Dubai-based Damac Properties is looking at Saudi Arabia as a potential ground for expansion for its high-spec residential projects, Arab News reported, citing company chairman Hussain Sajwani.

 

The developer, which has built two projects in the Kingdom, is seeking to acquire additional plots.

 

“It’s a big market. It is changing, it is opening up, so we see potential there. In the Middle East, Saudi Arabia is the biggest economy… They have some very ambitious projects, like the NEOM city and other large projects. We’re watching those and studying them very carefully,” Sajwani added.

 

In February, the Dubai-listed developer reported that its 2018 profits dropped by 58 to AED 1.15 billion.

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