Damac Properties Enters Aviation Business with Luxury Airline Damac Air

Dubai-based Damac Properties has announced plans to launch a new luxury airline,Damac Air, which will offer flights to top holiday destinations including Seychelles, Maldives, Bali, Bora Bora, Fiji, and Hawaii.

According to the airline's website, Damac Air aims to provide "unparalleled journeys capturing the essence of the world's most coveted tropical paradises" with a focus on blending exotic thrills with home comforts. The airline is offering registrants a chance to win a free trip to promote its launch.

With this entry into the aviation sector, Damac Properties joins a number of regional players already operating in the region, including Beond and Rotana Jet. However, Damac Air's luxury focus may provide an edge in a highly competitive market.

The airline's debut is expected to capitalize on Dubai's growing status as a global hub for affluent individuals, with over 72,500 millionaires and 15 billionaires calling the city home. According to Moody's, revised Damac Real Estate Development Limited's outlook was recently changed to positive, affirming its 'Ba2' rating on $600 million senior trust certificates due in 2027.

In addition to its aviation plans, Damac Properties has also secured contracts worth more than Dh7 billion across its projects in the first half of this year, demonstrating its stability in the real estate market. With this latest move, the company is set to further expand its presence as a major player in Dubai's thriving business landscape.

Damac Air will begin operating flights from an undisclosed location in the near future, pending regulatory approvals.