Damac expands to the Maldives with resort deal

• New Mandarin Oriental resort to open in 2025
• Developer expanding from Middle East to Asia, Europe and America 
• Damac buying into fashion sector with brands such as Roberto Cavalli 

Damac Properties is expanding further into South Asia with the signing of an agreement to operate a new Mandarin Oriental resort in the Maldives.

The 34-hectare luxury resort, which is currently under development and will stretch across three private islands on the Bolidhuffaru Reef, is due to open in 2025 and will be the Dubai developer’s first project in the archipelagic state.

The resort will comprise of 64 overwater villas and 66 beachfront villas, including 10 branded residences, eight restaurants, a wellness facility and dive centre.

“Damac has extended its global footprint outside of the Middle East, from the UK to Canada, and we are thrilled to have now reached The Maldives as well,” Hussain Sajwani, chairman and founder of the Damac Group, said.

• Metaverse will boost online home sales ‘five-fold’, says Damac
• Damac set to splurge on jewellers and real estate across Europe
• Dubai’s Damac makes US debut with $120m Miami deal

In an interview in June with AGBI, Damac Properties said it was looking at real estate projects in Europe, particularly Germany and the Danish capital Copenhagen, as well as seeking more partnerships with jewellery brands in Asia, the US and Europe, off the back of its purchase of Swiss jeweller de Grisogono.

In May it announced its first US development, buying a $120 million beachside plot in Miami. McLoughlin confirmed that Damac was looking at other opportunities in North America, particularly in Canada.

The developer is also expanding into the fashion sector. It bought Italian fashion house Roberto Cavalli in 2019 and acquired the bankrupt Swiss jewellery brand de Grisogono in May. It is now offering de Grisogono-branded luxury apartments next to Safa Park in Dubai.

“The group aims to expand within the fashion industry, with accelerated plans to enhance the brands. We are looking to partner with jewellery companies in Asia, the US and Europe,” Niall McLoughlin, senior vice president at Damac Group, said.

Established in 2002, the Dubai firm has developed around 39,400 homes and has partnered with brands such as the Trump Organization, Versace, Rotana, Paramount Hotels & Resorts and Radisson Hotel Group.