DAMAC puts on hold expansion plans

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Focus on Dubai Projects

Property developer Damac have announced profits of Dh500 million for the first nine months of this year, reported Gulf News today.

Damac’s Chairman Hussain Sajwani, said to the press that in line with the stagnation in the real estate industry and the global financial crisis, the company will put on hold it’s plans for expansion in Asia and Africa.

He also stated that Damac Holding is not looking into the possibilities of any mergers or partnerships in the future, as the company is stable and has Dh700 million in escrow accounts for all their Dubai projects.

On IPO plans, Sajwani said, “It is not the time for an IPO today. When the market comes back, we’ll think of it.”

Damac’s Chairman also commented that the rental revenues in Dubai will remain stable and he believes that the economic situation will improve in 2 to 6 quarters.

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