DAMAC Properties

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DAMAC Properties
Type Private
Founded 2002
Headquarters Dubai, United Arab Emirates
Key people Hussain Sajwani (Arabic: حسين علي سجواني,) (Chairman)
Products Luxury Real Estate
Employees circa 1,000 (2013)
Website DAMAC Properties Official Webpage

DAMAC Properties is one of the largest held luxury property development companies in the Middle East, based in Dubai, in the United Arab Emirates.

History[edit]

The company was founded in 2002 by Hussain Sajwani[1] and is part of the DAMAC Group.

On 4 November 2013, DAMAC Properties announced it planned to raise around $500 million from a sale of global depository receipts on the London Stock Exchange.[2] The offering however got a lukewarm response with only $348 million raised. The pricing of the depository receipts was at the lowest end of its initially offered range, however it still valued the company at $2.65 billion.[3]

DAMAC reported a first-half profit of $332 million in 2013, a 57% increase on calendar 2012.

Operations[edit]

DAMAC Properties employs more than 1,000 staff and has over 12,000 customers representing more than 120 nationalities. It has projects in several cities including Dubai, Abu Dhabi, Doha, Jeddah, Riyadh, Amman, Beirut and Baghdad. [4]

Projects[edit]

DAMAC has delivered 9,318 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of December 31st 2013.

In May 2013, DAMAC Properties introduced the ‘AKOYA by DAMAC’ master plan development in Dubai. This includes mansions, villas, luxurious apartments and a retail centre all surrounding ‘The Trump International Golf Club. Within the AKOYA by DAMAC, products include ‘The Trump Estates’, a limited collection of 100 luxurious mansions. Also set within the heart of the community is a global first, with the launch of FENDI fashion-styled villas. AKOYA by DAMAC is also the home of Golf Veduta – serviced hotel apartments and DAMAC serviced Villas by Paramount Hotels and Resorts.

The company is also developing a US$1 billion hotel and luxury serviced residences in the Burj area of Dubai, called ‘DAMAC Towers by Paramount’, which will comprise the first Paramount Hotel & serviced Residences in the region.

Within the hospitality sector, DAMAC’s in-house hospitality team is responsible for managing the Company’s growing portfolio of leisure assets in its serviced hotel apartment developments. The division provides complete hospitality management through its own hospitality operating company ‘DAMAC Maison’.

DAMAC Properties is working in collaboration with Paramount Pictures, Versace, Fendi and Trump organisation on projects throughout the region.

DAMAC Maison - Dubai Mall Street, is the first project to be managed by DAMAC Maison and was completed in Q1 2013. [5]

In addition to support services provided by the Dubai headquarters, the company’s Customer Care Program has offices in the UAE, UK, Jordan, Iraq, Lebanon, KSA and Qatar.

See also[edit]

References[edit]