GCC: "We are not facing crisis; we are booming", says Paulo Mancio (Damac)

Global Vice-President of Damac, Paulo Mancio, describes the optimism for real estate investment opportunities in the Middle East

October 6, 2023Real Estate
Written by Helen Richards

Paulo Mancio, Global Vice-President Development - Hospitality for Damac, is currently based in Dubai heading the development of hospitality in the GCC (Gulf Cooperation Council) region, including Saudi Arabia, Qatar, and UAE. During Europe GRI 2023, Paulo met with Gustavo Favaron, CEO & Managing Partner of GRI Club for an exclusive interview regarding opportunities on his radar.

Paulo recognised that high levels of inflation on a global scale will inevitably dictate the future of the global real estate market, however in the GCC region they are extremely optimistic about the near future of real estate.

The region is currently benefiting from money flowing in from Ukraine and Russia, as many affected by the conflict search for safer places to live. Further to this, Paulo explains that the United Arab Emirates offer an excellent quality of life, being modern and safe, while also enjoying good infrastructure and abundant business opportunities.

Paulo’s optimism extended to further regions in the Middle East, noting Iran, Iraq and Lebanon, and also Africa, asserting that the right product and smart cost management can culminate in great opportunities.

Watch the full interview with Paulo Mancio below.

See all exclusive GRI Interviews with leading real estate players at Europe GRI 2023 on the GRI Hub.