Damac Properties, one of Dubai’s largest private developers, is set to launch its own luxury airline, Damac Air.
The upcoming airline has announced six sought-after holiday destinations: Seychelles, Maldives, Bali, Bora Bora, Fiji, and Hawaii.
Damac has been been sharing teaser videos and content on its social media channels, and Khaleej Times has reached out to the company for further details.
“We offer unparalleled journeys capturing the essence of the world’s most coveted tropical paradises,” according to the airline’s website.
Damac Air will stand out as the first airline established by a private UAE developer, and it is even offering a free trip to those who register on its website. Interested individuals who register will have a chance to win a trip, according to the website.
Describing its vision, the airline said, “Damac Air is more than travel. It’s a lifestyle blending exotic thrills with home comforts. We’re not just changing how you vacation; we’re transforming how you live. Welcome to a new era of luxury, where dream getaways await.”
Damac Air’s entry into the market will position it against competitors like Beond, Rotana Jet, and others. Notably, Beond, which brands itself as the world’s first premium leisure airline, launched its maiden flight from Dubai’s Al Maktoum International Airport (DWC) to the Maldives in April 2024.
Dubai has become a global hub for high-net-worth individuals, with approximately 72,500 millionaires, 212 centimillionaires, and 15 billionaires calling it home. The demand for luxury airlines is on the rise as companies seek to cater to this affluent clientele.
In October last year, Moody’s Ratings revised Damac Real Estate Development Limited’s outlook from stable to positive and affirmed its corporate credit rating and the rating on its $600 million senior unsecured trust certificates due 2027, both at ‘Ba2’. Moody’s cited Damac’s strong sales, active construction, improving credit metrics, and consistent cash flow and liquidity management as factors for the revision.
Furthermore, in the first half of 2024, Damac Properties awarded over Dh7 billion in contracts for various projects within its portfolio, reinforcing its robust position in the industry.
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