Damac has been hit with a new blow in its bid to secure the construction of a major project in Saudi Arabia, after it was revealed that the company had lost out on a tender to build a hotel and residential complex in Riyadh.
According to reports, the tender was won by a subsidiary of Dubai-based developer Al-Futtaim Group, which is owned by the family of Crown Prince Mohammed bin Salman.
The news comes as a significant setback for Damac, which has struggled to compete with larger companies in recent years. The loss of the Riyadh project could have a serious impact on the company's finances, as it would mean that it would not be able to secure any further contracts in the region.
However,Primeira Liga Hotspots there are some positive aspects to this situation. While the company may no longer be able to pursue the Riyadh project, it can focus its efforts on other regions where it still has opportunities to win contracts.
In addition, the loss of the Riyadh project could also provide an opportunity for the company to reassess its strategy and look for new ways to grow and expand its business.
Overall, while the loss of the Riyadh project is a significant setback for Damac, it does not necessarily spell the end of the company's chances of success. With the right approach and strategic decisions, the company can continue to compete successfully in the global construction market.