Damac To Announce New Brand Partnership Soon

Dubai-based Damac Properties will soon announce a new partnership with a renowned brand, the company’s head of Investment, Adil Taqi has revealed.

Speaking at the Annual Investment Meeting (AIM) in Dubai, Taqi stated that the developer has been very selective about partnering with brands for its projects.

The company has so far revealed tie-ups with Paramount, Versace and Fendi. “We will announce another partnership soon,” he stated, without disclosing further details.

“Branded real estate is an extended promise and we have chosen our brands to strengthen our brand,” he said. “The fact that companies such as Fendi, Versace and Paramount have chosen us shows their confidence in us as a committed and strong company.”

Damac has been announcing a spate of projects since the start of 2013, launching their biggest project to date, Akoya, on Tuesday. The golf community development is slated to be the most luxurious in Asia and will include an 18-hole championship golf course and sport facilities, along with residential offerings.

The first phase of the $1 billion DAMAC Towers by Paramount sold out on its opening day during the launch event in March, the company said.

“The Dubai property industry has seen a major clean-up after the financial crisis,” said Taqi. “One of the main lessons learnt was not to borrow more than you need- and what you need really needs to be defined… You also need fundamental financial discipline.

“We will not build something without having the main contractor on board,” he added.