Dubai's Damac Properties to launch luxury travel venture, offer free trips to registrants

The company has been promoting the new entity on their social media platforms but didn't disclose further details

Waheed Abbas

Published: Mon 11 Nov 2024, 10:36 PM

Damac Properties, the largest private developer in Dubai, has launched a new company and branded it as 'Damac Air'.

The developer has been teasing its new venture with videos and other content on its official social media channels.

On its website, Damac Air listed six popular holiday destinations – Seychelles, Maldives, Bali, Bora Bora, Fiji and Hawaii. Social media posts showed aircraft with Damac Air livery and airport information boards with Damac Air logo displays.

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The company didn’t disclose further details of the new venture or when it will be operational.

“We offer unparalleled journeys capturing the essence of the world's most coveted tropical paradises,” according to Damac Air's website. The new venture is also offering a free trip to people registering on its website.

“Damac Air, a visionary initiative by Damac Properties, redefines luxury travel… Experience the serenity of Bali, the azure waters of the Maldives, and the vibrant spirit of Hawaii. Our innovative concept invites you to explore six world-renowned tropical locales: Bali, Maldives, Hawaii, Seychelles, Fiji, and Bora Bora,” it said on its website.

It said Damac Air is “blending exotic thrills with home comforts. We're not just changing how you vacation; we're transforming how you live. Welcome to a new era of luxury, where dream getaways await.”

In October last year, Moody’s Ratings revised Damac Real Estate Development Limited's outlook from stable to positive and affirmed its corporate credit rating and the rating on its $600 million senior unsecured trust certificates due 2027, both at ‘Ba2’.

The rating agency said the rationale for this change reflects the company's continued strong sales performance, active construction activity, improving credit metrics, and solid track record in cash flow and liquidity management.

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