executive Chairman, Sama Dubai, said: "Sama Dubai's contribution to 'Dubai Cares' initiative is in response to His Highness' call for the private sector to substantially support the humanitarian campaign's goal of providing primary education to every child in the world by 2015." "Our participation stems from our faith in our Islamic religion and our traditions that prompts us to maintain the highest levels of social ethics and equality in the community. Moreover, we strongly believe that any business should have social and cultural dimensions as integral parts of it. "The United Arab Emirates enjoys a prosper economy, which has created economic opportunities that have benefited many people. Such prosperity can be further leveraged through this charity drive by funding education, a crucial part of the fight against poverty," added Faraidooni. Inviting businessmen and investors to take part in the land auction, an opportunity that offers both social and economic returns, Faraidooni said: "Dubai has exported its economic success story to the world and we are confident that we will export our success in humanitarian initiatives as well." Sama Dubai's participation is inline with its corporate social responsibility policy, an integral component of the company's business model. Sama Dubai has a strong commitment to its vision to operate both profitably and ethically. It believes the best way to achieve this is to find the common interest which exists between the company's growth and the community's welfare.