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Jun, 07 2018

Damac to Introduce Luxury in their New Portfolio

The company’s plans to grow its hospitality unit and reach 15,000 keys by 2021.

Damac to Introduce Luxury in their New Portfolio

The chief of Damac’s hospitality department has said that opportunities beyond the UAE could be ideal to boost the real estate developer’s hotels and resorts portfolio.

The senior vice president, hospitality at Damac, Jen Faivre said,  “We are looking in the UAE of course, but worldwide as well, especially in any of the neighbouring countries such as Saudi Arabia, Oman and Lebanon, all countries which are either under reconstruction or in dire need of quality mixed-use developments. Damac’s core business is mixed-use developments.”

 Faivre, who was appointed in january this year, was speaking about the company’s plans to grow its hospitality unit and reach 15,000 keys by 2021.

Faivre added, “Tripling in the next 18 months the 1,700 rooms we built over four and a half years means we are reaching critical mass in our space.”

“Dubai needs 40,000 keys before 2021, and we have two properties in Riyadh, Saudi Arabia, one on the Marina and one on the waterfront. This we will add to in the region. So as long as we are fast, extremely agile and have the right entry price, we will succeed.”

Faivre said talking about how the company would look to grow its hospitality portfolio, “We need to be aggressive and agile and go after the right opportunities.”

 “Damac used to be all residential before becoming a leader in serviced apartments. Growing the hotel business will help keep customers within the Damac brand.”

He added, “The mid-market has 22,000 rooms and 260 hotels in Dubai alone. Upscale four and five star have about 110 each. So we will continue to look at the latter luxury market.”

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