A tough year for developers, says Damac chief

The chairman of developer Damac Properties has said that, in spite of 2009 being a tough year for developers, committed companies can still be successful in current conditions.

Damac currently has 11,500 units under construction and, by the end of 2011, Hussain Sajwani has claimed that 7,100 units will be handed over across the GCC region.

“This has not been an easy year for any developer but I feel proud of what we have still achieved in terms of delivering units to customers and planning for the future in a coordinated and effective manner.

“We have continued to award contracts and make progress at our main sites and whilst we have reviewed our construction plans we have not cancelled any projects in Dubai which is testament to the strength and solidity of this business.”

Sajwani added that it was important for developers to deliver on promises in order to maintain investor confidence in Dubai.

“We remain committed to our intention of delivering of 25 towers by the end of 2011.”