Thursday, January 04, 2007

Damac’s investments to increase four fold in next three years

The biggest private freehold developer in UAE, Damac Properties has announced that its total investments in the property sector in the UAE and overseas would increase fourfold i.e., it is likely to reach $25.5 billion during the next three years.

The Chairman and Founder of Damac Holding Group mentioned that in the coming three years, the company will further expand its real estate business in Egypt and Saudi Arabia through projects worth $20billion.
Damac, which is one of the most booming commercial, leisure and residential
developers in Dubai and Middle East over the last four years has invested in a
total of 52 projects worth$5.5billion, including several projects completed or
are under development in the Far East, Qatar, Lebanon, Jordan and UAE. A hundred percent growth was recorded in sales by Damac during 2006 and is expecting to increase its overseas sales during 2007 while simultaneously consolidating growth in Dubai with a surge of thirty percent sales.
Sajwani mentioned that Damac has 37 projects in Dubai and would further like to consolidate when the market is still strong. In Dubai alone, Damac’s investment is $4 billion. The latest project was in Dubailand called The Cyclades which consist of seven office buildings out of which two are being launched now. Another prestigious project of Damac in Dubai includes Oceanscape and Ocean Heights. It has already brought in three projects in downtown Amman. The projects namely “The Heights” which is a 35 storey tower and “The Lofts” which is an eight storey residential development which is adjacent to the tower were sold out completely in time. Another project called “The Courtyard” was inaugurated in November this year.

Damac has also launched a project in Abu Dhabi. Damac is confident about witnessing a spectacular growth in Egypt and Saudi Arabia as there is a huge growth potential in these places. Sajwani mentioned that he is also planning to enter into Morocco and other regional markets in future.

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