DAMAC Properties is a globally renowned property development company headquartered in Dubai, UAE. The company was established in 2002 as a subsidiary of DAMAC Group, started in 1992 by Emirati Billionaire Hussain Sajwani.
DAMAC Properties happens to be the first ever middle-eastern real estate company to be listed on the LSE (London Stock Exchange). The company was listed in the LSE in December 2013 before being listed in its home market exchange, the Dubai Financial Market, in January 2015. The company boasts of revenues amounting to $1.947 billion as of 2016.
DAMAC Properties has an impressive property portfolio. The company is responsible for delivering over 20,230 luxury property units to date and is currently in the process of developing 44,000+ units all of which are in different planning stages. The company has completed many commercial, residential and mixed-use projects in Dubai, Abu Dhabi, Qatar as well as Saudi Arabia with other projects in progress in Jordan, Lebanon, and the UK.
DAMAC Properties has two master development projects in Dubai totaling 100million square feet. DAMAC Hills offers Beverly Hills-style living and a world-class championship-standard golf course, Trump International Golf Club coupled with horizontal/vertical community living. The second development known as AKOYA Oxygen has another world-class golf course. The development also hosts the famous Dubai Rainforest and Vista Lux, a renowned dining, retail, and entertainment destination.
DAMAC Hills is Dubai’s most prominent golf community development composed of 42 million square feet of developments ranging from branded mansions to townhouses, villas, and apartments as well as ample retail and entertainment facilities. The most notable development on DAMAC Hills is; the Trump International Golf Club is an 18-hole world-class golf course which is currently the best golf development globally according to the IPA (International Property Awards).
DAMAC Properties also has a property portfolio composed of world-class hotels and resorts. DAMAC Hotels and Resorts handles the hospitality portfolio of DAMAC properties which is composed of hotels, serviced villas and hotel apartment complexes. DAMAC Properties employs more than 2000 people.
DAMAC Owner, Hussain Sajwani: How it all started
Hussain Sajwani is an astute investor, businessman and real estate magnate with an unmatched track record in capital markets and global equity. Sajwani’s investment portfolio is composed of multiple securities in several regions and global markets. The growth of DAMAC Properties is attributed to his vision and unmatched entrepreneurial skills. He is currently among the most influential Arabs in the world having proven his ability to transform simple business visions into global corporate entities. 65-year old DAMAC Properties founder and Chairman, Hussain Sajwani, may be worth $4.2+ billion today; however, his beginnings were modest.
After getting a government scholarship and acquiring an Industrial Engineering and Economics degree from his Alma Mater, University of Washington, young Hussain started working at GASCO as a Contracts Manager before establishing his first business in 1982. He began his own catering business which has grown tremendously to date.
His catering division manages over 200 projects accounting to more than 150,000 meals daily in several markets including the UAE, Middle East, and Africa. Besides servicing five-star hotels, onshore/offshore locations, construction campsites, educational institutions and army camps, the catering division also offers ancillary services such as manpower supply and camp management/maintenance.
In 2002, Hussain Sajwani identified an opportunity and began DAMAC Properties which is now the largest real estate company in the Middle East. His interest in real estate, however, began earlier. In the mid-1990s, Sajwani built several hotels to offer accommodation to the increasing number of people flocking to the UAE to do business. After completing these developments, he identified other massive real estate opportunities which prompted him to start DAMAC Properties.
Sajwani’s real estate prowess in all areas of property development from; development to sales, marketing, finance, and administration have been the key drivers of DAMAC Properties’ success. The tourism boom over the past few decades in Dubai and neighboring UAE states has also helped
Sajwani built his empire. The DAMAC brand is behind numerous prestigious real estate projects in notable cities in the world. The company has been able to partner with some of the most prestigious lifestyle and fashion brands globally bringing a new and exciting living concept to the market.
Some notable projects include; a world-class golf course designed by renowned golfer, Tiger Woods. The prestigious golf course situated at AKOYA Oxygen is under the able management of The Trump Organization. DAMAC Properties also has luxury apartments whose interior has been designed by notable Italian fashion houses; Fendi Casa, Versace Home, and Just Cavalli. The company also has Bugatti-styled luxury villas and magnificently conceptualized hotels/resorts i.e., Paramount Hotels & Resorts offering the most opulent serviced living experiences.
DAMAC Properties hospitality division known as DAMAC Maison (which was launched in October 2011) offers bespoke services in over 13,000 serviced hotel apartments and hotel rooms today. This has positioned DAMAC Properties as the largest hotel apartment developer and operator in the Middle East.
Other business interests
Besides real estate development, Hussain Sajwani has many other business interests. He uses DICO Investments Co. LLC as a flagship investment company. DICO Investments Co. deals with private equity, merger, and acquisition business. The company holds minority and majority holdings via publicly traded companies. DICO Investments Co. is actively looking for regional and global investment opportunities in many areas.
Sajwani is also involved in trading. He owns a trading outfit; AL Amana Building Materials Company based in Oman. The company represents renowned brands such as Grohe, Villeroy & Boch as well as Dorn Bracht among many others. Sajwani also has interests in manufacturing. He has a company AL Anwar Ceramic Tiles which is one of the two leading tile manufacturers in Dubai.
Hussain Sajwani has also ventured into the business of boosting shareholder value and good management practices using Al Jazeira Services, a company listed on Muscat Securities Market. Al Jazeira Services boasts of a market capitalization exceeding $110 million. Since being listed in 1997, Al Jazeira Services has offered impressive results in varying market conditions.
Sajwani is a member of many boards including; the Emirates Takaful Company (in Abu Dhabi), Majan University College (in Muscat Oman) and JUNO Online (in New York).
Sajwani currently lives in Dubai. He is a husband and a father of four children.
For more information on DAMAC owner, Hussain Sajwani visit: http://www.hussainsajwani.com/ar/