UAE-based luxury property developer Damac is forging ahead with international expansion plans and is assessing several popular coastal destinations in Croatia as it looks into a number of real estate projects, said a top official.

Istria, Dalmatia and Dubrovnik are amongst the cities in which Damac sees tremendous potential and is targeting for investment opportunities, with projects that could be valued at hundreds of millions of dollars, revealed Wael Al Lawati, the senior vice-president of International Business Development at Damac, who was a panel speaker at the Croatian FDI Forum, Rexpo 2017.

During his visit, a number of locations were surveyed for feasibility as greenfield opportunities across three regions.

"Croatia has a lot to offer in terms of picturesque locations for residential communities as well as being an attractive holiday destination for tourists, presenting tremendous potential for hospitality projects," remarked Al Lawati.

“Istria’s close proximity to a number of countries such as Italy and Slovenia makes it easily accessible for holidaymakers travelling by car. Croatia’s geographical diversity makes the country very attractive to Damac as it opens up a lot of opportunities to plan a mix of projects,” he added.

Al Lawati also emphasised that Dubrovnik is a world-class city that is rich in history and heritage sites, making it one of the most attractive destinations in the world.

He also referenced Split, a popular city that is historical and has beautiful islands and an idyllic harbour-side that make it an ideal location for vacation homes and hotel units.

Damac’s interest in Croatia follows the recent visit by its chairman Hussain Sajwani, who toured the country and met Croatian President Kolinda Grabar-Kitarović in July to discuss real estate collaboration opportunities.

“Damac has the capital and resources to carry out large-scale projects and with the right local partners and government collaboration, it could soon be announcing a major project in Croatia,” stated Al Lawati.-TradeArabia News Service