DAMAC Properties

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

DAMAC Properties
Public joint-stock company
Traded asDFMDAMAC
Founded2002
HeadquartersDubai, United Arab Emirates
Key people
Hussain Sajwani (Owner and Chairman) [-2018]
ProductsReal estate
Revenue$ 1.660 billion (2018) [1]
Number of employees
circa 2,000 (2017)
ParentDAMAC Group
Subsidiaries
WebsiteDAMAC Properties

DAMAC Properties is a property development company, based in Dubai, in the United Arab Emirates. In January 2015, DAMAC Properties was publicly listed on the Dubai Financial Market.[2] 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. [3] [4]

Finances[edit]

In the year 2017, the total revenue recorded by DAMAC properties was AED 7.5 billion. [5] The following year, DAMAC Properties recorded total revenue at AED 6.1 billion. [6]

History[edit]

The company was established in 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 [7] (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.[citation needed]

Projects[edit]

The company has released two master developments in Dubai, totaling nearly 100 million square feet between them. DAMAC Hills (formerly AKOYA by DAMAC)[8] 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 [9] was opened in February 2017 by guests of honour Donald Trump Jr and Eric Trump. The second development, AKOYA (formerly AKOYA Oxygen) [10][11] boasts another world-class golf course by Tiger Woods [12] Design, the Trump World Golf Club Dubai.[13]

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. [14] [15] The company assigned over $1.5 billion to its flagship project Akoya in June 2018.[16]

DAMAC Hills[edit]

DAMAC Hills is a golf community development located in Dubailand. The 42-million-square-foot community comprises branded mansions, villas, townhouses and apartments, in addition to entertainment and retail facilities, along with a Radisson Hotel. As of February 2019, roughly 4,000 units were delivered at Damac Hills, along with a community centre and a 2,000 square meter skatepark. [17] [18] DAMAC Hills, built around the 18-hole Trump International Golf Club Dubai, was named ‘Best Golf Development [19] 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.[20]

In 2018, Damac Properties signed an international hospitality partnership with Radisson Hotel Group (RHG) to develop and launch the 'Radisson Hotel, Dubai Damac Hills', a Radisson-branded property worldwide located on the Trump International Golf Club Dubai at Damac Hills.[21][22] The project will be located on Trump International Golf Club Dubai at DAMAC Hills and is expected to be completed by the end of 2019.[23]Radisson Hotel is already under construction and set to welcome its first guests in Q4 2019. The hotel will have two restaurants, modern leisure facilities consisting of a gym, spa, kids club and an outdoor swimming pool, and meeting space covering 600m².[24]

DAMAC Heights[edit]

DAMAC Heights is an 84 floor tower with 1-5 bedroom apartments located at the promenade of Dubai Marina. The value of the property is estimated at $654 million and was delivered in July 2018. [25] [26]

The property has won the “Best International Residential High-rise Architecture” at the International Property Awards. [27]

DAMAC Towers by Paramount[edit]

DAMAC Towers by Paramount is a four-tower master development by DAMAC Properties in collaboration with Paramount Hotels & Resorts. The project comprises 2000 units with 1200 units across three towers and 800 units in the Paramount tower. The property located in Dubai's Business Bay area has a total built-up area of 4 million sq ft, and an estimated sales value of $1.35 billion.[citation needed]

DAMAC Towers by Paramount Hotels & Resorts was awarded the "Residential Project of the Year" award at the CW Awards 2018. [28]

DAMAC Tower Nine Elms London[edit]

DAMAC Properties signed a £200 million contract with Lendlease in 2016 to build one of London's tallest residential tower. [29] At 50 floors, AYKON London One, now known as DAMAC Tower London, [30] will be located in Nine Elms, on the south bank of the River Thames and expected to be completed by 2020. [31] The building will be designed by Kohn Pedersen Fox Associates while the interiors will be created in partnership Versace Home. [32] The project is valued at $758 million. [33]

AKOYA[edit]

In March 2018, DAMAC Properties announced signing a contract with Arabtech to build 916 villas at AKOYA. The company awarded an AED 72 million construction contract for major road and infrastructure work at AKOYA to China State Construction Engineering Corporation (CSCEC). The first homes at AKOYA began handover in June 2019. [34] The contract for construction of substations was awarded to three companies - ABB, Jazeera Emirates and Emirates Electrical Engineering (EEE). EEE was awarded a construction contract worth AED 100 million for a 132/11KV substation at AKOYA to feed power to 2,888 villas and 855 apartments. [35]

