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| {{Short description|Emirati property development company}} | {{Short description|Emirati property development company}} | ||
| {{Advert|date=September 2021}} | |||
| {{Use dmy dates|date=March 2023}} | {{Use dmy dates|date=March 2023}} | ||
| {{Infobox company | {{Infobox company | ||
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| | foundation = {{Start date and age|1982|1|28|df=y}}<ref>{{Cite web |title=Why DAMAC Properties {{!}} Leading Real Estate Developer in Middle East |url=https://www.damacproperties.com/en/about-damac/ |access-date=15 September 2022 |website=DAMAC Properties}}</ref> | | foundation = {{Start date and age|1982|1|28|df=y}}<ref>{{Cite web |title=Why DAMAC Properties {{!}} Leading Real Estate Developer in Middle East |url=https://www.damacproperties.com/en/about-damac/ |access-date=15 September 2022 |website=DAMAC Properties}}</ref> | ||
| | location = ], ] | | location = ], ] | ||
| | key_people = ] (owner and ] until |
| key_people = ] (owner and ] until 2024) | ||
| | products = Real estate | | products = Real estate | ||
| | revenue = $ |
| revenue = $1.66 billion (2018)<ref name="auto">{{cite news|url=https://www.khaleejtimes.com/damac-properties-posts-dh61b-revenue |title=Damac Properties posts Dh6.1b revenue |date=14 February 2019 |work=]}}</ref> | ||
| | num_employees = |
| num_employees = 1,600 (2018) | ||
| | parent = DAMAC Group | | parent = DAMAC Group | ||
| | subsid = {{Unbulleted list|]|DAMAC International}} | | subsid = {{Unbulleted list|]|DAMAC International}} | ||
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| }} | }} | ||
| '''DAMAC Properties''' is an Emirati property development company, based in ], |
'''DAMAC Properties''' is an Emirati property development company, based in ], ] The company was founded by ] and listed on the ] in early 2015.<ref name=Batrawy>Aya Batrawy, , Associated Press (June 9, 2021).</ref> It was delisted in 2022 after ] again; Sajwani, who retained 72% of all shares, purchased the remaining shares for 2.19 billion ] ($595 million ]).<ref name=Batrawy/><ref>{{Cite web |last=Nagraj |first=Aarti |date=2022-03-07 |title=Damac to officially delist from Dubai Financial Market |url=https://www.thenationalnews.com/business/markets/2022/03/07/damac-to-officially-delist-from-dubai-financial-market/ |access-date=2023-12-14 |website=The National |language=en}}</ref> The company operates internationally.<ref>{{cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=269353769 |title=Stocks |publisher=Bloomberg |date=7 February 2019 |access-date=24 February 2020}}</ref><ref>{{cite web|url=http://english.alarabiya.net/en/business/economy/2017/08/30/Damac-Chairman-Sajwani-Trump-s-brand-in-Middle-East-has-gone-up.html|title=Trump's brand in Middle East has gone up, says DAMAC Chairman Sajwani |website=english.alarabiya.net|date=30 August 2017 }}</ref> | ||
| ==History== | ==History== | ||
| DAMAC Properties was founded in 2002 by Hussain Sajwani,<ref name=Gambrell2017>Jon Gambrell, , Associated Press (January 4, 2017).</ref> a billionaire Emirati ]. <ref name=Gambrell2017/><ref name=Batrawy/> In November 2013, DAMAC announced plans to raise approximately $500 million on the ] via a sale of ]s.<ref>{{Cite news|url=https://www.reuters.com/article/idUSL5N0IP0HI/|title=Dubai developer DAMAC plans $500 million London share listing|work=Reuters UK |language=en-GB}}</ref> | |||
