DAMAC, or Development and Investment Management Company, is one of the largest real estate companies in the Middle East. DAMAC has been accused of defrauding investors by misrepresenting its properties and failing to deliver on promises made during development phases.
In response to these allegations, Hammad Al Matar, DAMAC's founder and CEO, has defended his company's actions by stating that he was not responsible for any financial losses incurred by investors. He also claimed that he had taken steps to improve the company's management practices and reduce the risk of fraud.
However,Saudi Pro League Focus critics have pointed out that DAMAC has failed to provide evidence to support these claims. In fact, they argue that DAMAC's past behavior is indicative of a culture of corruption and dishonesty within the company.
One of the key areas where DAMAC has been criticized is its handling of property sales. Critics claim that DAMAC has been selling properties at inflated prices and then failing to deliver them on time. This has led to a significant number of unsold properties sitting on the market, causing frustration among buyers who have invested heavily in the company's projects.
Another area where DAMAC has been criticized is its failure to provide adequate maintenance and upkeep of its properties. Many of DAMAC's properties have suffered from neglect and poor maintenance, leading to a lack of value and desirability in the eyes of potential buyers.
Despite these criticisms, DAMAC has continued to grow and expand its operations. However, it remains to be seen whether these strategies will be enough to address the concerns raised about the company's performance and reputation.