DAMAC Properties, the largest private sector luxury property developer in the Middle East, recently spoke at the Euro-Mediterranean business summit in Marseille, France on the 22nd of November.
The MENA region has more than quadrupled since 2000; however more private investment, both domestic and foreign is required to further build the economy. The need for high quality services and infrastructure is acute. With it comes the challenge of harnessing and successfully combining expertise and resources from the private and public sector.
“DAMAC Properties believe MENA presents great investment opportunities. It is expected to reach over $1.5 trillion this year. The region has positioned itself as one of the world's top tourist destinations proven by an increase in the number of visitors in the past few years,” said Peter Riddoch, CEO of DAMAC Properties. “New towns and cities are being built at an extra-ordinary scale. Industrial development is forging ahead transforming what were originally modest trading nations into manufacturing powerhouses.”
By its very nature, tourism is highly sensitive to the economic, political and social context in general, and to the security context in particular. Tragic events as the Luxor and Sharm el-Sheikh attacks were thought to upset and turn the market down however a maximum-security scheme was immediately applied to ensure its rapid recovery.
“Real estate investments remain the workhorse of economic growth despite periodic market fluctuations. Rental yields continue to be in excess of 8% in the GCC which is much higher than the 3-6% in the UK, Europe and Hong Kong.” said Peter Riddoch, CEO of DAMAC Properties. “The growth of real estate in the GCC is ever expanding as its GDP is higher than those of other regions. The size of real estate funds invested in the GCC increased to USD 55 billion in 2005 up from USD 22 billion in 2004.”
The summit was attended by the top representatives in the sectors of Energy, Automobile, IT, Telecommunication, Real Estate, Law Firms, Financial Services and many more.
Further information is available at www.damacproperties.com
ABOUT DAMAC PROPERTIES:
DAMAC Properties is part of DAMAC Holding. The company was established in 1996 and has grown into one of the most successful residential, leisure and commercial developers in Dubai and the Middle East, and is expanding rapidly into North Africa, Jordan, Lebanon, Qatar and the Far East. The company’s portfolio of 52 towers is worth over AED15 billion. By partnering with world renowned architects and designers, DAMAC Properties aims to develop schemes that include residential, commercial and leisure facilities that will create an integrated community. The company’s schemes are located in the most desirable and exclusive locations and the homes are built to a high quality specification that has become synonymous with the group. Driven by a passion for excellence, DAMAC Properties manage all their projects from start to finish. The company’s diverse range of expertise allows them to control their land purchase activity, appointment of architects and designers, construction and sales and after sales service. In addition to support services provided by their Dubai headquarters, the company’s comprehensive Customer Care Program provides solutions through its vast regional network with offices in the UK (London, Manchester and Glasgow), UAE, Iran, Russia, Jordan, Lebanon
