Dubai-based developer Damac, whose chairman met Prime Minister Joseph Muscat, is "keeping an eye" on Malta as it looks to expand its international investment portfolio.
Damac's chairman, Hussain Sajwani had a private meeting with Dr Joseph Muscat, where the two were said to have discussed the increasing growth of tourism in Malta, as well as Malta’s historical appeal and its business-friendly investment location.
Following a tour of Malta, Mr Sajwani said he sees Malta as a favourable investment destination. “Malta presents an ideal mix of investment benefits that make it a very attractive place for luxury and hospitality developers looking to expand into the EU zone,” he said in a statement.
"Thanks to favourable tax incentives for foreign investors as well as a stable government and leadership that continue to drive economic growth through the tourism sector, Malta is a destination that we are keeping an eye on as we continue to explore expansion opportunities there.”
Mr Sajwani said he is continuing to seek out strategic investments overseas that will enable Damac to expand its global footprint beyond the Middle East region.
Damac’s footprint now extends across the Middle East with projects in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon and the United Kingdom.
As of the end of last March, Damac has delivered about 18,500 homes and has a development portfolio of over 44,000 units at various stages of progress and planning.