The DAMAC thread ...

[Krazy]

Damac reaches a new low

Damac Properties will make its first foray into the low-rise residential market with the launch of a new project located within the Jumeirah Golf Estates this month.

"We will soon launch our first villa development in Dubai. We have bought almost 200 plots from Jumeirah Golf Estates and the design is at an advanced stage. We will launch the first 123 plots during March," said Peter Riddoch, CEO, Damac Properties.

Two Californian architects and one Tunisian architect are working on the design of the concept, added Riddoch.

The Jumeirah Golf Estates is a residential golfing community featuring four courses designed by golfers Greg Norman, Sergio Garcia and Vijay Singh, among others.

[Krazy]

Damac unveils 20-storey Business Heights in Jordan

Dubai: Dubai-based real estate developer Damac Properties has launched a 20-storey commercial tower in Jordan's Abdali master plan development in Amman.

The Business Heights development is the company's fourth project in Jordan following the launch of The Heights, The Lofts and Courtyard I.

"The enthusiasm with which our previous three projects were received in Jordan has given us full confidence in the Jordanian property market. Business Heights targets the fast-paced business community," said Husain Saj-wani, chairman of Damac Holding.

"Our ambitious plan for Jordan includes a number of real estate ventures that we plan to unveil within the near future," added Peter Riddoch, CEO, Damac Properties.

Business Height's features include swipe access, hi-speed internet, a business lounge, various leisure facilities and retail zones.

Abdali is a $1.5 billion mixed-use development site featuring several districts in a 1 million square metre built up area.

[Dubai_Steve]

The Egyptian Ministry of Tourism has authorised the Tourism Development Authority to commence the initial hand over of Gamsha Bay to Damac Properties. The on-site survey took place earlier this month, 60 kilometres north of the Red Sea resort of Hurghada. Damac reached an agreement with the Egyptian government regarding the $16bn Gamsha Bay development, which will cover 320m sqft, back in December.

[Naz UK]

5 days, and no new announcment from Damac. I'm getting worried.

[Naz UK]

The winner of the Damac DSF raffle prize, a private jet, is some British national - However, Peter Riddoch was quick to prove that he hasn't lost his touch by announcing that the delivery of the plane as actually been delayed to August of next year, thats 2008!!!

Classic. Love it.

[AltinD]

They always said that. It was on the fine prints. We even discussed that in this thread.

[Naz UK]

Ok but it made me laugh again then.

[GoDubai!]

That's it then. July 2008 is when the pyramid is exposed and Damac's rulers disappear with the proceeds.

[Naz UK]

Hussein Sajwani is apparently worth $2.6 Billion..and is the UAE's 7th richest man.... which looks great on paper. But he still heads up the worst developer in the Middle East.

[DUBAI]

This thread involves indirect dubai bashing.

companies in dubai are perfect and i would hate this 'propaganda' to give an incorrect impression. no bashing please.

[Morrismarina]

Originally Posted by Naz UK

The winner of the Damac DSF raffle prize, a private jet, is some British national - However, Peter Riddoch was quick to prove that he hasn't lost his touch by announcing that the delivery of the plane as actually been delayed to August of next year, thats 2008!!!

Classic. Love it.

Oh that is so funny

[THE DUBAI GUYS]

Executive Bay by Damac:
http://www.skyscrapercity.com/showth...1#post12501211

R

[lovedubai]

A man from the UK has won a private jet worth $1.5m in a promotion by Dubai-based developer Damac, Emirates Today reported. Buyers of Damac properties during the Dubai Shopping Festival were automatically entered into a draw for the Eclipse 500 jet. The winner can either take the plane or its cash equivalent.

[Naz UK]

I always read 3-day old newspapers as well.

[thedubailife]

Do you really, buy your own then you won't have to wait for people to finish with thiers.

[Naz UK]

Huh?

[zee]

i think it was a joke

[GoDubai!]

It's like an international conspiracy. This is a recent (long) artcle from Reuters. It reads like a press release. This is why people are duped. Damac is spreading its tenticles like an poisonsous squid, yet the international media are not jumping on top of them. What's going on?

Dubai firm eyes European, U.S. real estate foray
Mon Mar 26, 2007 12:59PM EDT
By Daliah Merzaban

DUBAI (Reuters) - Dubai-based Damac Properties said on Monday it was considering expansion into Europe and the United States as part of plans to develop a global luxury property brand.

"When you talk about a sports car you talk about Ferrari or Lamborghini ... that is what we are targeting. That is what we want to be for real estate," Damac Chairman Hussain Sajwani told the Reuters Middle East Investment Summit in Dubai.

Damac, which has 60 projects in the Middle East worth about 100 billion dirhams ($27.2 billion), wants to acquire existing real estate firms and develop land it buys on the east coast of the United States and in Europe, Chairman Hussain Sajwani said.

"We're looking very aggressively at these markets," he added.

Damac had a team in Europe last week to "study the market", and had been in negotiations for a plot of land in one European city which fell through last month, he said.

Returns are higher in the West than they are in Middle East real estate, Sajwani said.

The Burj Dubai skyscraper, billed by its developer as the world's tallest building, sells each square foot for 2,400 UAE dirhams ($653.6), compared with 4,000 pounds ($7,844) for a square foot of prime real estate in London, Sajwani said.

"There is more to be made in the Western world than in the Middle East," said Sajwani, whose company made sales of about 15 billion dirhams since starting in 2003, and expects sales to double this year over last.

Gulf Arab property developers are expanding outside of Dubai, the Arab world's commercial hub, which kicked off rapid growth in real estate prices in 2002 by allowing foreigners to invest in property.

Partly state-owned Emaar Properties (EMAR.DU: Quote, Profile, Research), the Arab world's largest property developer by market value, bought U.S. homebuilder John Laing Homes last June as part of its expansion strategy.

Sajwani shrugged off concerns the U.S. housing market is slowing, as foreclosures rise among so-called sub-prime mortgage borrowers.

"We are actively looking at North America. In one way it might not be the right time to develop the property but it may be the right time to buy a piece of land or acquire a company," he said.

Damac, which also plans to launch real estate developments in Morocco, Tunisia, Pakistan, India and Turkey, plans to unveil a new luxury residential brand next month that will roll out 12 apartments in seven years in the region and abroad, he said.

"These apartments will be ultimate luxury. They will be the most expensive in the Middle East," Sajwani said.

Privately held Damac's biggest project is a $16 billion tourism project on Egypt's Red Sea coast, which the firm will begin developing this year after receiving the 320 million square feet of land from the Egyptian government a week ago, he said.

Damac is also planning $1 billion of investments in two projects in the Saudi Arabian cities of Jeddah and Riyadh, Sajwani added.

While it has focused on growth regionally without forging partnerships, global expansion could lead to a change of strategy, he added.

"It is not easy to grow in Europe, North America and Asia without this option," he said. "Acquisitions are on the table as we grow overseas."

[Morrismarina]

Well you don't need a degree in finance to work out where they're getting the funds from for all this expansion !!

[Hollie Maea]

Thanks, Malec