As one of the UAE’s most recognised firms and one of its biggest property developers, how is DAMAC celebrating the UAE’s Golden Jubilee in 2021?

When I established DAMAC Properties almost two decades ago, I never would have thought the company would have thrived the way that it has. I owe its success to the forward-thinking and wise leaders of the UAE who have always gone above and beyond to ensure that the country is an attractive hub for global investors.

So, on the occasion of the Golden Jubilee, we will be celebrating in a big way here at DAMAC, to honour all the great milestones this country has achieved, as well as the safety and security it has provided for its citizens and residents alike.

DAMAC has been active in the UAE since 2002. How has the country’s hospitality and tourism sector evolved over the past 20 years and what factors do you attribute this to?

It has been completely transformed. The UAE is now a globally recognised and renowned tourist destination, and this is attributed to the great investment our lead- ers have put into building this country and making it an attractive tourism destination.

In the past decade alone, Dubai has built a metro, a tram, the world’s largest Ferris wheel, the world’s tallest tower and largest water fountain, the Dubai Canal and a state-of-the-art safari zoo. For young people the UAE has a vibrant nightlife and hosts world-famous musicians, concerts and

celebrities. In Dubai and in Abu Dhabi there are several theme parks and in Abu Dhabi the Louvre Museum has opened, with many other museums planned.

The UAE is truly a unique place as it offers experiences that very few countries can offer. Where else could you swim at a beach and go camping in the desert on the same day? Or ride a water ferry and a camel on the same day?

Last but not least, Expo 2020 Dubai will be recorded as one of the most prestigious accomplishments in our great nation’s history. It will have positive benefits for the country for years to come.

[The UAE] is really incomparable to any place in the world when you think what has been built here in such a short period of time and I am continuously in awe of just how much has been achieved here.

What sort of impact has the Covid-19 pandemic had on your operations and the broader construction sector in the UAE?

No doubt the global economic effects from the Covid-19 pandemic hit us just like all businesses across the globe. However, I always look at challenges as opportunities.

In fact, the pandemic has pushed us as an organisation to innovate faster and has really accelerated our drive towards digitisation. Because of this push, our company is far ahead of others and has become extremely agile and able to adapt to challenges quicker and more efficiently.

In the broader sense, the pandemic has made all developers across the country a lot more cautious and calculating when it comes to bringing new product to the market. As a result, the market saw a natural correction and developers are not dumping their products into the market, which has helped correct pricing. I anticipate this trend to last for the short- to medium-term, which is good news for the property market here.

Dubai’s property market has enjoyed record growth in 2021 – what factors do you attribute this to?

The third quarter of 2021 was the best Q3 recorded in the history of Dubai real estate in terms of sales transactional values and the best Q3 for sales transactional volumes since 2009, according to PropertyFinder.

Residential property values in Dubai and Abu Dhabi have increased at their fastest pace since 2015 and villa prices in Dubai have increased 16.5 percent year-on-year according to Knight Frank.

According to Core real estate consultancy, 37,000 residential properties are set to be delivered in the UAE this year, which is the highest number of [residential handovers] in a decade.

The emerging euphoria around the fact that the UAE has overcome the worst of the pandemic, coupled with the successful launch of Expo 2020 Dubai, has added to the confidence that is taking hold in the residential market.

The UAE has undertaken one of the world’s fastest Covid-19 inoculation drives, stimulating economic activity and the return of overseas visitors, as it sought to balance protecting public health with the safe re-opening of its economy. The country’s success in handling the Covid-19 pandemic and its proactive policy measures to jump-start the economy have boosted demand for property, pushing capital values for prime homes higher.

The UAE’s rapid response to the Covid-19 pandemic has attracted the world’s wealthiest investors, who continue to flock to Dubai, snapping up the city’s most expensive homes.

According to Dubai Chamber of Com- merce’s quarterly Business Leaders’ Out- look survey, business confidence in Dubai is at its third highest level in 10 years due to the positive impact of new regulations and business incentives and other major initia- tives introduced by the government.

DAMAC is one of the most active property developers in the UAE – what are some of the major projects currently in your development pipeline?

In Dubai, we have just successfully launched Cavalli Tower, a 70-storey ultra-luxury tower overlooking The Palm Jumeirah in collaboration with the Italian fashion giant Roberto Cavalli. This project has already garnered a lot of interest from investors, particularly from Europe and Russia. We have big plans for community-living, which we will announce soon.

Our two master developments, DAMAC Hills and DAMAC Hills 2, are thriving, as demand has skyrocketed for community living and private outdoor spaces. We have added to the amenities in our communities, setting the highest bar when it comes to offering residents everything that they could possible need right on their doorsteps.

We are thrilled that our flagship project in Europe, DAMAC Towers Nine Elms, is nearing completion. Set in the prestigious Zone 1 area of London, the tower has stunning interiors by Versace and overlooks the River Thames.

Since its formation in 1971, the UAE has grown to become one of the world’s most dynamic economies and a significant player on the global stage. How do you think the country will evolve over the next half century?

The sky really is the limit. When you consider the achievements of the past 50 years, your imagination really runs wild when you think about what the next 50 years could hold. Will we have flying cars and commercial flights to Mars? It sounds unreal, but I would never say never.

I believe Dubai could become the next London or New York, given the for- ward-thinking policies of our great leaders.

What does the future hold for DAMAC?

More innovation. I take inspiration from the vision of our leaders and the direction they are moving the country towards. At DAMAC, we will continue to innovate, evolve, and try to stay ahead of the digital trends to ensure we not only survive, but thrive in the future.

I see our business expanding globally, while maintaining our key market presence in Dubai. I would like DAMAC to become a household name, just as Dubai has done, and I have a very strong ambition to achieve this. My son Ali and daughter Amira are also leading this drive and vision, and I believe they will help take this company to new heights.

This article appeared in the UAE 50th Golden Jubilee Special Magazine produced by the United Arab Emirates Embassy in London