DAMAC delivered 32,000 units since 2002; market recovery will take 12-24 months - Hussain Sajwani | ZAWYA MENA Edition

DAMAC delivered 32,000 units since 2002; market recovery will take 12-24 months - Hussain Sajwani | ZAWYA MENA Edition

DAMAC chairman Hussain Sajwani has announced that his company has crossed the threshold of 32,000 units since inception. The leading Dubai-based developer also stated that recovery of the UAE real-estate market could take 12 to 24 months.

In a statement to the Dubai Financial Market (DFM), DAMAC confirmed it delivered 3,000 units in Akoya and Business Bay this year and that it had crossed the threshold into 32,000 units since its inception in 2020.

DAMAC Properties posted a 1.04 billion dirham ($283 million) net loss for 2020, as the COVID-19 pandemic hurt the property market. DAMAC posted a net loss of 37 million dirham in 2019.

According to Sajwani, 2020 had been a challenging year for the global economy, particularly travel and tourism.

“With the smart leadership of the UAE, we are in a far better position for economic recovery, although I still believe it will take 12-24 months for the real estate to fully recover,” he said.

The company’s total revenue in 2020 was AED 4.7 billion, up from AED 4.4 billion in 2019, but booked sales for the year were AED 2.3 billion, down from AED 3.1 billion in 2019.

Assets in 2020 were AED 21.1 billion, down from AED 23.8 billion in 2019.