Mina Sultan Qaboos[edit]

In 2018, Oman Tourism Development Company partnered with DAMAC Properties for the redevelopment of the Port Sultan Qaboos into a waterfront mix use destination. [36] The project is being redeveloped into tourist port and lifestyle destination that includes hotels, residences, and a dining, retail, leisure and community facility. [37] The overall cost of the project is estimated at US$2 billion. [38]

Ghalia[edit]

In 2019 DAMAC completed 727 apartments development of Ghalia, located in the Jumeirah Village Circle in Dubai.[39]

Dubai Business Bay[edit]

In 2019, DAMAC Properties announced the launch of its new project, Zada, an accessible luxury offering in Dubai's Business Bay area. [40]

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:

  • The Distinction: This project was DAMAC's 6th hotel under their hospitality arm DAMAC Hotels and Resorts.[41]
  • DAMAC Maison Mall Street
  • DAMAC Maison Canal Views: In November 2018, DAMAC Properties launched its luxury apartments, VERA Residences, located at Business Bay near Dubai Canal. [42]
  • DAMAC Maison Cour Jardin

DAMAC Hotels & Resorts announced its plan to boost its current portfolio of around 1,700 hotel units over the next 3 years, with the aim of delivering 15,000 units by 2021.[43]

CSR[edit]

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 one million to help build a high-tech care facility for the Dubai Autism Centre. [44]

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.[45]

In 2017, DAMAC Charitable Foundation offered sponsorship and support to One 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. [46] [47] [48]

Awards and Recognition[edit]

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. [49]

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. [50]

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. [51]

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.[52]

External links[edit]

References[edit]

