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DAMAC Properties, a private developer in the Middle East, has plans to develop a high-rise luxury tower of serviced hotel residences in Dubai Maritime City
This would further expand the company’s project portfolio in the emirate, the company said.
Speaking at a signing session, Ziad El Chaar, managing director at DAMAC Properties, said, “Dubai is at the heart of our development programme and this investment is testament to the resurgence and our confidence in the market.”
DAMAC Properties has already completed 37 buildings in the Middle East to date, with a further 66 at various stages of progress across the Middle East and North Africa.
Khamis Juma Buamim, chairman, Drydocks World and Maritime World, said, “We are delighted that DAMAC Properties is leading the way in developing luxury living in Dubai Maritime City.
“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.”
El Chaar further said that consumer confidence was back, prices were rising and yet there remained a more sensible approach to the way developments were 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.”