| The company was established on 28 January 2002, and is part of the DAMAC Group, formed in 1982, by ], the owner and chairman. In December 2013, DAMAC became the first real estate company from the Middle East to list on the ]<ref>{{Cite news|url=http://uk.reuters.com/article/uk-emirates-damac-ipo-idUKBRE9A306I20131104|title=Dubai developer DAMAC plans $500 million London share listing|work=Reuters UK |language=en-GB}}</ref> (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.<ref>{{Cite web|title=DAMAC Properties {{!}} Luxury Real Estate Company in Dubai |url=https://www.damacproperties.com/en/ |access-date=20 January 2021 |website=DAMAC Properties}}</ref> | |||
| Sajwani is a close friend and associate of ].<ref name=":3" /> In a 2016 disclosure, Trump reporting received between $1 million to $5 million from DAMAC.<ref name=Gambrell2017/> | |||
| ==Finances== | ==Finances== | ||
| In the year 2017, the total revenue recorded by DAMAC |
In the year 2017, the total revenue recorded by DAMAC Properties was AED 7.5 billion.<ref>{{cite news|url=https://www.khaleejtimes.com/damac-revenue-up-4-to-dh75b-for-2017|title=Damac revenue up 4% to Dh7.5b for 2017 |date=14 February 2018 |work=Khaleej Times |access-date=12 February 2019}}</ref> In 2018, DAMAC Properties recorded total revenue of AED 6.1 billion.<ref name="auto"/> | ||
| == Projects == | == Projects == | ||
| The company |
The company developed a ] residential ] around the Trump International Golf Club in ], which opened in February 2017.<ref>{{Cite news|url=http://meconstructionnews.com/20813/dubai-developer-renames-trump-golf-community-damac-hills|title=Dubai developer renames Trump golf community 'DAMAC Hills'|work=Middle East Construction News|date=February 8, 2017}}</ref><ref name=Fahy2017>{{Cite news|url=https://www.thenationalnews.com/business/travel-and-tourism/trump-s-sons-in-dubai-to-open-trump-international-golf-club-1.48657|title=Trump's sons in Dubai to open Trump International Golf Club|work=The National|author=Michael Fahy|date=February 17, 2017}}</ref> The partnership between DAMAC and ] for the development originated in 2013.<ref name=Gambrell2017/> Originally known as The Akoya, the developer later renamed the residential development DAMAC Hills.<ref name=Gambrell2017/> The golf club, with golf course, designed by ],<ref name=Gambrell2017/> were formally opened in February 2017, with Trump's sons ] and ] as guests of honor.<ref name=Fahy2017/> Trump's business relations with DAMAC during his presidency raised concerns about his compliance with the ] of the ].<ref name=Gambrell2017/> | ||
| A second DAMAC Properties project in Dubai is Akoya Oxygen, a residential development alongside a second Trump International Golf Course, designed by ].<ref name=Fahy2017/> Larger than the DAMAC Hills project,<ref name=Gambrell2017/> DAMAC announced the project in 2014, selling its first homes that year.<ref name=Sambidge2014>{{Cite news|author=Andy Sambidge|url=https://www.arabianbusiness.com/interviews/property/damac-says-first-akoya-oxygen-homes-sell-out-in-record-time-562146|title=DAMAC says first AKOYA Oxygen homes sell out 'in record time'|work=Arabian Business|language=en}}</ref> The development is located within Dubai's ] development.<ref name=Sambidge2014/> Spending on the Akoya Oxygen project reached $1.5 billion by mid-2018.<ref name=Shakeel2018>{{cite web|url=https://www.arabianbusiness.com/interviews/property/398494-damac-akoya-oxygen-construction-spend-tops-15-billion|title=Damac Akoya Oxygen construction spend tops $1.5 billion |first=Shayan |last=Shakeel |date=10 June 2018 |website=Arabian Business}}</ref> In the first six months of 2017, DAMAC Properties said that it had awarded AED 1.8 billion in contracts for Akoya Oxygen (making up the bulk of its total contracts over the same period, valued at AED 3.5 billion).