Last year Dubai-based property developer DAMAC Properties entered the billion dollar profit club with net earnings of AED 4.5bn ($1.3bn), up 31 percent from 2014 while revenue for the period climbed by 16 percent to AED 8.53bn ($2.32bn). The total value of projects currently under development is $18.5bn.
During the year DAMAC delivered its first project in Doha, Qatar, launched its London Project AYKON Nine Elms, and delivered the first set of residences in AKOYA by DAMAC, its first master plan development. The company also expanded its reach into China by establishing strategic collaborations with 5i5j and Qfang, two of the largest real estate agents in China with a combined sales force of 70,000 agents across various cities.
DAMAC Properties says it will continue to offer a unique product mix with a range of properties and offers to address the needs of target customers. The company believes that its operational model and financial strength will help further distinguish itself and become stronger in 2016 and beyond.
Ziad El Chaar, Managing Director, DAMAC Properties, commented: Dubai continues to attract investments in the real estate, tourism and hospitality sectors and it is achieving a quantum leap in the emirate’s economy.
In the same spirit, DAMAC Properties is constantly working to improve its offerings and attract more investors and visitors from around the world. With a development portfolio of over 44,000 units at various stages of progress and planning, comprising more than 13,000 hotel rooms, serviced apartments and hotel villas, DAMAC Properties is building the next generation of Middle East luxury living.
Projects:
DAMAC Towers by Paramount
Akoya by DAMAC
Paramount Hotel JMH Waterfront
Ghalia
The Vantage