DAMAC Properties

DAMAC Properties is an Emirati property development company based in Dubai, United Arab Emirates. Founded by Hussain Sajwani, the company was initially listed on the Dubai Financial Market in early 2015. In 2022, DAMAC was delisted and taken private again, with Sajwani purchasing the remaining shares for 2.19 billion AED (595 million USD), retaining 72% of all shares. The company operates on an international scale, contributing significantly to the global real estate market.

As part of the DAMAC Group, which has been shaping the Middle East's luxury real estate market since 1982, DAMAC Properties has delivered iconic residential, commercial, and leisure properties across the region and beyond. The company's portfolio is diverse, including skyscrapers, communities, and branded residences.

To date, DAMAC Properties has delivered approximately 47,000 quality homes and has around 33,000 more homes in planning and progress. The company adds vibrancy to the cities where its projects are located, consistently expanding its influence and presence in the global real estate market.

DAMAC Properties was established in 2002 in Dubai, UAE, following the introduction of freehold ownership rights for expatriates. The company quickly became known for its luxurious real estate offerings and innovative developments. The first major project, Marina Terrace, was launched in the heart of Dubai Marina, signaling the beginning of DAMAC's journey in transforming the Dubai skyline.

By 2004, DAMAC expanded its portfolio with notable projects such as Ocean Heights, one of the world's tallest residential towers, and Park Towers, an iconic two-tower development in Dubai's financial district. The company's growth continued with the launch of Executive Heights in TECOM in 2005, marking its entry into the freehold office space market.

In 2007, DAMAC ventured into the Saudi Arabian market with the launch of Al Jawharah in Jeddah. The following year, despite the global economic downturn, DAMAC delivered over 1,300 units, demonstrating its resilience and commitment to its projects.

The company expanded further into the Middle East, launching Marina Bay in Abu Dhabi in 2006 and several projects in the Burj area, positioning itself as a dominant force in the region. In 2010, DAMAC partnered with the global fashion brand Versace to create the DAMAC Tower by Versace Home in Beirut, Lebanon, marking its first collaboration with a luxury fashion house.

By 2011, DAMAC had established a hospitality arm, DAMAC Maison, and completed over 4,000 units, more than any other UAE developer at the time. The company also became one of the first private developers granted a license to develop and sell off-plan properties in Saudi Arabia.

In 2013, DAMAC introduced its first master development, DAMAC Hills, a 42-million-square-foot community, and announced a collaboration with Paramount Hotels & Resorts for the DAMAC Towers by Paramount in Dubai. The following year, the company launched AKOYA Oxygen, a 55-million-square-foot green community in Dubai, and became the first company to receive Green Building Certification from the Government of Dubai.

Between 2015 and 2019, DAMAC continued its global expansion and diversification. It launched several high-profile projects, including the DAMAC Tower Nine Elms in London, DAMAC Hills 2, and the Cavalli Tower. The company also embraced new technologies, introducing an online design-your-home concept and facilitating cryptocurrency payments for properties.

In 2020, DAMAC supported various community initiatives and delivered significant projects like Ghalia, its first Sharia-compliant development. The company's growth trajectory continued with the launch of DAMAC Lagoons and new developments in international markets.

In 2021, founder Hussain Sajwani launched a bid to privatize the company. DAMAC continued to innovate with projects like DAMAC Lagoons and extended its luxury brand collaborations, notably with Roberto Cavalli.

By 2022 and 2023, DAMAC had launched various luxury developments, including Safa One and Two by de Grisogono and DAMAC Bay by Cavalli. The company also announced plans to build cities in the Metaverse and joined the United Nations Global Compact initiative.

In 2024, DAMAC continued its expansion, opening new offices in Singapore, Beijing, and Shanghai. The company launched and sold out DAMAC Lagoon Views and emerged as one of the highest transacted communities in the UAE with DAMAC Hills 2. The company announced the Phase 2 of the project in May 2024.

DAMAC also received an upgraded rating from S&P Global Ratings due to improved leverage metrics, reflecting its stable financial outlook and continued growth in the luxury real estate sector.

DAMAC Properties' mission is to provide luxurious and high-quality living experiences through innovative real estate developments, delivering excellence in design, craftsmanship, and service. The company aims to enhance the lifestyle of its customers by creating vibrant communities and iconic properties that set new standards in luxury living, while expanding its presence globally and contributing to the development of the real estate market.

DAMAC Properties envisions being a global leader in luxury real estate, recognized for its commitment to quality, innovation, and customer satisfaction. The company strives to create iconic developments that redefine modern living, setting benchmarks in design and construction while continuously expanding its footprint across key international markets. DAMAC aims to build vibrant, sustainable communities that offer exceptional lifestyles and contribute to the economic growth and development of the regions in which it operates.

DAMAC Properties developed a master-planned residential golf course community around the Trump International Golf Club in Dubai, which opened in February 2017. The partnership between DAMAC and The Trump Organization for the development originated in 2013. Originally known as The Akoya, the residential development was later renamed DAMAC Hills. The golf club, with a course designed by Gil Hanse, was formally opened in February 2017, with Donald Trump Jr. and Eric Trump as guests of honor. The business relations between Trump and DAMAC during his presidency raised concerns about compliance with the Foreign Emoluments Clause of the U.S. Constitution.

Another significant project by DAMAC Properties in Dubai is Akoya Oxygen, a residential development featuring a second Trump International Golf Course, designed by Tiger Woods. Announced in 2014, this project is larger than DAMAC Hills and is located within Dubai's Dubailand development. By mid-2018, spending on Akoya Oxygen had reached $1.5 billion. In the first half of 2017, DAMAC awarded AED 1.8 billion in contracts for this project, constituting the majority of its total contracts for that period. Major contracts included a $20 million infrastructure project awarded to China State Construction Engineering Corporation in 2018 and a $169 million construction contract awarded to Arabtec Construction in 2019.

DAMAC also owns Safa One and Safa Two, with Safa One situated on the edge of Safa Park overlooking the Dubai Canal, and Safa Two located opposite Safa One with views of the Dubai Canal, Burj Al Arab, and the Palm. Another notable project is DAMAC Heights, a 335-meter-tall, 88-floor luxury residential tower in Dubai Marina, which opened to tenants in 2018. Arabtec Construction was the primary contractor for this tower, which overlooks Palm Jumeirah.

DAMAC Towers by Paramount is a four-tower development by DAMAC Properties in collaboration with Paramount Hotel & Resorts. This project comprises 2000 units, with 1200 units spread across three residential apartment towers and 800 units in the Paramount Hotel tower.

In London, DAMAC Properties signed a £200 million contract with Lendlease in 2016 to build one of London's tallest residential towers, known as DAMAC Tower Nine Elms London. Located in Nine Elms on the south bank of the River Thames, this 50-floor building was designed by Kohn Pedersen Fox Associates with interiors created in partnership with Versace Home. Valued at $758 million, the tower was topped out in 2019.

In 2019, DAMAC completed the Ghalia project, featuring 727 apartments in a Sharia-compliant development located in the Jumeirah Village Circle in Dubai. DAMAC Hotels & Resorts, founded in October 2011, heads the hospitality element of the company's portfolio, operating hotel apartment complexes. This diversification into hospitality complements DAMAC's extensive real estate offerings, contributing to its status as a major player in the luxury property market.