Damac reports 43% rise in net profits for 9M 2015
Brand associations with Damac now include Versace, Fendi, Bugatti, Paramount Hotels & Resorts, the Trump Organisation and Tiger Woods
Dubai developer Damac posted a net profit of $1bn (AED3.6bn) in the first nine months of 2015, an increase of 43% from the same period in 2014.
The luxury developer recorded revenues of $1.8bn (AED6.7bn) in the same period of 2015.
Cash and bank balances stood at $2.6bn (AED9.8bn) whilst development properties was recorded at $2.1bn (AED7.7bn) as at 30 September 2015.
Hussain Sajwani, chairman of Damac, commented: “These numbers show that the Dubai real estate market remains healthy. We operate primarily in our home city of Dubai - a truly global and metropolitan city, with advanced international regulations in place which promote growth and innovation. During 2015 the Dubai real estate market has continued to mature, with growth stablisation across the period. This is a natural progression for any developing market which ensures long-term sustainability."
"We believe Dubai is well set for continued growth, and we expect the city will consistently outperform more established metropolitan centres around the world. This outperformance is underpinned by a stringent and efficient regulatory framework which supports the Government’s vision to create a sustainable city which enhances the experience for those living, working and visiting Dubai,” he added.
Damac continued to bring new products to market with the introduction of Paramount Hotel and Residences on Sheikh Zayed Road, Merano Tower on the Dubai Canal, the Promenade Residential and Serviced Apartments at Akoya by Damac and non-serviced apartments, Carson at Akoya by Damac.
Further phases of villas and townhouses were also introduced at Akoya Oxygen.
The brand association portfolio was enhanced with the announcement of Bugatti-styled villas within the Akoya master development and the introduction of Aykon with Interiors by Versace in London, UK.
Brand associations now include Versace, Fendi, Bugatti, Paramount Hotels & Resorts, the Trump Organisation and Tiger Woods.