Damac Properties, one of Dubai's largest private developers, is poised to launch its own luxury airline, Damac Air. The new airline has revealed six highly sought-after holiday destinations: Seychelles, Maldives, Bali, Bora Bora, Fiji, and Hawaii. Damac has been actively promoting teaser videos and content across its social media platforms, and Khaleej Times has contacted the company for additional information.
"We provide extraordinary journeys that encapsulate the spirit of the world's most desired tropical paradises," states the airline's website. Damac Air will distinguish itself as the first airline established by a private UAE developer, and it is even offering a complimentary trip to those who sign up on its website.
Explaining its vision, the airline notes, "Damac Air is more than just travel. It's a lifestyle that combines exotic adventures with home comforts. We're not merely altering how you vacation; we're revolutionizing how you live. Welcome to a new era of luxury, where dream getaways are within reach."
Damac Air's entrance into the market will place it in competition with airlines like Beond, Rotana Jet, and others. Notably, Beond, which positions itself as the world's first premium leisure airline, commenced its inaugural flight from Dubai's Al Maktoum International Airport (DWC) to the Maldives in April 2024.
Dubai has evolved into a global hub for high-net-worth individuals, with approximately 72,500 millionaires, 212 centimillionaires, and 15 billionaires residing in the city. The demand for luxury airlines is increasing as businesses aim to cater to this affluent demographic.
In October last year, Moody’s Ratings adjusted Damac Real Estate Development Limited's outlook from stable to positive and confirmed its corporate credit rating and the rating on its $600 million senior unsecured trust certificates due 2027, both at ‘Ba2’. Moody’s highlighted Damac’s robust sales, ongoing construction, improving credit metrics, and consistent cash flow and liquidity management as reasons for the revision.
Moreover, in the first half of 2024, Damac Properties awarded over Dh7 billion in contracts for various projects within its portfolio, solidifying its strong standing in the industry.
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