Damac explores opportunities in Malta

Damac International is considering to expand its operations in Malta given the favourable tax climate and its vibrant tourism sector. Recently the company Chairman, Hussain Sajwani, concluded a tour of the island-nation and a private meeting with Maltese Prime Minister Dr. Joseph Muscat. The two discussed the increasing growth of tourism in the EU-member country and Malta's historical appeal as business-friendly investment location.

"Malta presents an ideal mix of investment benefits that make it a very attractive place for luxury and hospitality developers looking to expand into the EU zone. Thanks to favourable tax incentives for foreign investors as well as a stable government and leadership that continue to drive economic growth through the tourism sector, Malta is a destination that we are keeping an eye on as we continue to explore expansion opportunities there," said Sajwani.

Damac gained international recognition for its strategic partnership with the Trump Organisation, where the two partnered to develop the first and only Trump International Golf Club in the Middle East. It has also enjoyed international success the launch of its 50-storey AYKON London One residential development in the United Kingdom, which has already pre-sold over 45 per cent. AYKON London One is set to become one of London's most prestigious addresses and the first in Europe to be designed in partnership with Versace Home.

Sajwani continues to seek out strategic investments overseas that would enable Damac to expand its global footprint beyond the Middle East region, where its success has been clearly established in the luxury real estate development sector. Damac is also growing its hospitality and leisure portfolio, with over 13,000 hotel rooms, serviced apartments and hotel villas in its development pipeline under the Damac Hotels & Resorts arm.

Last month, Damac was chosen by the Government of Oman to redevelop its Port Sultan Qaboos in Muscat, a historic $1 billion master development project which will see the port transformed into an integrated tourist port and lifestyle destination that includes hotels, residences, as well as a dining, retail and leisure offering. Damac has delivered more than 18,500 homes and has over 44,000 units in various stages of development. The Company's footprint extends across the Middle East with major projects in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, United Kingdom and Oman.

Source: Khaleej Times