<ref>{{cite web|url=https://www.argaam.com/en/article/articledetail/id/503772|title=Dubai's Damac awarded contracts worth AED 3.5 bln in 2017|website=ArgaamPlus}}</ref><ref>{{cite web|url=https://article.wn.com/view/2017/09/06/DAMAC_Properties_Awards_370_Contracts_Valued_at_AED_35_Billi/|title=DAMAC Properties Awards 370 Contracts Valued at AED 3.5 Billion so far in 2017 |date=6 September 2017 |website=article.wn.com}}</ref> A $20 million road and infrastructure contract for the development was awarded in 2018 to the ] (CSCEC).<ref name=Shakeel2018/> The $169 million construction contract for Akoya Oxygen was awarded in 2019 to Arabtec Construction, a subsidiary of the UAE-based ].<ref>{{cite web|url=https://meconstructionnews.com/32823/arabtec-construction-secures-contracts-worth-169mn-for-construction-of-residential-projects |title=Arabtec Construction secures contracts worth $169mn for construction of residential projects|first=Angitha|last=Pradeep|date=6 January 2019}}</ref> | |||
| Damac owned Safa One and Safa Two. Safa One is situated on the edge of ], viewing the ] while Safa Two is situated opposite to Safa One with views of Dubai Canal, ] and the Palm.<ref>{{Cite web |title=Safa Two apartments for sale in Dubai {{!}} DAMAC Properties UAE |url=https://www.damacproperties.com/en/projects/safa-two/ |access-date=21 June 2022 |website=DAMAC Properties}}</ref><ref>{{Cite web |title=Safa One by de Grisogono |url=https://propsearch.ae/dubai/safa-one-by-de-grisogono |access-date=21 June 2022 |website=propsearch.ae |language=en}}</ref> | |||
| === Safa One and Safa Two === | |||
| Safa One and Safa Two are projects by de GRISOGONO.<ref>{{Cite web |title=DAMAC Properties Awards Key Contract for Safa One de GRISOGONO |url=https://www.dubaichronicle.com/2023/11/01/damac-properties-awards-key-contract-for-safa-one-de-grisogono/ |access-date=2023-11-03 |website=www.dubaichronicle.com}}</ref> Safa One is situated on the edge of ], viewing the ] while Safa Two is situated opposite to Safa One with views of ], ] and the Palm.<ref>{{Cite web |title=Safa Two apartments for sale in Dubai {{!}} DAMAC Properties UAE |url=https://www.damacproperties.com/en/projects/safa-two/ |access-date=21 June 2022 |website=DAMAC Properties}}</ref><ref>{{Cite web |title=Safa One by de Grisogono |url=https://propsearch.ae/dubai/safa-one-by-de-grisogono |access-date=21 June 2022 |website=propsearch.ae |language=en}}</ref> | |||
| DAMAC Hills is a golf community development located in Al Hebiah 3 in Dubailand. A Damac hotel is located on the ] Dubai at DAMAC Hills.<ref>{{cite news|date=13 August 2018 |title=Radisson Hotel, Dubai Damac Hills launched|url=https://www.khaleejtimes.com/20180813/8173/no-title|access-date=20 December 2018|work=Khaleej Times}}</ref><ref>{{cite web|title=Global Partnership Signed Between Roberto Cavalli and DAMAC Properties Founder, Hussain Sajwani - Markets Insider |url=https://markets.businessinsider.com/news/stocks/global-partnership-signed-between-roberto-cavalli-and-damac-properties-founder-hussain-sajwani-1027581126 |date=1 October 2018 |access-date=20 December 2018 |website=markets.businessinsider.com}}</ref> In November 2020, DAMAC hills launched UAE's first residential wave pool.<ref>{{Cite web|title=Malibu Bay: UAE's first residential wave pool is now open – in pictures|url=https://www.thenationalnews.com/lifestyle/home/malibu-bay-uae-s-first-residential-wave-pool-is-now-open-in-pictures-1.1104733|access-date=5 January 2021 |website=The National |date=3 November 2020|language=en}}</ref> In 2014, DAMAC Properties launched, DAMAC Hills 2.<ref>{{Cite web |last=Nagraj |first=Aarti |date=21 September 2014 |title=Damac, Trump Plan New Golf Course In Dubai Within AKOYA Oxygen |url=https://gulfbusiness.com/damac-trump-plan-new-golf-course-dubai-within-akoya-oxygen/ |access-date=26 November 2020 |website=Gulf Business |language=en-US}}</ref> | |||
