Damac investments to expand fourfold in coming three years
The UAE’s largest private freehold developer, Damac Properties, announced on Wednesday that its total property sector investments would to $25.5 billion in the coming three years.
The figure represents a fourfold growth factor for the company, which has grown into one of the most successful residential, leisure and commercial developers in Dubai and the Middle East over the past four years according to Khaleej Times.
Hussain Sajwani, Chairman and founder of Damac Holding Group, said over the next three years his company would expand its real estate business in Saudi Arabia and Egypt by launching projects worth $20 billion.
Damac has invested $5.5 billion in 52 projects, including several in the UAE, Jordan, Lebanon, Qatar and the Far East. Damac's investments in Dubai alone is $4 billion.
"In Dubai, where we have 37 projects, we look to consolidate as the market is still strong," said Sajwani.