Damac Properties, the largest luxury private developer in the Middle East, has continued its investment program with plans to develop prime real estate in Dubai Maritime City.
Damac’s plot of land on the sea-front in Dubai Maritime City will be home to a high-rise luxury tower of serviced hotel residences and further expands the company’s project portfolio in the emirate.
Dubai Maritime City is strategically-located north of the main city center and creek area business district, between Port Rashid and Dubai Dry Docks. The site is connected by a causeway to the wider road network, providing access to all of Dubai’s principle expressways including Shaikh Zayed Road.
Speaking at a formal signing session on Saturday, Damac Properties managing director Ziad El Chaar said: “Dubai is at the heart of our development program and this investment is testament to the resurgence and our confidence in the market.”
“The plot in Dubai Maritime City will offer stunning views of the sea and deliver quintessentially refined living, where we look after your every need,” he added.
Damac Properties has already competed 37 buildings in the Middle East to date, with a further 66 at various stages of progress across the Middle East and North Africa. The plot in Dubai Maritime City will take the company’s total portfolio of buildings to 104.
“We are delighted that Damac Properties is leading the way in developing luxury living in Dubai Maritime City,” said Khamis Juma Buamim, chairman of Drydocks World and Maritime World.
“The project will create a space where people can live; work and play, close to a stunning expanse of open sea and will be one of the most envious locations in the Middle East.”
Damac’s project at Dubai Maritime City will be managed by a new luxury management company recently launched by Damac Properties to provide hotel management services for its elite serviced hotel apartments.
“By being one of the first developers to commit to Maritime City, Damac Properties has been able to secure one of the most exclusive plots in the whole development and we expect this project to drive significant demand,” added El Chaar.
Damac Properties has been on an aggressive growth path in the past six months. Since completing Marina Bay, its first project in Abu Dhabi, the company has announced strategic partnerships with both the Italian luxury fashion house Fendi and the iconic movie makers Paramount Pictures.
Damac Properties is developing Damac Esclusiva, a luxury serviced hotel apartment tower in the center of Riyadh, and Damac Residenze, a private apartment project in Dubai Marina, both with interiors by Fendi Casa.
“Dubai is back — in a big way,” said El Chaar. “Consumer confidence is back, prices are rising and yet there remains a more sensible approach to the way developments are being brought to the market in Dubai. Serious investors are taking a medium to long-term approach and this stability is helping to make Dubai one of the most profitable real estate markets in the world.”