| DAMAC Lagoons is a project launched in 2022 as a water-inspired off-plan community located in Al Hebiah 5 in the ] area.<ref name=":0">{{Cite news |title=DAMAC Lagoons |url=https://www.damacproperties.com/en/blog/damac-lagoons-community-master-plan}}</ref> | |||
| DAMAC Heights, a 335 m-tall, 88-floor luxury residential tower in ], opened to tenants in 2018.<ref name=Ball2018>{{cite web|author=Jack Ball|url=https://www.constructionweekonline.com/projects-tenders/article-49878-dubais-654m-damac-heights-welcomes-first-tenants |title=Dubai's $654m Damac Heights welcomes first tenants|website=Construction Week|date=July 23, 2018}}</ref> Arabtec Construction was the primary contractor for the tower, which overlooks ].<ref name=Ball2018/> | |||
| === 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 ] Dubai at DAMAC Hills.<ref>{{cite news|date=13 August 2018 |title=Radisson Hotel, Dubai Damac Hills launched|url=https://www.khaleejtimes.com/20180813/8173/no-title|access-date=20 December 2018|work=Khaleej Times}}</ref><ref>{{cite web|title=Global Partnership Signed Between Roberto Cavalli and DAMAC Properties Founder, Hussain Sajwani - Markets Insider |url=https://markets.businessinsider.com/news/stocks/global-partnership-signed-between-roberto-cavalli-and-damac-properties-founder-hussain-sajwani-1027581126 |date=1 October 2018 |access-date=20 December 2018 |website=markets.businessinsider.com}}</ref> and has two restaurants, facilities consisting of a gym, spa, kids club and an outdoor swimming pool, and meeting space covering 600m<sup>2</sup>.<ref>{{cite web|title=Damac Radisson Hotel Rooms at Damac - Dubai|url=http://damac-properties.ae/radisson.php|access-date=16 May 2019|website=damac-properties.ae|archive-date=31 July 2019|archive-url=https://web.archive.org/web/20190731082724/http://damac-properties.ae/radisson.php|url-status=dead}}</ref> | |||
| 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.<ref>{{cite web| url = https://www.constructionweekonline.com/article-49312-damac-logs-24-million-safe-man-hours-on-14bn-four-tower-project| url-status = dead| archive-url = https://web.archive.org/web/20180515094413/http://www.constructionweekonline.com/article-49312-damac-logs-24-million-safe-man-hours-on-14bn-four-tower-project/| archive-date = 15 May 2018| title = Damac logs 24 million safe man-hours on $1.4bn four-tower project|work=Construction Week}}</ref><ref>{{cite web|author=Sam Bridge|title=First residents move into Damac's Akoya mega project in Dubai|work=Arabian Business|date=July 1, 2019|url=https://www.arabianbusiness.com/interviews/property/property-news/423166-first-residents-move-into-damacs-akoya-mega-project-in-dubai}}</ref> | |||
| 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.<ref>{{Cite web|url=https://meconstructionnews.com/33493/damac-opens-skatepark-in-damac-hills|title=DAMAC opens skatepark in Damac Hills|website=meconstructionnews.com}}</ref> 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;<ref>{{cite news|url=http://www.khaleejtimes.com/article/20131223/ARTICLE/312239876/1037|title=AKOYA by DAMAC honoured in London |date=23 December 2013 |work=Khaleej Times}}</ref> and in 2016 received a "highly commended" recognition for Best Golf Development in the Africa and Arabia Property Awards hosted in Dubai.<ref>{{Cite news|url=http://gulfnewsjournal.com/stories/511014150-damac-properties-wins-four-africa-and-arabia-property-awards|title=DAMAC Properties wins four Africa and Arabia Property Awards |date=20 December 2016 |work=Gulf News Journal|language=en}}</ref> | |||
