For nearly two decades, DAMAC Properties, a renowned real estate developer, has been leading the way in major construction projects in Dubai. They specialize in premium properties and have built shopping and recreational centers in various countries including the UAE, Jordan, Saudi Arabia, Qatar, Turkey, Lebanon, and the UK. With over 35,000 completed projects and another 30,000 underway, DAMAC Properties is a major player in the industry.
Founded in 2002, DAMAC Properties emerged when the Dubai government allowed international investors to own property on freehold rights. The company's founder, Hussain Sajwani, aimed to transform the UAE into a global center for trade, hospitality, and lifestyle. DAMAC Properties has three subsidiaries: DAMAC Maison, DAMAC Properties Development Co LLC, and DAMAC Real Estate Limited Development. Their shares were listed on the London Stock Exchange in 2013, establishing their global investment attractiveness. In 2018, DAMAC Properties joined the Middle East Investor Relations Association to enhance the reputation and attractiveness of capital markets in the region.
DAMAC Properties is currently one of the largest licensed real estate development companies in the UAE and is well-known for its charitable activities. They support campaigns led by Sheikh Khalifa bin Zayed Al Nahyan and provide assistance to the Emirates Red Crescent. The company has made significant donations to organizations, including a contribution of AED 1,000,000 (USD 272,300) in April 2020 to provide food for those affected by the COVID-19 pandemic in the UAE.
DAMAC Properties has formed strategic partnerships with renowned brands such as Versace Home, Roberto Cavalli, Paramount Hotels & Resorts, Fendi Casa, Rotana, Trump Organization, and Radisson. They have been recognized as the most socially responsible real estate company in the UAE by International Business Magazine.
In June 2021, Hussain Sajwani resigned as Chairman of DAMAC Properties to attract the company to private ownership through Maple Invest Co Ltd, an organization he owns. Currently, Sajwani holds 72% of the company's shares. Farooq Mahmood Arjomand was appointed as the new Chairman of the Management Board.
DAMAC Properties is known for its premium residential, commercial, and entertainment projects and has received accolades for its DAMAC Hills golf community, built around the Trump International Golf Club. The company is developing 20 new residential projects in Dubai, offering favorable payment plans to buyers. They are also involved in major projects such as Aykon City and the Cavalli Tower, collaborating with esteemed partners like China State Construction Engineering Corporation and Roberto Cavalli.
Investing in DAMAC Properties projects is considered profitable and reliable, with average returns on net profit ranging from 6% to 12%. The company's success can be attributed to its sound economic strategy, significant assets, and partnerships with renowned brands.