Damac to open office at Canary Wharf

Dubai: Dubai-based private developer Damac Properties on Sunday said about 28 per cent of its sales originate from the UK where it will open an office at the Canary Wharf next month, a company statement said.

This will operate as the company's regional headquarters for the UK and Ireland. The launch marks the first of a series of several new offices that will come up in key locations across the UK and Ireland this year.

"The move strengthens the company's commitment to selling its luxury developments in the Middle East and Africa to investors and overseas homebuyers based in the UK and Ireland," the statement said.

Located on the 19th floor of a new tower on Bank Street, the office reflects the luxury brand that has become synonymous with Damac Properties.

Significance

Hussain Sajwani, chairman of Damac Holding, said: "UK is an important market for Damac as over 28 per cent of our sales are from there. The opening of this regional headquarters shows our commitment to UK and beyond. The new regional headquarters will cater to the region.

"We already have offices in Manchester, Birmingham, Glasgow and Mayfair. The Canary Wharf office is the latest in our office network in the UK and we will be opening offices in Leicester, Leeds and Southampton by Spring 2008."

Dubai is a tax haven and one of very few places in the region that have introduced freehold property laws for foreign investors. Property prices start from as little as £85,000 for a one-bedroom apartment and rental yields are typically 11 - 14 per cent per year, he said.