Dubai-based developer, Damac Properties, reported a net profit of AED1.6bn and a total revenue of AED3.5bn in the first half of 2017.
Damacs booked sales for H1 stood at AED4bn, and delivered 1,071 units in Damac Hills. Total cash and bank balances stood at AED8.6bn, while earnings per share for H1 came to AED0.26.
Hussain Sajwani, chairman of Damac Properties, said: The property market in Dubai continues to demonstrate further stabilisation, and our medium to long term outlook remains positive as Damac continues to develop innovative products that appeal to both end users and investors. Damacs strong H1 sales performance can be attributed to continued demand for a number of our projects including Aykon City, Damac Hills, and Akoya Oxygen.
An additional 1,071 units were delivered at its Damac Hills master development in H1 2017, bringing the total number of delivered units there to over 3,100. In February 2017, Damac celebrated its flagship golf development with the opening of the Trump International Golf Club Dubai, offering world-class golfing on an 18-hole championship course and leisure, dining, and entertainment experiences.
Construction continues on the 5,000 villas at its Akoya Oxygen master community in Dubailand, with a further 1,300 villas scheduled to begin construction in September 2017. Akoya Oxygen includes contemporary residential properties of various sizes surrounding an 18-hole championship golf course, along with an organic produce market, hydroponic café, luxury wellness centre, outdoor yoga enclave, and retail outlets featuring well-known brands.
Construction is almost complete on the Damac Towers by Paramount Hotels & Resorts, a four-tower, 250m high development consisting over 2,000 units, and includes a luxury hotel and serviced branded residences in Business Bay.
Progress on the Damac Heights, an 86-floor tower with views of the sea and Palm Jumeirah is also nearing completion. Sajwani added: Thanks to Dubais visionary leadership and the governments successful efforts in attracting investors and visitors, Dubai continues to show economic growth in spite of the turbulence seen in 2016 with the drop in oil prices and sluggish global trade. GDP growth continues to remain positive at 2.85% in 2016 and Dubai remains one of the most popular destinations for global travellers, attracting over eight million visitors in H1 2017, compared to 7.3 million for the same period last year.
This growth also reflects on Dubais real estate sector which, according to the Dubai Land Department, saw property transactions in H1 2017 of AED132bn, a sizable gain over AED113bn during H1 2016. We are optimistic that the sector will continue to sustain this growth through the remainder of the year.