Damac to invest US$300m in Russian projects

Damac: the investment will help diversify our property holdings

Damac is responsible for luxury residential projects such as Marina Bay in Abu Dhabi.
Damac is responsible for luxury residential projects such as Marina Bay in Abu Dhabi.

Dubai-based property developer Damac Properties has announced it will be investing a massive US$300m in Russian property projects.

Having signed an agreement with Prominvest, the investment arm of state-owned Russian Technologies, the firm will be ploughing capital into the Russian resort town of Sochi particularly – which will host the 2014 Winter Olympics.

Thus, as well as investing in real estate projects, the Damac will also play a role in developing the facilities for the four-yearly sporting event.

In a statement about the new deal, the luxury developer’s chairman Hussain Sajwani said: ''DAMAC Properties, as the Middle East’s largest private luxury developer, continues to pursue growth by expanding and diversifying in international markets. We now have projects in North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.

“With a proven track record of developing and delivering luxury properties and a strong capital position, we are continually assessing investment opportunities in other territories.

"We have always been interested in investing in the CIS countries and this joint venture presented us with an opportunity to enter into a market with great potential and a strong regulatory and transparency framework.''

As well as the agreement with Damac, Prominvest also signed a deal with Sharjah-based port operator, Gulftainer, to invest as much as US$500 for 40 major ports, logistics and infrastructure projects in Russia and neighbouring countries.

The deals were signed in the presence of the Russian Prime Minister Vladimir Putin, at a meeting of business leaders in Sochi on Thursday.

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