Dubai-listed Damac eyes US projects
Developer courted controversy over deal with Trump Organization
The Dubai-listed developer Damac Properties says it wants to explore projects in key US cities as part of its international expansion plans.
Damac is considering opportunities in US “gateway cities” such as Los Angeles or New York as it looks to continue its international expansion, according to a Gulf News report.
“The next step could take us to gateway cities in the US — I would love to do that,” Damac Chairman Hussain Sajwani told the newspaper.
Damac last year said it plans “more than one” project in London, where its international arm is developing Aykon Nine Elms, one of its first ventures outside the Middle East, The National reported in July.
Units in the luxury development, which will feature interiors by Versace, were initially being marketed with starting prices of £700,000 ($1 million).
Sajwani confirmed that additional London projects are also in the pipeline – although not in conjunction with other developers. “Joint ventures involving us financing is not on the agenda. If other developers are involved, it will be limited to the land they might be holding,” he told Gulf News.
Damac last year stirred controversy when it stood by its deal with the US-based Trump Organization to build branded golf courses in Dubai, despite a series of anti-Muslim remarks made by Donald Trump, the figurehead of the US firm.
Sajwani confirmed he was sticking with the relationship with the Trump Organization.
“As far as the courses are concerned, we have no doubt that the Trump Organization will make them nothing less than among the best in the world… I am very happy with the relationship,” Sajwani told Gulf News.
“As for the politics, I’m not into it and don’t wish to be. Everyone is free to have his own politics and it’s got nothing to do with my business.”
