DAMAC International is forging ahead with international expansion plans and is assessing several popular coastal destinations in Croatia as it looks into a number of real estate projects.
Istria, Dalmatia and Dubrovnik are amongst the cities which DAMAC sees tremendous potential in and is targeting for investment opportunities, with projects that could be valued at hundreds of millions of Dollars, according to Wael Al Lawati, Senior Vice President of International Business Development at DAMAC, who was a panel speaker at the Croatian FDI Forum, REXPO 2017. During his visit, a number of locations were surveyed for feasibility as green-field opportunities across three regions.
“Croatia has a lot to offer in terms of picturesque locations for residential communities as well as being an attractive holiday destination for tourists, presenting tremendous potential for hospitality projects,” said Al Lawati. “Istria’s close proximity to a number of countries such as Italy and Slovenia makes it easily accessible for holidaymakers travelling by car. Croatia’s geographical diversity makes the country very attractive to DAMAC as it opens up a lot of opportunities to plan a mix of projects.”
Al Lawati also emphasised that Dubrovnik is a world class city that is abundant with history and heritage sites, making it one of the most attractive destinations in the world. He also referenced Split, a popular city that is rich in history with beautiful islands and an idyllic harbour-side that make make it an ideal location for vacation homes and hotel units.
DAMAC’s interest in Croatia follows the recent visit by DAMAC Chairman, Hussain Sajwani, who toured the country and met with Croatian President, Kolinda Grabar-Kitarović, in July 2017 to discuss real estate collaboration opportunities.
“DAMAC has the capital and resources to carry out large-scale projects and with the right local partners and government collaboration, it could soon be announcing a major project in Croatia,” Al Lawati added.
In June 2017, DAMAC was chosen by the Government of Oman to redevelop its Port Sultan Qaboos in Muscat, a historic USD 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 is planning to build similar tourism and residential developments in gateway cities across Europe.
DAMAC has delivered approximately 19,900 homes to date 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.