| DAMAC Properties signed a £200 million contract with ] in 2016 to build one of London's tallest residential towers.<ref>{{cite news|url=https://www.telegraph.co.uk/property/news/damacs-new-tower-in-nine-elms-to-be-built-in-200m-deal-with-lend/|title=Damac's new tower in Nine Elms to be built in £200m deal with Lendlease|first=Isabelle|last=Fraser|newspaper=The Telegraph|date=23 August 2016|via=www.telegraph.co.uk}}</ref> At 50 floors, AYKON London One, now known as DAMAC Tower Nine Elms London,<ref>{{cite web|url=http://www.tradearabia.com/news/CONS_345710.html|title=Damac to showcase premium luxury projects at Cityscape|website=www.tradearabia.com}}</ref> is located in Nine Elms, on the south bank of the ].<ref>{{Cite web|url=https://www.buildington.co.uk/london-sw8/63-71-bondway/aykon-london-one/id/4588|title = DAMAC Tower - London SW8 | Buildington}}</ref><ref>{{cite web|url=https://www.thenational.ae/business/property/dubai-s-damac-awards-dh967m-contract-to-build-aykon-london-one-tower-1.143665|title=Dubai's Damac awards Dh967m contract to build Aykon London One tower|website=The National|date=23 August 2016}}</ref> The building was designed by ] with interiors created in partnership with Versace Home.<ref>{{cite news|url=https://www.telegraph.co.uk/property/interiors/dgs-fridge-versaces-playroom-designers-bringing-fashion-interiors/|title=From D&G's fridge to Versace's playroom: the designers bringing fashion to interiors|first=Emily|last=Brooks|newspaper=The Telegraph|date=19 March 2018|via=www.telegraph.co.uk}}</ref> The project is valued at $758 million<ref>{{cite web|title=Damac company awards $308m London tower deal to Multiplex |url=https://www.constructionweekonline.com/article-45997-damac-company-awards-308m-london-tower-deal-to-multiplex |website=Construction Week Online Middle East}}</ref> and was topped out in 2019.<ref>{{cite web|url=https://www.constructionweekonline.com/projects-and-tenders/259528-damac-tops-out-uks-nine-elms-grows-despite-brexit-uncertainties|title=Damac tops out UK's Nine Elms, grows despite Brexit uncertainties |website=Construction Week Online Middle East}}</ref> | |||
| In November 2020, DAMAC hills launched UAE's first residential wave pool.<ref>{{Cite web|title=Malibu Bay: UAE's first residential wave pool is now open – in pictures|url=https://www.thenationalnews.com/lifestyle/home/malibu-bay-uae-s-first-residential-wave-pool-is-now-open-in-pictures-1.1104733|access-date=5 January 2021 |website=The National |date=3 November 2020|language=en}}</ref> | |||
| In 2019, DAMAC completed the Ghalia project with 727 apartments in a Sharia-compliant development, located in the Jumeirah Village Circle in ].<ref>{{cite web|url=https://highworthcitizen.com/damac-delivers-727-luxury-homes/|title=Property Developer in Dubai Damac delivers 727 Luxury Homes in a High Riser |first=Samuel|last=Oskys|date=12 June 2019}}</ref> | |||
| ===DAMAC Heights=== | |||
| DAMAC Heights is a 335 meters tall and 88 floors tower with 1–5-bedroom apartments located in ].{{Citation needed|date=March 2023}} The value of the property is estimated at US$654 million and was handed over in July 2018.<ref>{{cite web|url=https://www.damacproperties.com/en/projects/damac-heights/|title=DAMAC Heights Dubai Marina | Luxury Apartments in Dubai|website=DAMAC Properties}}</ref><ref>{{cite web|url=https://www.constructionweekonline.com/article-49878-dubais-654m-damac-heights-welcomes-first-tenants |title=Dubai's $654m Damac Heights welcomes first tenants|website=Construction Week Online Middle East}}</ref> | |||
| == Controversies == | |||
| ===DAMAC Towers by Paramount Hotels & Resorts Dubai=== | |||
| The real estate firm has a long-standing partnership with the businesses of US president ].<ref name=":3">{{Cite news |last=Sweet |first=Jacqueline |date=2024-03-14 |title=US firm that paid indicted FBI informant tied to Trump associates, records reveal |url=https://www.theguardian.com/us-news/2024/mar/14/company-paying-fbi-informant-trump-connections |work=The Guardian |language=en-GB |issn=0261-3077}}</ref> ''The Guardian'' reported that DAMAC board member and former chairman Farooq Arjomand owned a company that paid ] $600,000 for telling the FBI that Hunter Biden and his father, US President ], engaged in a bribery scheme. Smirnov was later charged for telling fabricated corruption stories about Joe Biden to the FBI.<ref name=":3" /> | |||
