JEDDAH: Luxury developer Damac Properties will invest $300 million in Prominvest, the investment arm of Russian Technologies. The agreement is to create a joint company to manage foreign direct investment in infrastructure and the real estate sector and was signed in the Black Sea city of Sochi in the presence of Vladimir Putin, Prime Minister of Russia. DAMAC will invest in real estate projects, including the facilities for the 2014 Winter Olympic Games in the Black Sea resort city of Sochi. “Damac Properties as the largest private luxury developer in the Middle East, is well capitalized and focused on expansion in the CIS countries. This should be seen as a vote of confidence not only in the Russian economy, but also a sign that the UAE economy is picking up” said Hussain Sajwani, chairman of Damac Properties. Damac is currently developing luxury projects across the Middle East with developments in the UAE, Qatar, Lebanon, Jordan, Egypt and Saudi Arabia. “Damac is expanding, we are pushing ahead with development, only last month we awarded the construction contract for our Jawharah Tower in Jeddah to Drake and Scull International's Saudi subsidiary,” said Sajwani. Enabling works have been completed at the site of the luxurious 42-storey residential Jawharah Tower on the Jeddah Corniche
