Dubai –  Damac properties is planning to invest $1.3 billion (AED 4.78 billion) in London’s real estate market, the company’s chairman Hussain Sajwani said.

The Emirati tycoon sees in a Brexit a good opportunity for investments, he mentioned during an interview with CNBC.

"We see, in Brexit issues, a great opportunity, as [the] price is going to correct, the pound has come down really drastically, and we are waiting for an opportunity to invest in London,” Sajwani remarked.

The top official added that the UAE-based developer was planning to deliver 8,000 housing units during 2019.

"2018 has been a difficult year, prices have come down, sales have come down, and I think '19 and '20 are going to be also not easy years,” Sajwani stated.

As for the company’s commitments, Sajwani asserted its ability to repay $200 million in bonds due in April 2019.

 

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