Dubai-based property developer Damac Properties is looking to expand into Saudi Arabia.
Ali Sajwani, general manager of operations, who has a strategic overview of the UAE and international businesses, revealed in an interview with Saudi publication Arab News, that the kingdom is very much part of the company’s future plans.
The 28-year-old said: “Over the next five years, under [Crown Prince] Mohammed bin Salman, it (Saudi) has all the right ingredients – a visionary leader pushing the country and opening it up to foreign investors.”
He added: “We’re speaking to people all the time in Saudi Arabia – developers, the authorities and landowners. We’re actively exploring that market and visit there regularly.”
Sajwani also said the company is looking to continue investing in the UK, while other international projects include developing three lagoons in the Maldives, projects for Oman and Lebanon and a joint venture in Toronto, Canada, Damac’s first foray into the North American real estate market.
Earlier this month, Damac Properties reported its first annual loss in a decade as sales and revenue fell significantly in 2019 compared to the previous year.
While Sajwani conceded that there remained oversupply issues, coupled with weak demand, the former economics student remained positive.
He said: “I think we’re at the bottom now in Dubai and we’ll see some slight improvement with Expo 2020. The hotel and retail sector will do well out of Expo, and there should be a big inflow of tourists. Hopefully some of them will decide to stay, and that could help drive property prices higher.”