Wednesday, May 09, 2007

Damac plans further expansion with $1bn project at Saudi

Damac Properties plans to invest Dh.3.67billion ($1 billion) in the booming real estate market of Saudi Arabia by the end of this year.

The Chairman of Damac, Hussain Sajwani mentioned that Damac will be launching villas and residential apartments worth one billion dollars at Jeddah and Riyadh. He added that such a decision was arrived at, based on the demand for residential projects at Saudi Arabia.

Sajwani also mentioned their intention to invest a billion dollars at Morocco for building a mega tourism project in one of its coastal cities. He added that they also plan to enter the sub-continent, and are already in the process of planning a project at Hyderabad. Projects are being planned at Pakistan too.

Damac’s most recent announcement was the launch of Gamsha Bay in Egypt, a tourism and residential project, worth Dh.60billion with luxury hotels, 18 hole golf course, and marina, all spread in 3000 hectares of land.

Damac CEO, Peter Riddoch, expects total investment in the project to touch $16billion in a span of ten years.

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