This article contains content that is written like an advertisement. (September 2021)
|Type||Public joint-stock company|
|Founded||28 January 2002|
|Headquarters||Dubai, United Arab Emirates|
|Hussain Sajwani (owner and chairman) [-2018]|
|Revenue||$ 1.660 billion (2018)|
Number of employees
|circa 1,600 (2018)|
DAMAC Properties is an Emirati property development company, based in Dubai, in the United Arab Emirates. In January 2015, DAMAC Properties was publicly listed on the Dubai Financial Market. The company operates internationally providing residential, commercial and leisure properties and has presence in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Oman, and the United Kingdom.
The company was established on 28 January 2002, and is part of the DAMAC Group, formed in 1992, by Hussain Sajwani, the owner and chairman. In December 2013, DAMAC was the first real estate company from the Middle East to list on the London Stock Exchange (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 GDRs were subsequently de-listed in March 2015.
The company has released two master developments in Dubai, totaling nearly 100 million square feet between them. DAMAC Hills offers a mix of horizontal and vertical community living set around the championship-standard Trump International Golf Club Dubai and nearly four million square feet of private parkland. Trump International Golf Club Dubai was opened in February 2017 by guests of honour Donald Trump Jr. and Eric Trump. The second development, AKOYA has another golf course by Tiger Woods Design, the Trump World Golf Club Dubai.
In January 2017, DAMAC Properties had awarded more than 370 contracts worth AED 3.5 billion. The contracts included construction, supplier and consultancy services across its portfolio of developments. The company assigned over $1.5 billion to its flagship project Akoya in June 2018.
DAMAC Hills is a golf community development located in Dubailand. The 42-million-square-foot community comprises branded villas, townhouses and apartments, in addition to entertainment and retail facilities, along with a Radisson Hotel. The hotel will be located on the Trump International Golf Club Dubai at DAMAC Hills. and will have two restaurants, facilities consisting of a gym, spa, kids club and an outdoor swimming pool, and meeting space covering 600m2.
As of December 2019, roughly 4,000 units were delivered at DAMAC Hills, along with a community centre and a 2,000-square-meter-skatepark. DAMAC Hills, built around the 18-hole Trump International Golf Club Dubai, was named "Best Golf Development in the World" at the International Property Awards in London in recent years; and in 2016 received a "highly commended" recognition for Best Golf Development in the Africa and Arabia Property Awards hosted in Dubai.
In November 2020, DAMAC hills launched UAE's first residential wave pool.
DAMAC Towers by Paramount Hotels & Resorts Dubai
DAMAC Towers by Paramount is a four-tower development by DAMAC Properties in collaboration with Paramount Hotel & Resorts. The project comprises 2000 units with 1200 units across three residential apartment towers and 800 units in the Paramount Hotel tower. The property located in Dubai's Business Bay area has a total built-up area of 4 million square feet and an estimated sales value of $1.35 billion. The towers were handed over in July 2019.
DAMAC Tower Nine Elms London
DAMAC Properties signed a £200 million contract with Lendlease in 2016 to build one of London's tallest residential towers. At 50 floors, AYKON London One, now known as DAMAC Tower Nine Elms London, is located in Nine Elms, on the south bank of the River Thames. The building was designed by Kohn Pedersen Fox Associates with interiors created in partnership Versace Home. The project is valued at $758 million and was topped out in 2019.
In 2014, DAMAC Properties launched, AKOYA, a golf community in Dubailand covering 55 million square feet. Comprising clusters of residential villas, apartments, and retail and entertainment facilities.
Mina Al Sultan Qaboos
In 2018, Oman Tourism Development Company partnered with DAMAC Properties for the redevelopment of the Port Sultan Qaboos into a waterfront mix use destination. The project was going to be being redeveloped into tourist port and lifestyle destination that includes hotels, residences, and a dining, retail, leisure and community facility. The overall cost of the project was estimated at US$2 billion.
In July 2020, it was decided that DAMAC Properties would transfer its shares in their entirety to OMRAN.
Dubai Business Bay
In 2019, DAMAC Properties announced the launch of its new project, Zada, an accessible luxury offering in Dubai's Business Bay area.
|Hussain Sajwani (Arabic:حسين سجواني,) (chairman)|
DAMAC Hotels & Resorts heads the hospitality element of the company's portfolio, which operates hotel apartment complexes. DAMAC Hotels & Resorts was founded in October 2011.
