Damac Properties, the Middle East's largest property developer has announced a AED 500 million profit for the first nine months of the year. The figures, which were announced this morning come despite difficult trading conditions for property developers in Dubai and throughout the Middle East region.
Hussain Sajwani, the current Chairman of the Damac Properties Group went on to say " all of the projects that Damac has launched are still going ahead, but plans to expand to new territories, such as India, Pakistan and Morocco are on hold." Discussing the finances of the Damac Group, Sajwani went on to say that Damac has a total of around AED 420 million in Dubai, whilst other regions were far lower or zero.
The figures are good news for Damac, and come after a difficult couple of months which saw a number of employees being made redundant throughout their global network of offices.
Wednesday, 26 November 2008
Record profits for Dubai property developer.
