UAE-based real estate developer Damac today signed a deal with Prominvest, the investment arm of Russian Technologies, to invest $300 million in the country.

The agreement was signed in the Black Sea city of Sochi in 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.

Hussain Sajwani, chairman of Damac Properties, said: ''Damac Properties, as the Middle East’s largest private luxury developer, continues to pursue growth by expanding and diversifying in international markets. We now have projects in North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.

'With a proven track record of developing and delivering luxury properties and a strong capital position, we are continually assessing investment opportunities in other territories. We have always been interested in investing in the CIS countries and this joint venture presented us an opportunity to enter into a market with great potential and a strong regulatory and transparency framework,'' he said. - TradeArabia News Service