Dubai – Mubasher: Damac Properties plans to launch new projects in Saudi Arabia and London over the coming period, the chairman of the Dubai-based real estate giant said.
The Emirati property developer, which is looking for new land plots in Saudi Arabia, has already one development in Jeddah and a twin-tower project in Riyadh.
“It’s a big market. It is changing. It is opening up. We see potential there,” Hussain Sajwani, chairman of Damac, told Saudi-based Arab News.
He added that the company is studying plots in Saudi Arabia’s NEOM project — a $500 billion smart city project on the Red Sea Coast.
As for the UK projects, the real estate developer is looking at potentially investing $660 million in a second development in the European nation.
Damac has already a 50-storey Tower Nine Elms London development near the Thames, and it is expected to be complete by the end of 2020 or early 2021.
Sajwani pointed out that the company sold more than 60% of the project.
“People are not clear where the situation will go. Overall, the market has suffered because of Brexit,” Sajwani said.
In January, the Dubai builder revealed that it is looking to invest more than $1.3 billion in London’s real estate market.
Sajwani noted that the company is considering expansion in markets including Toronto, Boston, New York and Miami.
By 11:00 am UAE time, Damac Properties’ stock rose 0.71% at AED 1.42.