- DAMAC Maison Distinction: This project was DAMAC's sixth hotel under their hospitality arm DAMAC Hotels and Resorts
- DAMAC Maison Mall Street
- DAMAC Maison Canal Views
- DAMAC Maison Cour Jardin
DAMAC Maison Dubai Mall Street
Dubai Mall Street, DAMAC Maison's first serviced hotel apartment project, opened in December 2013. It was designed by German architects Koschany & Zimmer, and located in downtown Dubai opposite to The Dubai Mall.
DAMAC Maison Canal Views
Canal Views is DAMAC Maison's second hotel property project launched alongside with Dubai Mall Street in December 2013, also located in downtown Dubai. Canal Views looks over the Business Bay water canal and the Burj Khalifa.
DAMAC Maison Cour Jardin
In September 2017, DAMAC Hotels and Resorts opened The Distinction. The Distinction is located in downtown Dubai.
DAMAC Properties is known to support the campaigns of His Highness Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE, and the efforts of the UAE Red Crescent, including a donation of AED 2 million to the "clothe a child" campaign, AED one million to the UAE Suqia (Water Aid) programme and a further AED 1 million to help build a high-tech care facility for the Dubai Autism Centre.
In 2014, DAMAC Heights won the "Best International Residential High-rise Architecture" at the International Property Awards.
In 2015, DAMAC Properties donated AED 1 million to the UAE Red Crescent, who was then delivering aid to support refugees in Jordan and Lebanon hit by the "Huda" across the Levant region.
In 2017, DAMAC Charitable Foundation offered sponsorship and support to 1 Million Arab Coders, an initiative by the UAE government to help further education and development in the UAE. Upon its launch, 1.1 million applicants were registered with 22,000 graduates by the end of 2018.
In February 2020, Hussain Sajwani, on behalf of the Hussain-Sajwani-DAMAC Foundation pledged AED3 million towards the construction of the Magdi Yacoub Global Heart Centre in Egypt during the grand finale of the Arab Hope Makers 2020.
In April 2020, the Hussain Sajwani-DAMAC Foundation pledged Dh 1 million to provide food to those affected by COVID-19 pandemic in the UAE. The donation was made to the '100 million meals' campaign.
Awards and Recognition
DAMAC properties has won 5 awards in different categories at the Arabian Property Awards 2017, held in Dubai: Best Residential High-rise Development for AYKON City, Best Mixed-use Development for DAMAC Hills, Best Hotel Interior for DAMAC Towers by Paramount Hotels & Resorts, Best Developer Website and Best Hotel Architecture for Paramount Tower Hotel & Residences.
In 2017, Ali Sajwani, son of DAMAC's founder and chairman, Hussain Sajwani, was recognised as a Future Leader at the Arabian Business Achievement Awards organised by Arabian Business.
DAMAC Properties was ranked at number 1 on the Forbes Global 2000 List of Growth Champions, making it the fastest growing company worldwide among the top 2,000 listed by Forbes.
The company's facilities management arm, Luxury Owner Association Management Services LLC (LOAMS) was recognised by The Dubai Land Department (DLD) for its excellence in managing the facilities of numerous properties.
DAMAC Towers by Paramount Hotels & Resorts was awarded the "Residential Project of the Year" award at the CW Awards 2018.
In 2019 DAMAC won the International Business Magazine Awards.
In 2020, DAMAC won the International Business Magazine award for "Most Socially Responsible Real Estate Company UAE".
Damac Properties has posted losses of over AED1 billion ($272m) for 2020.
- "Damac Properties posts Dh6.1b revenue". Khaleej Times. 14 February 2019.
- "DAMAC Properties Dubai Co. PJSC (DAMAC) – Stock Price and Performance on ZAWYA MENA Edition". www.zawya.com. Retrieved 20 December 2018.
- "Stocks". Bloomberg. 7 February 2019. Retrieved 24 February 2020.
- "Trump's brand in Middle East has gone up, says DAMAC Chairman Sajwani". english.alarabiya.net. 30 August 2017.
- "Damac revenue up 4% to Dh7.5b for 2017". Khaleej Times. 14 February 2018. Retrieved 12 February 2019.
