Dubai-based luxury real estate developer Damac Properties is pushing ahead with its development plans, with 37 buildings completed to date and a further 66 buildings at various stages of progress across the MENA region.
Ziad El Chaar, managing director, DAMAC Properties said, “We’ve announced three major partnerships in the last quarter, so we will now focus on delivering these.”
When asked about a potential IPO launch, El Chaar added, “A company of our size is always looking for growth opportunities and an IPO is one of those opportunities.”
The demand for high-quality, branded residential developments in markets like Dubai and Abu Dhabi are on the rise. A recent report by Knight Frank showed that projects in Dubai associated with luxury brands are demanding nearly 60 per cent more value than non-branded projects in the same area.
Damac’s tie-up with Fendi – the first venture of Fendi into real estate – was made in February with a project in Dubai Marina and Riyadh.
In March Damac announced a venture with Paramount Pictures, with a rumoured 200 plus units snapped up in just a few hours, making it one of the most sought-after projects in the region. The company is also developing an 18-hole PGA Championship Golf Course, to be named Trump International Golf Club, Dubai. It is expected to be ready next year.
The company is currently present in Dubai, Abu Dhabi, Doha, Riyadh, Beirut, Amman, Jeddah and Cairo. El Chaar said, “We will focus and develop in the countries where we’re already present.”
El Chaar is optimistic about growth and demand in the UAE property market, “Dubai is an important location for real estate development especially for the tourism, entertainment and business sectors.
“Saudi Arabia and Qatar are also growing year-on-year. In the Levant area – such as Lebanon and Jordan – the growth is smaller.”