Samana Developers Announces Ambitious Plans to Launch 18 Projects in 2024

Dubai-based private real estate firm Samana Developers is set to embark on an impressive expansion by announcing its plans to invest Dh12.5 billion ($3.4 billion) in 18 new projects in Dubai this year. This substantial investment will see the developer launching 11,000 units across critical areas, including Arjan, Jumeirah Village Circle (JVC), Marjan, Dubailand, Discovery Gardens, Furjan, Motor City, Sports City, Meydan, and other upcoming localities.

Mr. Imran Farooq, CEO of Samana Developers, highlighted the company’s strategic vision, stating, “Dubai’s property market presents an exceptional opportunity, and we are well-positioned to capitalize on it. By introducing high-yield waterfront properties, we’re set to provide investors with a lucrative asset class that offers the best of Dubai’s sun, sand, and sea lifestyle.”

These ambitious new investments are poised to propel Samana Developers into the top five fastest-growing developers in Dubai, a significant move up from their top 10 ranking achieved in 2023. Additionally, the company plans to enter the Ras Al Khaimah property market with an inaugural project slated to be launched later this year. Mr. Farooq added, “We are also planning a 5-star hotel on Marjan Island with state-of-the-art facilities.”

Recognizing the evolving landscape of Dubai’s property market, Mr Farooq noted, “The ready property market in Dubai is in a consolidation phase, and demand for off-plan projects is extraordinarily high, especially in the Dh2 million ticket price.”

Samana Developers is also preparing for a potential IPO listing in Dubai, having appointed an advisory firm to apply corporate governance practices. Mr. Farooq stated, “We will evaluate IPO options towards 2025-2026.”

The UAE has witnessed a surge in IPO activity post-COVID-19, with public and private sector entities driving this momentum. Companies that have gone public saw their IPOs being oversubscribed multiple times, reflecting a solid appetite for IPOs in the country.