  1. ^ https://www.khaleejtimes.com/damac-properties-posts-dh61b-revenue
  2. ^ "DAMAC Properties Dubai Co. PJSC (DAMAC) - Stock Price and Performance on ZAWYA MENA Edition". www.zawya.com. Retrieved 20 December 2018.
  3. ^ https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=269353769
  4. ^ https://english.alarabiya.net/en/business/economy/2017/08/30/Damac-Chairman-Sajwani-Trump-s-brand-in-Middle-East-has-gone-up.html
  5. ^ Report, Staff. "Damac revenue up 4% to Dh7.5b for 2017". Khaleej Times. Retrieved 12 February 2019.
  6. ^ https://www.khaleejtimes.com/damac-properties-posts-dh61b-revenue
  7. ^ "Dubai developer DAMAC plans $500 million London share listing". Reuters UK.
  8. ^ "Dubai developer renames Trump golf community 'DAMAC Hills' – Middle East Construction News". Middle East Construction News.
  9. ^ "Trump's sons in Dubai to open Trump International Golf Club | The National". The National.
  10. ^ http://meconstructionnews.com/32823/arabtec-construction-secures-contracts-worth-169mn-for-construction-of-residential-projects
  11. ^ "DAMAC says first AKOYA Oxygen homes sell out 'in record time'". Arabian Business.
  12. ^ "Trump World Golf Club Dubai - TGR Design". TGR Design.
  13. ^ "Trump World Golf Club Dubai, UAE". www.trump.com.
  14. ^ https://www.argaam.com/en/article/articledetail/id/503772
  15. ^ https://article.wn.com/view/2017/09/06/DAMAC_Properties_Awards_370_Contracts_Valued_at_AED_35_Billi/
  16. ^ Shakeel, Shayan. "Damac Akoya Oxygen construction spend tops $1.5 billion". ArabianBusiness.com. Retrieved 20 December 2018.
  17. ^ https://www.arabianbusiness.com/construction/413314-dubais-damac-sees-2018-net-profit-more-than-halve
  18. ^ https://www.shortlistdubai.com/around-town/article/23751-community-skatepark-opens-in-dubais-damac-hills
  19. ^ "AKOYA by DAMAC honoured in London". www.khaleejtimes.com. Khaleej Times.
  20. ^ Reports, Gulf News Journal. "DAMAC Properties wins four Africa and Arabia Property Awards". Gulf News Journal.
  21. ^ Report, Staff. "Radisson Hotel, Dubai Damac Hills launched". Khaleej Times. Retrieved 20 December 2018.
  22. ^ GmbH, finanzen net. "Global Partnership Signed Between Roberto Cavalli and DAMAC Properties Founder, Hussain Sajwani - Markets Insider". markets.businessinsider.com. Retrieved 20 December 2018.
  23. ^ Rai, Sarakshi. "Radisson to launch new luxury hotel brand in Dubai". HotelierMiddleEast.com. Retrieved 20 December 2018.
  24. ^ "Damac Radisson Hotel Rooms at Damac - Dubai". damac-properties.ae. Retrieved 16 May 2019.
  25. ^ https://www.damacproperties.com/en/projects/damac-heights
  26. ^ https://www.constructionweekonline.com/article-49878-dubais-654m-damac-heights-welcomes-first-tenants
  27. ^ https://www.constructionweekonline.com/article-31849-damac-heights-wins-international-property-award
  28. ^ https://www.constructionweekonline.com/article-50868-cw-awards-2018-damac-towers-is-residential-project-of-the-year
  29. ^ https://www.telegraph.co.uk/property/news/damacs-new-tower-in-nine-elms-to-be-built-in-200m-deal-with-lend/
  30. ^ http://www.tradearabia.com/news/CONS_345710.html
  31. ^ https://www.thenational.ae/business/property/dubai-s-damac-awards-dh967m-contract-to-build-aykon-london-one-tower-1.143665
  32. ^ https://www.telegraph.co.uk/property/interiors/dgs-fridge-versaces-playroom-designers-bringing-fashion-interiors/
  33. ^ https://www.constructionweekonline.com/article-45997-damac-company-awards-308m-london-tower-deal-to-multiplex
  34. ^ "Damac welcomes first residents of Akoya". Construction Week Online Middle East. Retrieved 22 January 2019.
  35. ^ "Dubai’s Damac awards third substation contract for Akoya project". Khaleej Times. Retrieved 2 July 2019.
  36. ^ http://omran.om/omran-and-damac-announce-development-partnership-of-landmark-mina-sultan-qaboos-waterfront/
  37. ^ https://muscatdaily.com/Archive/Oman/Omran-Damac-join-hands-for-Mina-Sultan-Qaboos-Waterfront-project-51qv
  38. ^ https://www.arabianbusiness.com/property/407572-work-starts-at-2bn-mina-al-sultan-qaboos-project
  39. ^ https://highworthcitizen.com/real-estate/damac-delivers-727-luxury-homes/
  40. ^ https://www.arabianbusiness.com/news/422445-damac-set-to-launch-new-dubai-residential-project
  41. ^ https://www.albawaba.com/business/pr/damac-maison-royale-distinction-opens-dubai-1023548
  42. ^ https://www.constructionweekonline.com/article-46871-damac-properties-launches-latest-project-in-business-bay
  43. ^ Report, Staff. "Damac targets to operate 15,000 hotel rooms by 2021". Khaleej Times. Retrieved 20 December 2018.
  44. ^ "DAMAC Properties donates AED 1 Million to #UAECompassion Campaign". Al Bawaba. 11 January 2015. Retrieved 22 January 2019.
  45. ^ James Anderson (9 August 2018). "DAMAC Owner Hussain Sajwani Focuses on Corporate Responsibility with the Arab Coder's Initiative". hitechchronicle.com. Retrieved 22 January 2019.
  46. ^ "22,000 graduate from One Million Arab Coders initiative". gulfnews.com. Retrieved 22 January 2019.
  47. ^ "The One Million Arab Coders initiative will yield employment opportunities today and tomorrow for our young". The National. Retrieved 22 January 2019.
  48. ^ Wam (6 November 2018). "Sheikh Mohammed attends graduation ceremony of the 'One Million Arab Coders' initiative". Emirates24-7. Retrieved 22 January 2019.
  49. ^ "Africa & Arabia 2017". propertyawards.net. Retrieved 22 January 2019.
  50. ^ writer, Staff. "Arabian Business announces 'Future Stars' at annual awards night". ArabianBusiness.com. Retrieved 22 January 2019.
  51. ^ https://www.forbes.com/companies/damac-properties/#382b33353df2
  52. ^ "DAMAC's facilities management arm Luxury Owner Association Management Services receives DLD recognition at Cityscape Global". article.wn.com. Retrieved 20 December 2018.