| 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 ] area has a total built-up area of 4 million square feet and an estimated sales value of $1.35 billion.<ref>{{cite web| url = https://www.constructionweekonline.com/article-49312-damac-logs-24-million-safe-man-hours-on-14bn-four-tower-project| url-status = dead| archive-url = https://web.archive.org/web/20180515094413/http://www.constructionweekonline.com/article-49312-damac-logs-24-million-safe-man-hours-on-14bn-four-tower-project/| archive-date = 15 May 2018| title = Damac logs 24 million safe man-hours on $1.4bn four-tower project {{!}} ConstructionWeekOnline.com}}</ref> The towers were handed over in July 2019.<ref>{{cite web| url = https://www.arabianbusiness.com/news/423166-first-residents-move-into-damacs-akoya-mega-project-in-dubai| url-status = dead| archive-url = https://web.archive.org/web/20190701175817/https://www.arabianbusiness.com/news/423166-first-residents-move-into-damacs-akoya-mega-project-in-dubai| archive-date = 1 July 2019| title = First residents move into Damac's Akoya mega project in Dubai - ArabianBusiness.com}}</ref> | |||
| ] journalists reported that a company salesperson mentioned the option of purchasing apartments with cash or cryptocurrency to avoid questions about the source of the money. Damac responded that they do not offer such options and will investigate the salesperson's statements.<ref name=":0">{{Cite news |last=Ovsyaniy |first=Kyrylo |last2=Andrushko |first2=Serhiy |last3=Tolstyakova |first3=Kira |date=2024-05-14 |title=Dubai Unlocked: How Yanukovych-Era Ukrainian Officials Poured Millions Into Secretive U.A.E. Real Estate |url=https://www.rferl.org/a/dubai-unlocked-ukraine-real-estate-yanukovych-officials-corruption-schemes-occrp/32944521.html |work=Radio Free Europe/Radio Liberty |language=en}}</ref> | |||
| ===DAMAC Tower Nine Elms London=== | |||
| DAMAC Properties signed a £200 million contract with ] in 2016 to build one of London's tallest residential towers.<ref>{{cite news|url=https://www.telegraph.co.uk/property/news/damacs-new-tower-in-nine-elms-to-be-built-in-200m-deal-with-lend/|title=Damac's new tower in Nine Elms to be built in £200m deal with Lendlease|first=Isabelle|last=Fraser|newspaper=The Telegraph|date=23 August 2016|via=www.telegraph.co.uk}}</ref> At 50 floors, AYKON London One, now known as DAMAC Tower Nine Elms London,<ref>{{cite web|url=http://www.tradearabia.com/news/CONS_345710.html|title=Damac to showcase premium luxury projects at Cityscape|website=www.tradearabia.com}}</ref> is located in Nine Elms, on the south bank of the ].<ref>{{Cite web|url=https://www.buildington.co.uk/london-sw8/63-71-bondway/aykon-london-one/id/4588|title = DAMAC Tower - London SW8 | Buildington}}</ref><ref>{{cite web|url=https://www.thenational.ae/business/property/dubai-s-damac-awards-dh967m-contract-to-build-aykon-london-one-tower-1.143665|title=Dubai's Damac awards Dh967m contract to build Aykon London One tower|website=The National|date=23 August 2016}}</ref> The building was designed by ] with interiors created in partnership Versace Home.<ref>{{cite news|url=https://www.telegraph.co.uk/property/interiors/dgs-fridge-versaces-playroom-designers-bringing-fashion-interiors/|title=From D&G's fridge to Versace's playroom: the designers bringing fashion to interiors|first=Emily|last=Brooks|newspaper=The Telegraph|date=19 March 2018|via=www.telegraph.co.uk}}</ref> The project is valued at $758 million<ref>{{cite web|title=Damac company awards $308m London tower deal to Multiplex |url=https://www.constructionweekonline.com/article-45997-damac-company-awards-308m-london-tower-deal-to-multiplex |website=Construction Week Online Middle East}}</ref> and was topped out in 2019.<ref>{{cite web|url=https://www.constructionweekonline.com/projects-and-tenders/259528-damac-tops-out-uks-nine-elms-grows-despite-brexit-uncertainties|title=Damac tops out UK's Nine Elms, grows despite Brexit uncertainties |website=Construction Week Online Middle East}}</ref> | |||
