Dubai's Damac May Invest Up To $1.3bn In London Market

Dubai’s Damac Properties plans to invest as much as £1 billion ($1.3 billion) in London’s real estate market as a weaker pound makes the city cheaper.

Chairman Hussain Sajwani said his company is looking at deals from £500 million to £1 billion in central London.

“If it was a hard Brexit there will be more opportunities and we would be looking to take advantage of that,” Sajwani said in a Bloomberg TV interview at a World Economic Forum in Davos on Wednesday. “London is London and you buy when there is blood on the street.”

In November, Damac Properties announced total revenue of AED5.2 billion ($1.4 billion) and net profit of AED1.1 billion for the first nine months of 2018.

During the same period, Damac said it delivered 3,800 units, almost double the number (1,923) in the same period in the previous year.

Damac said it booked sales for the first nine months were reported at AED3.2 billion, while total assets stood at AED25 billion.