Damac Properties unveils plans for luxury airline, Damac Air

Damac Properties, a prominent private developer in Dubai, is set to unveil its own luxury airline, named Damac Air. The airline has announced six highly sought-after vacation destinations: Seychelles, Maldives, Bali, Bora Bora, Fiji, and Hawaii.

The company has been active on social media, sharing teaser videos and content, while Khaleej Times has sought additional details from them. According to Damac Air’s website, “We offer unparalleled journeys that capture the essence of the world’s most desirable tropical paradises.”

As the first airline launched by a private UAE developer, Damac Air is making waves in the aviation sector, even offering a complimentary trip to those who sign up on its website. The airline articulates its vision by stating, “Damac Air is more than just travel; it’s a lifestyle that marries exotic experiences with at-home comforts. We’re not merely altering your vacation; we’re redefining your lifestyle. Welcome to a new era of luxury, where dream vacations are on the horizon.”

Damac Air will enter a competitive market alongside other luxury airlines such as Beond and Rotana Jet. Beond, which advertises itself as the world’s first premium leisure airline, launched its inaugural flight from Dubai’s Al Maktoum International Airport (DWC) to the Maldives in April 2024.

Dubai has emerged as a global hub for high-net-worth individuals, hosting approximately 72,500 millionaires, 212 centimillionaires, and 15 billionaires. This rising affluence has spurred demand for luxury airlines targeting this elite clientele.

In October of the previous year, Moody’s Ratings updated Damac Real Estate Development Limited’s outlook from stable to positive, affirming its corporate credit rating and the rating of its $600 million senior unsecured trust certificates maturing in 2027, maintaining both at ‘Ba2’. The revision was attributed to Damac’s strong sales, ongoing construction, improving credit metrics, and effective cash flow and liquidity management.

Moreover, in the first half of 2024, Damac Properties awarded contracts exceeding Dh7 billion for various projects, further solidifying its strong standing in the industry.