- "Dubai developer DAMAC plans $500 million London share listing". Reuters UK.
- "DAMAC Properties | Luxury Real Estate Company in Dubai". DAMAC Properties. Retrieved 20 January 2021.
- "Dubai developer renames Trump golf community 'DAMAC Hills' – Middle East Construction News". Middle East Construction News.
- "Trump's sons in Dubai to open Trump International Golf Club | The National". The National.
- Pradeep, Angitha (6 January 2019). "Arabtec Construction secures contracts worth $169mn for construction of residential projects".
- "DAMAC says first AKOYA Oxygen homes sell out 'in record time'". Arabian Business.
- "Trump World Golf Club Dubai - TGR Design". TGR Design.
- "Trump World Golf Club Dubai, UAE". www.trump.com.
- "Dubai's Damac awarded contracts worth AED 3.5 bln in 2017". ArgaamPlus.
- "DAMAC Properties Awards 370 Contracts Valued at AED 3.5 Billion so far in 2017". article.wn.com. 6 September 2017.
- Shakeel, Shayan (10 June 2018). "Damac Akoya Oxygen construction spend tops $1.5 billion". ArabianBusiness.com. Retrieved 20 December 2018.
- "Radisson Hotel, Dubai Damac Hills launched". Khaleej Times. 13 August 2018. Retrieved 20 December 2018.
- "Global Partnership Signed Between Roberto Cavalli and DAMAC Properties Founder, Hussain Sajwani - Markets Insider". markets.businessinsider.com. 1 October 2018. Retrieved 20 December 2018.
- "Damac Radisson Hotel Rooms at Damac - Dubai". damac-properties.ae. Retrieved 16 May 2019.
- "DAMAC opens skatepark in Damac Hills". meconstructionnews.com.
- "AKOYA by DAMAC honoured in London". Khaleej Times. 23 December 2013.
- "DAMAC Properties wins four Africa and Arabia Property Awards". Gulf News Journal. 20 December 2016.
- "Malibu Bay: UAE's first residential wave pool is now open – in pictures". The National. Retrieved 5 January 2021.
- "DAMAC Heights Dubai Marina | Luxury Apartments in Dubai". DAMAC Properties.
- "Dubai's $654m Damac Heights welcomes first tenants". Construction Week Online Middle East.
- https://www.arabianbusiness.com/news/423166-first-residents-move-into-damacs-akoya-mega-project-in-dubai[bare URL]
- Fraser, Isabelle (23 August 2016). "Damac's new tower in Nine Elms to be built in £200m deal with Lendlease". The Telegraph – via www.telegraph.co.uk.
- "Damac to showcase premium luxury projects at Cityscape". www.tradearabia.com.
- "DAMAC Tower - London SW8 | Buildington".
- "Dubai's Damac awards Dh967m contract to build Aykon London One tower". The National.
- Brooks, Emily (19 March 2018). "From D&G's fridge to Versace's playroom: the designers bringing fashion to interiors". The Telegraph – via www.telegraph.co.uk.
- "Damac company awards $308m London tower deal to Multiplex". Construction Week Online Middle East.
- "Damac tops out UK's Nine Elms, grows despite Brexit uncertainties". Construction Week Online Middle East.
- Nagraj, Aarti (21 September 2014). "Damac, Trump Plan New Golf Course In Dubai Within AKOYA Oxygen". Gulf Business. Retrieved 26 November 2020.
- "Damac welcomes first residents of Akoya". Khaleej Times. Retrieved 27 January 2021.
- "First residents move into Damac's Akoya mega project in Dubai". ArabianBusiness.com.
- "Omran, Damac join hands for Mina Sultan Qaboos Waterfront project - Oman". Muscat Daily News.
- "Work starts at $2bn Mina Al Sultan Qaboos project". ArabianBusiness.com.
- "Omran acquires 100% stake in Muttrah waterfront project". 18 July 2020.
- Oskys, Samuel (12 June 2019). "Property Developer in Dubai Damac delivers 727 Luxury Homes in a High Riser".
- "Damac set to launch new Dubai residential project". ArabianBusiness.com.
- Edgcumbe, David. "DAMAC developing 8000 serviced hotel apartments | HotelierMiddleEast.com". Retrieved 28 July 2016.
