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Dubai’s Damac looks to Croatia for investment opportunities

Istria, Dalmatia, and Dubrovnik are among the Croatian cities that Damac International is targeting for investment opportunities

Dubrovnik is among the areas in Croatia that Damac is evaluating for investment opportunities.
Dubrovnik is among the areas in Croatia that Damac is evaluating for investment opportunities.

Dubai-based developer, Damac Properties, has revealed that its international arm is currently assessing a number of coastal destinations in Croatia as part of its global expansion plans.

In a statement, Damac International said that Istria, Dalmatia, and Dubrovnik are among the cities that it is targeting for investment opportunities, noting that the real estate projects it is looking into developing could be valued at “hundreds of millions of dollars”.

Wael Al Lawati, senior vice president of international business development at Damac, said: “Croatia has a lot to offer in terms of picturesque locations for residential communities, as well as being an attractive holiday destination for tourists, presenting tremendous potential for hospitality projects.

“Istria’s close proximity to a number of countries, such as Italy and Slovenia, makes it easily accessible for holidaymakers travelling by car. Croatia’s geographical diversity makes the country very attractive to Damac as it opens up a lot of opportunities to plan a mix of projects.”

Read: UAE’s Damac awards $95m worth of new contracts for Akoya Oxygen

Talking about Dubrovnik, he noted that its rich history and abundance of heritage sites make it an attractive destination.  -side that make make it an ideal location for vacation homes and hotel units.

According to Damac, its interest in Croatia follows the recent visit made to the country by Damac chairman, Hussain Sajwani, who toured the country and met with Croatian President, Kolinda Grabar-Kitarović, in July 2017, to discuss real estate collaboration opportunities.

“Damac has the capital and resources to carry out large-scale projects and, with the right local partners and government collaboration, it could soon be announcing a major project in Croatia,” Al Lawati added. 

In June 2017, DAMAC was chosen by the government of Oman to redevelop its Port Sultan Qaboos in Muscat, a $1bn master development project that will see the port transformed into an integrated tourism port and lifestyle destination comprising hotels, residences, and dining, retail, and leisure outlets.

Damac noted that it has plans to build similar tourism and residential developments in gateway cities across Europe.

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Construction Week - Issue 734
Mar 21, 2019