The Damac group of the United Arab Emirates (UAE) has decided to invest US$1 billion in central Da Nang city, said the group’s President Hussain Sajwani.

During a recent fact-finding visit to the city, Mr Sajwani said his group wished to invest in building deluxe hotels and apartments in the southern area of the Hoa Hai golf course and several other areas of the coastal city.

The president added that Damac’s experts will come to Da Nang in late April or early May for a feasibility study.