Dubai's DAMAC scraps Bangladesh roadshow

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Dubai real estate developer DAMAC Properties has cancelled its promotional event in the Bangladeshi capital Dhaka, it was reported, amid controversy surrounding ownership of foreign properties by the South Asian country’s citizens.

The firm, which this year launched its luxury Akoya residences and golf course project, had been due to hold a glitzy event at the city’s Westin Hotel on Thursday and Friday, Financial Express said.

The event, which DAMAC said was design to promote its various projects to Bangladeshi investors, was however cancelled without the firm providing a reason.

Financial Express said that the Central Bangladesh Bank had taken exception to the plan, after issuing as public statement warning the property purchases abroad could violate limitations on foreign currency transfer.

The central bank had made the warning after newspapers began advertising the DAMAC event, Financial Express said. It said, citing Bangladesh’s Foreign Exchange Regulation Act 1947, that there was a bar on sending money abroad to buy properties.

Akoya by Damac is the company’s largest development to date, spanning 28m square feet off Umm Sequim Road.

It will also include a spa, boutique hotels and international schools from kindergarten to secondary, as well as globally-recognised retail brands, leisure and entertainment offerings and a sports complex.

The land has already been bought from Dubailand but no timeline for construction has been announced.

The first phase of sales at Akoya, 205 luxury villas, were launched in June, with prices starting from AED2.4m ($650,000).

Damac, which says it is the largest luxury developer in the Middle East, is also building two mixed-use developments in partnership with movie producer Paramount.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Shergar

This is not the first time Damac have broken their declared policy of purchasing the land, and obtaining the necessary permissions prior to launching their projects. Perhaps this helps explain their long delays and why according to their own published figures they have not launched a single major project since 2007 and yet nearly 1/4 of their 16,000+ units under construction have not yet been delivered.

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Opportunity knocks

Opportunity knocks

Government-backed projects for Saudi’s housing markets have been...

Dubai real estate bonds would find buyers amid recovery

Dubai real estate bonds would find buyers amid recovery

Bonds could be issued to fund growing pipeline of new projects...

2
Arabian Business awards 2012: best of the best

Arabian Business awards 2012: best of the best

Who made the grade in 2012?

Most Discussed
  • 22
    World's most pierced man refused entry to the UAE

    Its quite hypocritical & childish that most people use their children as excuses to persecute their views unto others. Were all of you as innocent when... more

    Wednesday, 20 August 2014 9:03 AM - Calvin Pinto
  • 13
    Baby NOT on board?

    I am sure the Writer of this article as well as some of the guys who commented would have been the best behaved kids in their times; never ran around... more

    Wednesday, 20 August 2014 4:44 PM - Wildwine
  • 4
    CEO of Just Falafel to step down

    Just Falafel is our inspiration and I wish Mr. Fadi would come and show us how to expand our brand. Whatever their problems, Just Falafel have done extremely... more

    Wednesday, 20 August 2014 5:50 PM - The Biryani Works