Dubai – Mubasher: Damac Properties announced its intention to establish a new, AED  500 million real estate project in Qatar’s capital, Doha, Alkhaleej newspaper reported, citing the company’s chairman Hussain Sajwani.

The company started operating its rental portfolio through 380 housing units, Sajwani added, according to Alkhaleej.

Damac will increase its portfolio with more units, in addition to completing and delivering the projects during the coming years, the chairman stated.

Earlier in May, Sajwani had noted that Damac is looking to enter one or two new markets in Europe, besides the British market.

The UAE company’s net profits dropped 16% to AED 880 million in the first quarter in 2017, compared to AED 1 billion in Q1-16.

The revenues increased 20.4% to reach AED 1.95 billion in Q1-17, compared to AED 1.62 billion in the corresponding quarter in the year before.