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"Damac Properties is determined to continue providing luxury developments to the Egyptian market. Our future strategy involves continuing work on the projects and developments we have already established, as well as launching new projects to the Egyptian market."
He added: 'Given the length of time it takes for the completion of any of these mega projects our commitment to the Egyptian market is obviously for the long-term.'
Mr. Ayoub brings almost 30 years of experience to his new role, and has gained valuable knowledge by working for several high profile brands, including Hilton International and Americana. Since joining Damac in 1992, he has held several managerial positions most recently as senior vice president, and has moved between Europe, USA and throughout the Middle East.
During his 17 years at Damac Holdings, Mr. Ayoub has served in several different functions such as business development, market analysis, due diligence and audit. He comes on board at a time when Damac Properties is undergoing an expansion phase and rapid growth, while the company's list of developments currently include two mixed-use Park Avenue projects in Sixth of October City and New Cairo, Gamsha Bay on the Red Sea, and Hyde Park which is also located in New Cairo.
Recently, Damac Properties issued a tender for a main contractor to build 76 villas within the Hyde Park project. As part of its commitment to customers, the developer stressed to potential contracting companies' a strict commitment to construction deadlines and eight Egyptian contracting companies joined the bidding.
Mr. Ayoub stated that the successful tender bid will be announced shortly and that the successful company will commence with its work immediately after.
Whilst Gamsha Bay has been announced by Damac Properties it has not yet been officially launched. Gamsha Bay is planned upon 30m square meters and is located directly on the seafront of the Red Sea. Naturally a mega project of this size requires time for development and designs.
Last year, Damac was named by Forbes Arabia as one of the top 40 Arab brands in the region, continuing this model of success and excellence is the top priority on Mr. Ayoub's list.
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Posted by Rima Ali Al Mashni
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