By Amr Adel
Dubai – Mubasher: UAE’s real estate developer Damac Properties is planning the delivery of 2,700 to 3,000 housing units during 2016, most of which are located in Dubai, revealed Managing Director Ziad El Chaar.
He told Mubasher that his company handed over 2,600 units last year and would deliver the same number at least this year backed by the accomplishment of several projects, particularly in the hospitality sector.
El Chaar also unveiled current studies of new projects in Dubai, declining to give further details. He added that Damac seeks to complete outstanding projects outside the UAE during 2016 despite the difficulties seen in the real estate sector.
Damac’s latest project was Navitas Hotel and Residences, with a total value of AED 850 million, in AKOYA Oxygen.
The managing director noted that his company is awaiting approvals and licenses for its first project in the UAE capital.
El Chaar said that the company plans to finalise its housing tower project in Saudi Arabia’s capital Riyad by the end of this year, and to hand over Damac Tower project in Beirut during the first quarter of 2016. Damac is also awaiting to be licensed to deliver a housing tower in Amman.
Asked about the outlook for Dubai’s real estate market, El Chaar said he does not expect a strong rise amid continued steadiness in demand and supply this year, saying it may see strong growth rates amid projected increased demand in late 2016 or early 2017.
Damac reported on Thursday an 8% profit decline to AED 842.6 million ($229.4 million) in the fourth quarter of 2015, compared to AED 961.3 million ($261.7 million) in the same quarter of 2014. In the fiscal year 2015, profits grew 29.6% to AED 4.52 billion from AED 3.48 billion in the fiscal year 2014.
Translated by Sayed Abdel Rahman
