Dubai’s Damac Properties suffered a minor blow in Q1 2016, reporting a 15% year-on-year drop in its net profit. Nevertheless, this figure still came in at $285m (AED1.05bn) – not bad considering the current economic climate.
From a project perspective, Ziad El Chaar, managing director of Damac, has certainly enjoyed a productive year. So far in 2016, he and his colleagues have launched the $2.1bn (AED7.4bn) Aykon City development; introduced a collection of $462,900 (AED1.7m) hotel spa villas at Damac’s Akoya Oxygen master development; and even unveiled the Aykon Dare tourist attraction, which will allow thrill-seekers to take a walk around the perimeter of Aykon City’s tallest tower.
Damac Towers by Paramount Hotels & Resorts, meanwhile, topped out in April. Due to complete next year, the $1.3bn (AED4.77bn), four-tower project will house 1,200 serviced residences.
Commenting at the time, El Chaar said: “It is with great enthusiasm that we look forward to completing this exciting and iconic project, which will bring a first-of-its-kind branded product offering to Dubai investors, residents, and visitors alike.”