Damac to close 4 UK, Ireland offices

by Amy Glass Monday, 25 August 2008

Dubai developer Damac Properties is closing four European offices as the firm repositions itself within the UK and Irish markets, CEO Peter Riddoch said Monday.

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The developer’s offices in Dublin, Glasgow, Southampton and Birmingham will all be consolidated into expanded showrooms in Manchester, Leicester, Chiswick and London’s Canary Wharf, Riddoch said in a statement.

Damac Properties, which claims to be the Middle East's largest private master developer, is planning to boost its UK sales staff by 40% to meet additional demand.
The company is also currently looking for a new headquarters in West London after “growing out” of its existing Canary Wharf headquarters, Riddoch said.

“This new structure will create more opportunities and better career progression within the organisation and will allow us to align ourselves to Damac’s global business model…our new offices will have 30 to 40 sales staff to cater for the growing number of investors,” he said.

Damac Properties sparked controversy with European investors earlier this year when it announced the cancellation of its Palm Springs project on Palm Jebel Ali.

A group of about 60 investors, mostly from the UK, threatened legal action if the project was not reinstated.

After negotiations with Dubai’s Real Estate Regulatory Authority (Rera) and Palm master developer Nakheel, Damac reversed the cancellation decision.



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