DAMAC Properties

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DAMAC Properties
Public joint-stock company
Traded as DFMDAMAC
Founded 2002
Headquarters Dubai, United Arab Emirates
Key people
Hussain Sajwani (Arabic:حسين سجواني,) (Owner and Chairman)
Products Real estate
Revenue $ 1.947 billion (2016)
Number of employees
circa 2,000 (2017)
Parent DAMAC Group
Subsidiaries
Website DAMAC Properties

DAMAC Properties is a property development company, based in Dubai, in the United Arab Emirates.

History[edit]

DAMAC Properties was established in 2002, and is part of the DAMAC Group, formed in 1992, by Hussain Sajwani, the owner and chairman.

In January 2015, DAMAC Properties listed on the Dubai Financial Market (DFM),[1] its home market exchange.

In December 2013, DAMAC was the first real estate company from the Middle East to list on the London Stock Exchange [2] (LSE) through a global depository receipts programme, which raised US$379 million in the form of an IPO. Following an offer to exchange its outstanding Global Depository Receipts (listed on the LSE) for Ordinary Shares (listed on the DFM), DAMAC began trading in Dubai on 12 January 2015. The GDR’s were subsequently de-listed in March 2015.

Projects[edit]

DAMAC Properties has completed a number of residential, commercial and mixed-use projects across Dubai, Abu Dhabi, Qatar and the Kingdom of Saudi Arabia, with more in progress in those regions as well as Jordan, Lebanon and the United Kingdom.

The Company has also released two master developments in Dubai, totalling nearly 100 million square feet between them. DAMAC Hills (formerly AKOYA by DAMAC)[3] centres around Beverly Hills-style living on The Drive, and the championship-standard Trump International Golf Club Dubai with a mix of horizontal and vertical community living. Trump International Golf Club Dubai [4] was opened in February 2017 by guests of honour Donald Trump Jr and Eric Trump. The second development, AKOYA Oxygen,[5] boasts another world-class course by Tiger Woods [6] Design, the Trump World Golf Club Dubai.[7] It is also home to The Dubai Rainforest and Vista Lux, a retail, dining and entertainment destination.

DAMAC Hills[edit]

DAMAC Hills is a golf community development located in Dubailand. The 42-million- square-foot development comprises branded mansions, villas, townhouses and apartments, in addition to entertainment and retail facilities. The DAMAC Hills development, built around the 18-hole Trump International Golf Club Dubai, was named ‘Best Golf Development’ [8] in the world at the International Property Awards in London in recent years and in 2016 received a 'highly commended' recognition for Golf Development in the Africa and Arabia Property Awards hosted in Dubai.[9]

Hospitality[edit]

DAMAC Hotels & Resorts heads the hospitality element of the Company’s portfolio, which operates hotels, hotel apartment complexes and serviced villas, under the following brands:

  • Paramount Hotels & Resorts
  • DAMAC Maison Royale Hotels & Resorts
  • DAMAC Maison Hotels & Resorts
  • DAMAC Maison de Ville Hotels & Resorts
  • AYKON Hotels & Resorts

DAMAC Properties has five hospitality developments in operation as of 31 December 2016, with two more properties – DAMAC Maison Bay’s Edge[10] and DAMAC Maison Royale The Distinction[11] set to open in 2017.

External links[edit]

References[edit]