DAMAC Properties

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DAMAC Properties
TypePublic joint-stock company
DFMDAMAC
Founded28 January 2002; 19 years ago (2002-01-28)
HeadquartersDubai, United Arab Emirates
Key people
Hussain Sajwani (owner and chairman) [-2018]
ProductsReal estate
Revenue$ 1.660 billion (2018)[1]
Number of employees
circa 1,600 (2018)
ParentDAMAC Group
Subsidiaries
WebsiteDAMAC Properties

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.[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] In 2018, DAMAC Properties recorded total revenue of AED 6.1 billion.[1]

History[edit]

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[6] (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.[7]

Projects[edit]

The company has released two master developments in Dubai, totaling nearly 100 million square feet between them. DAMAC Hills[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[10][11] has another 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 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.[17][18] and will have two restaurants, facilities consisting of a gym, spa, kids club and an outdoor swimming pool, and meeting space covering 600m2.[19]

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.[20] 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;[21] and in 2016 received a "highly commended" recognition for Best Golf Development in the Africa and Arabia Property Awards hosted in Dubai.[22]

In November 2020, DAMAC hills launched UAE's first residential wave pool.[23]

DAMAC Heights[edit]

DAMAC Heights is an 84-floor tower with 1–5-bedroom apartments located in Dubai Marina. The value of the property is estimated at US$654 million and was handed over in July 2018.[24][25]

DAMAC Towers by Paramount Hotels & Resorts Dubai[edit]

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.[26] The towers were handed over in July 2019.[27]

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 towers.[28] At 50 floors, AYKON London One, now known as DAMAC Tower Nine Elms London,[29] is located in Nine Elms, on the south bank of the River Thames.[30][31] The building was designed by Kohn Pedersen Fox Associates with interiors created in partnership Versace Home.[32] The project is valued at $758 million[33] and was topped out in 2019.[34]

AKOYA[edit]

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.[35]

The first homes were handed over in AKOYA in June and will continue throughout 2019.[36][37]

Mina Al 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.[38] 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.[39] The overall cost of the project was estimated at US$2 billion.[40]

In July 2020, it was decided that DAMAC Properties would transfer its shares in their entirety to OMRAN.[41]

Ghalia[edit]

In 2019 DAMAC completed the development of named Ghalia, a project with 727 apartments in a Sharia-compliant development, located in the Jumeirah Village Circle in Dubai.[42]

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.[43]

Hospitality[edit]

DAMAC Hotels & Resorts
TypePrivate
IndustryHospitality
Founded2011
Headquarters,
Key people
Hussain Sajwani (Arabic:حسين سجواني,) (chairman)
ParentDAMAC Properties
Websitehttps://www.damachotelsandresorts.com/

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.

Its brands include:[44][45][46][47][48]

  • DAMAC Maison Distinction: This project was DAMAC's sixth hotel under their hospitality arm DAMAC Hotels and Resorts[49]
  • DAMAC Maison Mall Street
  • DAMAC Maison Canal Views
  • DAMAC Maison Cour Jardin

The portfolio of hotels provide 24-hour check-in service and other family-friendly services.[50]

DAMAC Maison Dubai Mall Street[edit]

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.[51][52][53][54][55][56]

DAMAC Maison Canal Views[edit]

Canal Views is DAMAC Maison's second hotel property project launched alongside with Dubai Mall Street in December 2013, also located in downtown Dubai.[57] Canal Views looks over the Business Bay water canal and the Burj Khalifa.[58]

DAMAC Maison Cour Jardin[edit]

Cour Jardin is located in Business Bay, Dubai, and opened in December 2014.[59][60][61]

The Distinction[edit]

In September 2017, DAMAC Hotels and Resorts opened The Distinction. The Distinction is located in downtown Dubai.[62]

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 1 million to help build a high-tech care facility for the Dubai Autism Centre.[63]

In 2014, DAMAC Heights won the "Best International Residential High-rise Architecture" at the International Property Awards.[64]

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.[65]

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.[66][67][68]

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.[69]

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.[70]

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.[71]

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.[72]

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.[73]

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.[74]

DAMAC Towers by Paramount Hotels & Resorts was awarded the "Residential Project of the Year" award at the CW Awards 2018.[75]

In 2019 DAMAC won the International Business Magazine Awards.[76]

In 2020, DAMAC won the International Business Magazine award for "Most Socially Responsible Real Estate Company UAE".[77]

Financial Performance[edit]

Damac Properties has posted losses of over AED1 billion ($272m) for 2020.[78]

External links[edit]

References[edit]

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