- "DAMAC Maison Hotels & Resorts to add 6,050 keys in ME". www.tradearabia.com. Retrieved 28 July 2016.
- Dey, Paromita. "DAMAC announces three new hotels for 2016 in Dubai | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved 28 July 2016.
- "Free Investors Seminars in China Unmatched Real Estate Investment Opportunities in Dubai | Business Wire". www.businesswire.com. 16 August 2015. Retrieved 28 July 2016.
- Edgcumbe, David. "DAMAC awards $272m Paramount project contract | HotelierMiddleEast.com". Retrieved 28 July 2016.
- "Damac Maison Royale the Distinction Opens in Dubai". Al Bawaba.
- "Dubai's DAMAC launches new luxury servicing unit | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved 28 July 2016.
- "Dubai's DAMAC releases new luxury serviced apartments". Retrieved 28 July 2016.
- Oakley, Louise. "New opening: DAMAC Maison, Dubai Mall Street | HotelierMiddleEast.com". Retrieved 28 July 2016.
- Syed, Imran (2 November 2015). "Hospitality sector prime driver of UAE's economy". Retrieved 28 July 2016.
- "DAMAC Maison on Dubai Mall Street Now Open – Haute Living". 5 January 2014. Retrieved 28 July 2016.
- "DAMAC Maison on Dubai Mall Street opens for Business | Zawya". www.zawya.com. Retrieved 28 July 2016.
- "Hotels in Downtown Dubai – Combine Leisure with Shopping". Retrieved 28 July 2016.
- "DAMAC opens new hotel suites tower in Downtown Dubai". Retrieved 28 July 2016.
- "DAMAC opens second serviced suites tower in Dubai's Burj district | The National". Retrieved 28 July 2016.
- "FIRST LOOK: DAMAC Maison Cour Jardin | HotelierMiddleEast.com". Retrieved 28 July 2016.
- Raven, Hannah. "DAMAC Maison opens Cour Jardin Hotel Apartments | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved 28 July 2016.
- "DAMAC Maison opens Cour Jardin Hotel Apartments". Retrieved 28 July 2016.
- "Dubai's Damac launches new Maison Royal hotel apartments". ArabianBusiness.com. Retrieved 25 March 2018.
- "DAMAC Properties donates AED 1 Million to #UAECompassion Campaign". Al Bawaba. 11 January 2015. Retrieved 22 January 2019.
- "Damac Heights wins international property award". Construction Week Online Middle East.
- Anderson, James (9 August 2018). "DAMAC Owner Hussain Sajwani Focuses on Corporate Responsibility with the Arab Coder's Initiative". hitechchronicle.com. Retrieved 22 January 2019.
- Khamis, Jumana (5 November 2018). "22,000 graduate from One Million Arab Coders initiative". gulfnews.com. Retrieved 22 January 2019.
- Sajwani, Hussain (12 August 2018). "The One Million Arab Coders initiative will yield employment opportunities today and tomorrow for our young". The National. Retrieved 22 January 2019.
- "Sheikh Mohammed attends graduation ceremony of the 'One Million Arab Coders' initiative". Emirates24-7. 6 November 2018. Retrieved 22 January 2019.
- "Hussain Sajwani-DAMAC Foundation pledges AED3 million to 'Arab Hope Makers'". wam.ae.
- "Hussain Sajwani-DAMAC Foundation pledges AED1 million to '100 Million Meals' campaign". wam. Retrieved 28 June 2021.
- "Africa & Arabia 2017". propertyawards.net. Retrieved 22 January 2019.
- "Arabian Business announces 'Future Stars' at annual awards night". ArabianBusiness.com. Retrieved 22 January 2019.
- Barton, Merrilee. "Damac Properties". Forbes.
- "DAMAC's facilities management arm Luxury Owner Association Management Services receives DLD recognition at Cityscape Global". article.wn.com. Retrieved 20 December 2018.
- "CW Awards 2018: Damac Towers is Residential Project of the Year". Construction Week Online Middle East.
- "DAMAC Awarded 'Property Developer of the Year' in 2019 International Business Magazine Awards".
- "Award Winners 2020 | INTLBM". Retrieved 27 January 2021.
- "Damac reveals over one billion dirhams in losses for 2020".