DAMAC Properties, the
Dubai-based developer, is looking to invest $660m (around £500m) in a new London project Chairman Hussain
Sajwani has told Arabian Business.
Sajwani said the company
is looking for another major project to follow on from its 50 storey Tower
Nine Elms development due for completion in 2020-21. He said the company is
particularly interested in Mayfair, Belgravia
Sajwani suggested DAMAC is
still very keen to invest in London,
although Brexit is a concern. He said: “People are not clear where the
situation will go. Overall, the market has suffered because of Brexit. It’s
going to be difficult for the coming two years at least unless (the UK chooses) to
stay in the EU.”
He also said the company
is looking to invest more in Saudi Arabia
as well as in Toronto, Boston,
New York and Miami.
Sajwani’s guarded comments might suggest DAMAC does not want to appear too enthusiastic about London for fear of alerting the competition. However, given the sizable inflows of money from the Middle East of late it seems another major London project is much more than likely.
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