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. DAMAC Properties company operates internationally, providing residential, commercial and leisure properties and has presence in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iran, Oman, and the United Kingdom.
History
The company was established on 28 January 2002, and is part of the DAMAC Group, formed in 1982, by Hussain Sajwani, the owner and chairman. In December 2013, DAMAC became the first real estate company from the Middle East to list on the London Stock Exchange (LSE) through a global depository receipts programme. The program 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.
Finances
In the year 2017, the total revenue recorded by DAMAC properties was AED 7.5 billion. In 2018, DAMAC Properties recorded total revenue of AED 6.1 billion.
Projects
The company has released two master developments in Dubai, totaling nearly 100 million square feet between them. DAMAC Hills 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 was opened in February 2017 by guests of honour Donald Trump Jr. and Eric Trump. The second development, AKOYA has another golf course by Tiger Woods Design, the Trump World Golf Club Dubai.
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. The company assigned over $1.5 billion to its flagship project Akoya in June 2018.
Safa One and Safa Two
Safa One and Safa Two are projects by de GRISOGONO. Safa One is situated on the edge of Safa Park, viewing the Dubai Canal while Safa Two is situated opposite to Safa One with views of Dubai Canal, Burj Al Arab and the Palm.
DAMAC Lagoons
DAMAC Lagoons is a project launched in 2022 as a water-inspired off-plan community located in Al Hebiah 5 in the Dubailand area.
DAMAC Hills
DAMAC Hills is a golf community development located in Al Hebiah 3 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 is located on the Trump International Golf Club Dubai at DAMAC Hills. and has two restaurants, facilities consisting of a gym, spa, kids club and an outdoor swimming pool, and meeting space covering 600m2.
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. 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; and in 2016 received a "highly commended" recognition for Best Golf Development in the Africa and Arabia Property Awards hosted in Dubai.
In November 2020, DAMAC hills launched UAE's first residential wave pool.
DAMAC Heights
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.
DAMAC Towers by Paramount Hotels & Resorts Dubai
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. The towers were handed over in July 2019.
DAMAC Tower Nine Elms London
DAMAC Properties signed a £200 million contract with Lendlease in 2016 to build one of London's tallest residential towers. At 50 floors, AYKON London One, now known as DAMAC Tower Nine Elms London, is located in Nine Elms, on the south bank of the River Thames. The building was designed by Kohn Pedersen Fox Associates with interiors created in partnership Versace Home. The project is valued at $758 million and was topped out in 2019.