Damac Properties, the largest luxury private developer in the Middle East, is planning to build a new luxury tower of serviced hotel residences in Dubai Maritime City.
By Adriana Pop, Associate Editor
Damac Properties, the largest luxury private developer in the Middle East, is planning to build a new luxury tower of serviced hotel residences in Dubai Maritime City.
The project will be located on a sea-front plot of prime real estate on the northern part of the main city, between the Rashid Port and the Dubai Dry Docks, overlooking the Dubai Creek. Upon completion, the residences will be managed by DAMAC Maison, the company’s recently launched hospitality division.
“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,” said Ziad El Chaar, DAMAC’s managing director.
Completed in 2012, the multipurpose Dubai Maritime City is a man-made peninsula which serves as an international hub for maritime business.
“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 enviable locations in the Middle East.”
In the last six months, DAMAC Properties has embarked upon an aggressive real estate expansion that includes the launch of the $1 billion DAMAC Towers by Paramount, also in Dubai. The developer has partnered with movie production studio Paramount Pictures to develop the first Paramount-branded hotel residences in the Middle East.
“Dubai is back – in a big way,” added 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.”
The company’s massive investment plans also involve the construction of DAMAC Esclusiva, a luxury serviced hotel apartment tower in the center of Riyadh, as well as DAMAC Residenze, a private apartment project in Dubai Marina. Both developments will feature interiors by FENDI Casa.
Since it was established in 2002, DAMAC Properties has completed 37 buildings in the Middle East. The company has another 66 projects planned or under construction across the Middle East and North Africa.