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Mon 24 Jul 2017 02:15 PM

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Dubai's Damac mulls property investment in Malta

Company chairman says EU country is destination that 'we are keeping an eye on'

Dubai's Damac mulls property investment in Malta
Hussain Sajwani, Damac's chairman.

Dubai-based developer Damac is "keeping an eye" on Malta as it looks to expand its international investment portfolio.

Damac chairman Hussain Sajwani said he sees Malta as a favourable investment destination, following a tour of the island-nation and a private meeting with Maltese Prime Minister Dr Joseph Muscat.

The two discussed the increasing growth of tourism in the EU-member country and Malta’s historical appeal as business-friendly investment location.

Sajwani said in a statement: “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.

"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.”

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 is also growing its hospitality and leisure portfolio, with over 13,000 hotel rooms, serviced apartments and hotel villas in its development pipeline under the Damac Hotels & Resorts arm.  

Last month, Damac was chosen by the Government of Oman to redevelop its Port Sultan Qaboos in Muscat, a $1 billion master development project.

The company’s footprint now extends across the Middle East with projects in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon and the United Kingdom.

As of March 31, Damac has delivered about 18,500 homes and has a development portfolio of over 44,000 units at various stages of progress and planning.

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