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The move into mid-market residential projects and incremental gains in its core building materials trade were enough to help the Danube Group attain a turnover of Dh5.13 billion last year.
On the real estate side, the intention is to launch “three to four projects annually”. It will also widen the network of stores for building materials by another six — investing Dh200 million — to take the tally to 50.
“We started the properties division with a clear focus on affordable housing segment,” said Rizwan Sajan, chairman. “We identified the gap that existed in the market, which was too focused on luxury and super-luxury segments while the mid-income population was left untouched. They were waiting for the right opportunity to invest.”
When it comes to prospects for the building materials business, “Chinese goods will become a little cheaper for UAE consumers after the People’s Bank of China devalued the yuan by the largest single-day percentage in two decades,” said Sajan. “The fall in the yuan could, in principle, provide a boost to UAE imports of now cheaper Chinese goods.
“But the economic impact of the yuan’s devaluation on the UAE depends on how the devaluation affects commodity prices — including oil prices — and regional economic growth.”
Source: Staff Report, gulfnews.com