Saturday, December 23, 2006

Damac Properties – Expansion Plans

The Chief Executive of Damac, Peter R Riddoch said that Damac Properties is looking forward to expand to Pakistan and India. While Damac already has its presence in the UAE, Jordan, China, Qatar, Egypt and Lebanon, the company is planning to enter the markets of India and Pakistan next year.

Damac, which already has a portfolio of Dh80 billion including the Dh 60 bn. Gamsha Bay Project, which was recently launched, is expecting to account about 60 to 65 percent of the company’s value from projects beyond the UAE. Riddoch added that currently about 68 percent of the total Company value is contributed by Dubai and the rest comes from Qatar, Lebanon, Jordan and Abu Dhabi.

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