Business | Property
Damac's Middle East portfolio worth $30b
Dubai-based real estate developer Damac Properties has developments worth $30 billion across its portfolio with its announced projects spread across Dubai, Abu Dhabi, Egypt, Qatar, Jordan, Lebanon and Saudi Arabia to be delivered over the next 10 years, Peter R. Riddoch, Damac's CEO, said on Thursday.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 00:52 February 1, 2008
Abu Dhabi: Dubai-based real estate developer Damac Properties has developments worth $30 billion across its portfolio with its announced projects spread across Dubai, Abu Dhabi, Egypt, Qatar, Jordan, Lebanon and Saudi Arabia to be delivered over the next 10 years, Peter R. Riddoch, Damac's CEO, said on Thursday.
"So far, we have delivered 18 per cent of the projects we have sold. These are in Dubai," Riddoch told Gulf News in an interview on the sidelines of the ongoing International Real Estate and Investment Show (IREIS) 2008 in Abu Dhabi. "We have announced our $16 billion, 10-year development plan for Egypt, which is the biggest in our portfolio."
On Tuesday, Damac launched its latest development, Marina Bay - a leasehold project in Najmat on Abu Dhabi's Reem Island.
"It's a residential tower with commercial and retail in the podium areas. We expect to get the site in about six months with the project's delivery seen around the middle of 2011," said Riddoch.
He said a one-bedroom apartment in the Marina Bay project is priced at Dh1.6 million, going up to Dh4.5 million for a three-bedroom apartment.
A previously announced project of Damac in June 2006 - Oceanscape - on the Reem Island will be delivered to customers by the first quarter of 2011, said Riddoch.
Oceanscape is a residential building with retail space. "Both our developments in Abu Dhabi are leasehold, but available to foreigners and locals alike," said Riddoch.
He said the new laws related to land and property development in Abu Dhabi, which are expected to be in force, soon, will boost investor confidence.
Buyers' rights
"It will protect buyers' rights and will be good for the industry as a whole. The new laws will meet top international standards as the law enforcers here have scurried the world, from North America to Australia and everywhere in between, studying the best laws, in order to draft the best possible local laws," said Riddoch.
Separately, Riddoch said Damac plans to deliver 2,000 units in Dubai in the first six months of 2008. These include 1,100 units in the Jumeirah Lake Tower development.
"We will also be delivering our first commercial building - Executive Heights - comprising 420,000 square feet of office space in April-May 2008," said Riddoch.
By July this year, he said Damac intends to deliver Crescent, a development comprising 700 units located in three towers in the International Media Production Zone.
Riddoch said Damac properties are self-financed by people who buy from the developer, in addition to being funded by the company's internal resources. "We don't have a high exposure to market borrowings. We have grown very effectively over the last few years with our current business model," he said.
Riddoch said Damac presently has no plans for an initial public offering.
He said Damac expects to deliver its first overseas project to customers by the middle of 2010. It would probably be 'The Heights' in Jordan, he said.
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