Dubai-based Damac Properties is looking for new plots of land in Saudi Arabia, according to chairman Hussain Sajwani.
Damac currently has one development in Jeddah and a twin-tower project in the Saudi capital of Riyadh.
“It’s a big market. It is changing. It is opening up. We see a potential there,” he was quoted as saying by Arab News. “We are looking.”
Sajwani added that Damac is also studying plots in Saudi Arabia’s NEOM project.
However, Sajwani said that doing business was “a bit more difficult or complicated” than the UAE, although he added that he believes that business conditions are improving.
Additionally, Sajwani said the company is looking at potentially investing $660 million in a second development in the UK, following its 50-storey Tower Nine Elms London development near the Thames that is due for completion in late 2020 or early 2021.
“We have sold more than 60 percent of the project,” he said. “It’s very mixed. We have [buyers] from the UK, from Asia, the Middle East.”
When asked about the uncertainty surrounding Brexit, Sajwani said it has “caused a lot of concern”.
“People are not clear where the situation will go. Overall, the market has suffered because of Brexit,” he said. “It’s going to be difficult for the coming two years at least…unless [the UK chooses] to stay in the EU.”
In addition to additional pieces of land in London areas such as Mayfair, Belgravia and Knightsbridge, Sajwani said that Damac is considering expansion in markets including Toronto, Boston, New York and Miami.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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