Damac Properties, the Dubai-based real estate arm of billionaire Hussein Sajwani’s Damac Group, is exploring development options outside of the Gulf, and plans to grow overseas “in the next year or so” in a number of potential European locations, including Malta.
Speaking to Middle Eastern business portal Zawya, Mr Sajwani said that Damac, which has a project running in London already, “has the financial resources to grow overseas, and that’s what we plan to do in the next year or so.”
He said that the company was weighing up the possibilities of making a direct entry into Malta, Montenegro, Croatia, or Spain. “Even Germany could be an option, as is North America,” Mr Sajwani said to Zawya.
“We are principally a high-end residential developer and Dubai will remain our development hub and our largest sales market. But when you are a market leader alongside two or three top developers, it becomes difficult to take (new) marketshare.”
Mr Sajwani had a private meeting with Prime Minister Joseph Muscat in July, 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.
“Malta is a destination that we are keeping an eye on as we continue to explore expansion opportunities there,” Mr Sajwani had said at the time.
Damac has completed projects in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon and the United Kingdom, and has a development portfolio of over 44,000 units at various stages of progress and planning.