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DAMAC boosts portfolio to AED 84 bln in 3 months

DAMAC boosts portfolio to AED 84 bln in 3 months
Real estate experts estimate that DAMAC Properties has increased the size of its developmental portfolio to AED 84.4 billion ($23 billion). The Company’s projects are mainly focused in Dubai, which account for AED 36.7 billion of the entire portfolio, following the launch of two new projects during the past three months, Al Khaleej newspaper reported.

DAMAC has recently unveiled its Akoya Oxygen project, with estimated investments of AED 29.4 billion on a surface area of 55 million sq. ft., surpassing DAMAC’s Akoya, which was built on an area of 42 million sq. ft, at AED 22 million investments, sources have said.

Moreover, DAMAC uncovered its newest hotel Paramount Dubai Down Town, which boasts 1250 rooms and suites at investments of AED 7.3 billion. This project is DAMAC’s fourth in cooperation with the trademark Paramount Hotels & Resorts. It is expected that the new hotel will be inaugurated in 2018.

It is worth mentioning that to date, DAMAC Properties boasts 11,000 residential units and over 26000 under-development residential units in eight cities that will be delivered by 2018 and of which nearly 10000 units are part of the hospital sector with varying delivery dates.