Introduction to DAMAC Properties
DAMAC Properties is a subsidiary of DAMAC Group, a business conglomerate which engages in a variety of businesses ranging from real estate and hospitality to manufacturing and financial services. DAMAC Group was founded in 1992. A decade later, in 2002, DAMAC Properties was established. As the name suggests, DAMAC Properties focuses on real estate and property development. The company was founded by billionaire businessman, Hussain Sajwani, one of Forbes Top 10 List of wealthiest Arabs.
Although DAMAC Properties is largely owned and operated by Hussain Sajwani who acts as the company’s chairman, the company is listed in two exchanges. DAMAC Properties is a public joint-stock company which trades under the name DAMAC on the Dubai Financial Market as well as the London Stock Exchange. The company was first listed in the LSE in December 2013, achieving a strategic milestone as the first Middle Eastern real estate company to be listed on the LSE. Two years later, the company listed on its home market exchange, the Dubai Financial Market. The company has two subsidiaries, DAMAC Hotels and Resorts and DAMAC International. The company’s revenue stands at approximately $1 billion as of 2016. DAMAC Properties employs over 2000 people.
DAMAC Properties developments
DAMAC Properties is unrivaled in terms of luxury property development in the Middle East. The company has played a crucial role in the luxury property development market in Dubai. The company’s current portfolio is composed of over 20,000 complete units and 44,000+ units under different stages of planning and development.
DAMAC Properties has commercial, residential and mixed-use properties all over the Middle East. Some of the countries the company has a strong presence in include Dubai, Qatar, Abu Dhabi and Saudi Arabia. The company has also ventured into other markets such as Lebanon, Jordan, and the United Kingdom. DAMAC also has a presence in Africa with DAMAC’s Golf Development activities in Africa earning the company a prestigious property award in 2016.
DAMAC has many luxurious community developments, the most notable being DAMAC Hills, a world-class golf community development in Dubailand. The 42,000,000 feet development has luxurious branded mansions, townhouses, villas and apartments as well as retail and entertainment facilities. The development surrounds the most renown golf development in Dubai, Trump International Golf Club. DAMAC has also invested heavily in the hospitality industry with hotels, resorts, serviced villas and hotel apartment complexes carrying the DAMAC brand name.
Luxury property development partnerships
DAMAC Properties has forged some notable partnerships over the years. The company has collaborated with the world’s best lifestyle and fashion brands to create iconic one-of-a-kind properties. DAMAC has worked with globally renowned fashion brands such as Fendi, Versace and Just Cavalli to develop stunning luxury apartment interiors. The company also has Bugatti-styled luxury villas in its portfolio as well as uniquely conceptualized luxurious hospitality properties inspired by Paramount, the Paramount Hotels & Resorts. DAMAC Properties also has a Tiger Woods-inspired golf course property, AKOYA Oxygen, managed by one of the best golf course management companies, The Trump Organization. Eric and Donald Trump Jr. opened the property together in February 2017. DAMAC Properties is arguably one of the best luxury real estate company in Dubai and the Middle East at large.
About DAMAC owner Hussain Sajwani
Emirati billionaire, Hussain Sajwani, is the man behind DAMAC Properties. He is the current Chairman of DAMAC Properties, the top of Forbes Global 2000 Companies in 2017. DAMAC owner Hussain Sajwani has been behind the helm of one of the fastest growing companies in the world, in regards to revenue, since 2013. He has a current net worth of $4.2 billion. However, the UAE national wasn’t born wealthy. Sajwani had modest beginnings when compared to his current financial standing. He was fortunate enough to be among the first few students to get government scholarships to study in the United States. While in the U.S., Sajwani secured an Industrial Engineering & Economics degree from the University of Washington.
Before venturing into real estate development, Sajwani tried his hand in engineering at Abu Dhabi Gas Industries from 1981 to 1983. He then left Abu Dhabi Gas Industries to pursue a catering business. His customers included U.S. military personnel. His catering venture is still alive today as Global Logistics Services.
Sajwani ventured into property development in 2002. Although he has a variety of business across many industries, Hussain Sajwani is best known for DAMAC Properties. DAMAC Properties boasts of the largest luxury property development portfolio in the Middle East. The company has built world-class real estate developments across the Middle East. DAMAC has ventured into international markets such as the United Kingdom, with a £600 million Versace-branded tower in Nine Elms, London. Sajwani’s tremendous career in real estate has earned him prestigious titles. He is currently on the list of the most influential Arabs in the world.
DAMAC owner, Hussain Sajwani has offered his expertise in business as well as many other areas in board positions. He has served as a member on the board of Emirates Takaful Company, JUNO Online and Majan University College in Abu Dhabi, New York, and Muscat, Oman respectively.
Hussain Sajwani is also very active in charity work through his foundation, DAMAC Foundation. The foundation has been part of many corporate social responsibility activities in Dubai. In 2017 the foundation sponsored coders through the 1 Million Arab Coders Initiative launched by the ruler of Dubai alongside the Vice President and Prime Minister of the UAE. The initiative has pledged to support a million young Arabs, providing free software development expertise. The initiative aims to equip young Arabs with technology skills deemed vital for future success according to Arab leaders led by the leader of Dubai, Mohammed Bin Rashid Al Maktoum.
Hussain Sajwani highly values his family. When he is not busy working at DAMAC Properties headquarters or traveling for business, Sajwani loves spending time with his wife and four children in Dubai. He works alongside one of his sons, Ali Sajwani who is the current DAMAC Group General Manager of Operations.