DAMAC 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]

DAMAC Properties
Public joint-stock company
Traded asDFM: DAMAC
Founded28 January 2002 (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
  • DAMAC Hotels & Resorts
  • DAMAC International
WebsiteDAMAC Properties

Finances

In the year 2017, the total revenue recorded by DAMAC properties was AED 7.5 billion. [5] The following year, DAMAC Properties recorded total revenue at AED 6.1 billion. [1]

History

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.

Projects

The company has released two master developments in Dubai, totaling nearly 100 million square feet between them. DAMAC Hills (formerly AKOYA by DAMAC)[7] 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 [8] was opened in February 2017 by guests of honour Donald Trump Jr and Eric Trump. The second development, AKOYA (formerly AKOYA Oxygen) [9][10] has another golf course by Tiger Woods [11] Design, the Trump World Golf Club Dubai.[12]

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. [13][14] The company assigned over $1.5 billion to its flagship project Akoya in June 2018.[15]

The first homes were handed over in AKOYA in June and will continue throughout 2019. [16]

DAMAC Hills

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. As of February 2019, roughly 4,000 units were delivered at DAMAC Hills, along with a community centre and a 2,000 square meter skatepark. [17] DAMAC Hills, built around the 18-hole Trump International Golf Club Dubai, was named ‘Best Golf Development [18] 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.[19]

In 2018, DAMAC Properties signed an international hospitality partnership with Radisson Hotel Group (RHG) to develop and launch the 'Radisson Hotel, Dubai DAMAC Hills', a Radisson-branded property worldwide located on the Trump International Golf Club Dubai at DAMAC Hills.[20][21] The project will be located on Trump International Golf Club Dubai at DAMAC Hills and is expected to be completed by the end of 2019.[22] Radisson Hotel is already under construction and set to welcome its first guests in Q4 2019. The hotel will have two restaurants, modern leisure facilities consisting of a gym, spa, kids club and an outdoor swimming pool, and meeting space covering 600m².[23]

DAMAC Heights

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

The property has won the 'Best International Residential High-rise Architecture' at the International Property Awards. [26]

DAMAC Towers by Paramount Hotels & Resorts Dubai

DAMAC Towers by Paramount is a four-tower master development by DAMAC Properties in collaboration with Paramount Hotel & Resorts. The project comprises 2000 units with 1200 units across three towers and 800 units in the Paramount tower. The property located in Dubai's Business Bay area has a total built-up area of 4 million sq ft and an estimated sales value of $1.35 billion.[27]

DAMAC Towers by Paramount Hotels & Resorts was awarded the "Residential Project of the Year" award at the CW Awards 2018. [28]

The towers were handed over in July 2019. [29]

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. [30] At 50 floors, AYKON London One, now known as DAMAC Tower Nine Elms London, [31] is located in Nine Elms, on the south bank of the River Thames and is expected to be completed by December 2020. [32][33] The building will be designed by Kohn Pedersen Fox Associates with interiors created in partnership Versace Home. [34] The building was topped out in 2019. [35]

The project is valued at $758 million. [36]

AKOYA

In March 2018, DAMAC Properties announced signing a contract with Arabtech to build 916 villas at AKOYA. The company awarded an AED 72 million construction contract for major road and infrastructure work at AKOYA to China State Construction Engineering Corporation (CSCEC). The first homes at AKOYA began handover in June 2019. [37] The contract for construction of substations was awarded to three companies - ABB, Jazeera Emirates and Emirates Electrical Engineering (EEE). EEE was awarded a construction contract worth AED 100 million for a 132/11KV substation at AKOYA to feed power to 2,888 villas and 855 apartments. [38]

Mina Sultan Qaboos

In 2018, Oman Tourism Development Company partnered with DAMAC Properties for the redevelopment of the Port Sultan Qaboos into a waterfront mix use destination. [39] 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. [40] The overall cost of the project was estimated at US$2 billion. [41]

In July 2020, it was decided that DAMAC Properties would transfer its shares in their entirety to OMRAN. [42]

Ghalia

In 2019 DAMAC completed 727 apartments development of Ghalia, located in the Jumeirah Village Circle in Dubai.[43]

Dubai Business Bay

In 2019, DAMAC Properties announced the launch of its new project, Zada, an accessible luxury offering in Dubai's Business Bay area. [44]

Hospitality
DAMAC Hotels & Resorts
Private
IndustryHospitality
Founded2011
Headquarters
Dubai
,
United Arab Emirates
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 hotels, hotel apartment complexes and serviced villas. DAMAC Hotels & Resorts was founded in October 2011.

Its brands include:[45][46][47][48][49]

  • DAMAC Maison Royale the Distinction: This project was DAMAC's 6th hotel under their hospitality arm DAMAC Hotels and Resorts.[50]
  • DAMAC Maison Mall Street
  • DAMAC Maison Canal Views: In November 2018, DAMAC Properties launched its luxury apartments, VERA Residences, located at Business Bay near Dubai Canal. [51]
  • DAMAC Maison Cour Jardin

The portfolio of hotels provide 24-hour check-in service and other family-friendly services.[52]

DAMAC Hotels & Resorts announced its plan to boost its current portfolio of around 1,700 hotel units over the next 3 years, with the aim of delivering 15,000 units by 2021.[53]

DAMAC Maison Dubai Mall Street

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.[54][55][56][57][58][59]

DAMAC Maison Canal Views

Canal Views is DAMAC Maison's second hotel property project launched alongside with Dubai Mall Street in December 2013, also located in downtown Dubai.[60] Canal Views looks over the Business Bay water canal and The Burj Khalifa.[61]

DAMAC Maison Cour Jardin

Cour Jardin is located in Business Bay, Dubai, and opened in December 2014.[62][63][64]

The Distinction

In September 2017, DAMAC Hotels and Resorts opened The Distinction. The Distinction is located in downtown Dubai.[65]

CSR

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 one million to help build a high-tech care facility for the Dubai Autism Centre. [66]

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.[67]

In 2017, DAMAC Charitable Foundation offered sponsorship and support to One 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. [68][69][70]

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. [71]

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 '10 million meals' campaign. [72]


Awards and Recognition

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. [73]

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. [74]

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. [75]

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.[76]

In 2019 DAMAC won the International Business Magazine Awards [77]

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