DAMAC Wants To Invest £500m In London

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 and Knightsbridge.

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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Source Arabian Business
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