Wednesday, Jun 28, 2017

Dubai

While Hussain Sajwani continues as chairman of Damac Properties, Farooq Dormand has been elected vice-chairman after earlier being a non-executive director on the board. The latter founded the Arjomand Group, with interests in real estate, manufacturing, trade, financial sector and aviation.

The developer, who has just confirmed its participation in a $1 billion (Dh3.67 billion) project in Oman, issued a statement to Dubai Financial Market confirming the positions.

Damac International Ltd. is the joint venture partner with Omran on the Oman project, which will see a historic port site being redeveloped through multiple phases. “The memorandum of understanding was concluded between Omran and Dubai International,” Damac said in a statement on Wednesday. “Damac International Ltd. is a joint venture company in which Damac Property Dubai holds a 20 per cent share only.

“Given Damac’s share contribution to the project, the expected cash flow and its dates, the project has no significant effect on Damac Properties Dubai,” it added.

Currently, Damac has overseas interests in the UK, multiple projects in Saudi Arabia, Jordan and Qatar. Building up a sizeable development portfolio overseas will be a prime focus for the developer in the medium-term.

Staff Report

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