Dubai-based property developer Damac Properties won a $120 million bid to acquire land in the upscale Miami district of Surfside, where it plans to build a luxury Cavalli-branded condominium project.
The property, set on 1.8 acres of land, will offer residents 61 metres of seafront and access to South Beach and Bal Harbour. It will be Damac's first project in the US.
“Damac Properties has long been eyeing development opportunities in Miami,” said chairman and founder Hussain Sajwani on Friday.
“We see the city, which is known for being a luxury and fashion centre, as a natural fit for our company, which has an established reputation for its branded luxury offerings.”
As the world's largest economy, the US has been among the preferred investment destinations for Gulf investors, who, over the years, have invested in everything from technology and property to private equity and financial markets.
In 2020, investors from the UAE accounted for about $45 billion of foreign direct investment flows to the US.
The US said in March it wanted to increase trade with the UAE and attract more investment from the Gulf country.
The Abu Dhabi Investment Authority acquired full ownership of 330 Madison Avenue in New York — an office block close to Grand Central Station — in 2019.
Bahrain-based Investcorp, the alternative asset manager that counts Mubadala Investment Company as its biggest shareholder, conducted property deals worth $4bn in the US in 2021, tapping into demand for residential and industrial properties.
Damac has been expanding its global footprint in recent years. In the UK, it has the Nine Elms project in London, which has Versace interiors, while it is also developing a luxury resort in the Maldives to be operated by global hotel brand Mandarin International.
“Our global expansion into the US marks a major milestone and demonstrates that Damac is a force to be reckoned with,” said Mr Sajwani. “This is an exciting time, and we have a lot in store.”
Damac already has Cavalli-branded projects in Dubai, plus collaborations with de Grisogono and The Trump Organisation.
Last month, it announced it will accept certain cryptocurrencies for property transactions as part of efforts to offer more flexibility to investors, while Damac Group, parent company of Damac Properties, said it plans to invest $100m to build “digital cities” in the metaverse.
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The language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
On racial profiling at airports
Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
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PROFILE OF SWVL
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Sector: transport
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
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Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
The team
Videographer: Jear Velasquez
Photography: Romeo Perez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Models: Meti and Clinton at MMG
Video assistant: Zanong Maget
Social media: Fatima Al Mahmoud
