FINANCIAL NEWS

Damac, Russian Prominvest sign $300m contract

04 Oct 2010

(MENAFN) A statement issued by the UAE-based, the largest private luxury developer in the Middle East, Damac Properties said that the company is going to invest $300 million in Prominvest, the investment arm of Russian Technologies in an attempt to establish a joint company, Saudi Gazette reported.

The agreement which was inked in the Black Sea city of Sochi, states that both parties are to establish a joint company to manage foreign direct investment in infrastructure and the real-estate sector.

DAMAC is going to invest in real estate projects, as well as the facilities for the 2014 Winter Olympic Games in the Black Sea resort city of Sochi.

It is worth mentioning that Damac is developing luxury projects across the Middle East with developments in the UAE, Qatar, Lebanon, Jordan, Egypt and Saudi Arabia.

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