Damac Properties acquires 55 million square feet to replenish its land bank.

Dubai’s leading property developer will be expanding eastwards in Dubai and has invested USD 513 million in a piece of land measuring about 55 million sq. ft.

The purchase is funded via proceeds of a USD 650 million Sukuk bond sold in the second quarter.

The land is larger than the 42 million sq. ft. property where Damac is building the Akoya project.

Hussain Sajwani, Chairman and CEO of Damac Properties, is a major real estate developer in the Gulf region. He recently floated the company on the London market. Damac delivered almost 10,000 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning. Read more