Hussain Sajwani, Damac Properties' international chairman, is considering Malta as the developer group's next possible destination for hotel investment. Following a tour of the island-nation and a private meeting with Maltese PM Dr. Joseph Muscat, Sajwani said that Malta is a favorable investment destination.
Sajwani and Muscat discussed the increasing growth of tourism in the EU-member country and Malta's historical appeal as business-friendly investment location.
"Malta presents an ideal mix of investment benefits that make it a very attractive place for luxury and hospitality developers looking to expand into the EU zone," Sajwani said. "Thanks to favorable tax incentives for foreign investors as well as a stable government and leadership that continue to drive economic growth through the tourism sector, Malta is a destination that we are keeping an eye on as we continue to explore expansion opportunities there."
Sajwani has continued to seek out strategic investments overseas that would enable Damac to expand its global footprint beyond the Middle East region, where it has grown in the luxury real estate development sector. Damac is also growing its hospitality and leisure portfolio, with over 13,000 hotel rooms, serviced apartments and hotel villas in its development pipeline under the Damac Maison Hotels & Resorts brand.
Damac partnered with the Trump Organization to develop the first and only Trump International Golf Club in the Middle East. It also launched its 50-story Aykon London One residential development in the UK, which has pre-sold over 45 percent. The new London residence is the first in Europe to be designed in partnership with Versace Home.
Last month, Damac was chosen by the government of Oman to redevelop its Port Sultan Qaboos in Muscat, a $1-billion development project. The port will be converted into an integrated tourist port and lifestyle destination with hotels, residences, dining, retail and leisure facilities.
Damac has developed more than 18,500 homes and has over 44,000 units in various stages of development. The company's footprint extends across the Middle East with major projects in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, UK and Oman.