Hussain Sajwani, Chairman of Damac Properties, said the Egyptian government is reluctant in finding solutions to the outstanding problems of the UAE Group.
Sajwani added in an exclusive interview with Al Arabiya channel that 90% of the company’s projects in Egypt still exist, and that Damac will deliver its projects in Beirut and Amman in the pre-determined time, adding that the prices of Dubai’s properties rose 10% in the last year.
Asked about to Damac’s projects in Iraq, Sajwani said ‘we will focus on developing qualitative projects in Iraq.
Moreover, Damac properties has launched today two real estate projects of a high-class category in both Riyadh and Dubai city with of AED 2 billion; AED 1.2 billion of Damac Residenze in Marsa Dubai and about AED 800 million of Damac Esclusiva Luxury Serviced Apartments in Riyadh.
Both projects are still under construction, and are scheduled to be fully finalized by the beginning of 2016. The price of apartments in Damac projects in Dubai and Riyadh is AED 30,000 per m2.
Damac has announced that it signed a regional strategic partnership agreement with the Italian luxury fashion house “Fendi” which will make the interior designs of Damac’s projects in Riyadh and Dubai.
Damac Esclusiva project includes 100 luxury serviced apartments in Riyadh located in a 150-meter tower overlooking the Kingdom Tower on King Fahad road.The interior design of the apartments will be by the famous Italian designer Fendi.
