The two parties signed a Memorandum of Understanding, which consists of the expression of interest for the start of exploratory activities, in order to find investment opportunities in various areas to be granted by the Angolan State, with emphasis on high standard construction, residential areas, hotels, offices, golf courses and other interests, according to a statement from the UAE embassy in Agola.
The company presented a model of residential and other projects, especially aimed at Angola. The memorandum was signed by one of the company's directors, Shawki Sejwani and by António Henriques da Silva, in the presence of the Minister of State and Chief of Staff of the President of the Republic, Adão de Almeida, and the president of DAMAC Properties, Hussain Sajwani.
The document resulted from the conversation held on March 25, in Luanda, during the audience granted by João Lourenço to the group's president.
At the time, the 69-year-old businessman – and billionaire – confessed that he chose Angola to host his investments “because it is a very prominent country in Southern and Central Africa, but also for having a very visionary leadership”. "It's a country that respects itself. That's why we want to do first-class and high-level business here," he said at the time.
DAMAC Properties was founded in 2002 and quickly became one of Dubai's leading property developers. Created by Hussain Sajwani, its portfolio includes commercial and residential projects in Saudi Arabia, Oman, Lebanon, Jordan and the United Kingdom.
So far, it has delivered over 40,000 homes with a portfolio of several thousand other units in different stages of development.
A notable development by the group is DAMAC Hills, with other residential projects in Dubai including DAMAC Towers, Ghalia Constella, AKOYA by DAMAC and AKOYA Oxygen.