| == |
==References== | ||
| {{Reflist}} | |||
| In 2019, DAMAC completed the development of named Ghalia, a project with 727 apartments in a Sharia-compliant development, located in the Jumeirah Village Circle in ].<ref>{{cite web|url=https://highworthcitizen.com/damac-delivers-727-luxury-homes/|title=Property Developer in Dubai Damac delivers 727 Luxury Homes in a High Riser |first=Samuel|last=Oskys|date=12 June 2019}}</ref> | |||
| ===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.<ref>{{cite web|url=https://www.arabianbusiness.com/news/422445-damac-set-to-launch-new-dubai-residential-project|title=Damac set to launch new Dubai residential project|website=ArabianBusiness.com}}</ref> | |||
| === DAMAC Hills 2 === | |||
| In 2014, DAMAC Properties launched, DAMAC Hills 2, a golf community in Al Yufrah 2 and 3 in Dubailand covering 55 million square feet. Comprising clusters of residential villas, apartments, and retail and entertainment facilities.<ref>{{Cite web |last=Nagraj |first=Aarti |date=21 September 2014 |title=Damac, Trump Plan New Golf Course In Dubai Within AKOYA Oxygen |url=https://gulfbusiness.com/damac-trump-plan-new-golf-course-dubai-within-akoya-oxygen/ |access-date=26 November 2020 |website=Gulf Business |language=en-US}}</ref> | |||
| === DAMAC Casa === | |||
| In October 2023, DAMAC announced its latest luxury real estate project in Al Sufouh, Dubai.<ref name=":1">{{Cite web |title=DAMAC Introduces DAMAC Casa: Holiday Living at the Heart of Dubai |url=https://www.breakingtravelnews.com/news/article/damac-introduces-damac-casa-holiday-living-at-the-heart-of-dubai/}}</ref><ref>{{Cite web |title=DAMAC Announces DAMAC Casa, Featuring Dubai’s 1st Scuba Stimulators |url=https://www.mepmiddleeast.com/projects/dubai-damac-announces-damac-casa}}</ref><ref name=":2">{{Cite web |title=Dubai's DAMAC Casa: Water-inspired designs, Aqua Spa, VR scuba pools, and more |url=https://www.constructionweekonline.com/projects-tenders/dubais-damac-casa-water-inspired-designs-aqua-spa-vr-scuba-pools-and-more}}</ref> The project is a plan to build a family-occupied residential tower.<ref name=":2" /> It is based on a "flying island" concept with plans for circular outdoor terraces surrounded by water pools.<ref>{{Cite web |last=Singh |first=Marisha |date=2023-10-05 |title=DAMAC Casa to come up in Al Sufouh: Island living at the heart of Dubai |url=https://gulfbusiness.com/damac-casa-to-come-up-in-al-sufouh-island-living-at-the-heart-of-dubai/ |access-date=2023-11-03 |language=en-US}}</ref><ref name=":1" /> | |||
| == Hospitality == | |||
| {{Infobox company | |||
| | name = DAMAC Hotels & Resorts | |||
| | logo = | |||
| | type = ] | |||
| | key_people = ] (]) | |||
| | industry = Hospitality | |||
| | parent = DAMAC Properties | |||
| | homepage = https://www.damachotelsandresorts.com/ | |||
| | foundation = 2011 | |||
| | location_city = ] | |||
| | location_country = ] | |||
| }} | |||
| '''DAMAC Hotels & Resorts''' heads the hospitality element of the company's portfolio, which operates hotel apartment complexes. DAMAC Hotels & Resorts was founded in October 2011. | |||
| Its brands include:<ref>{{cite web|url=http://www.hoteliermiddleeast.com/17737-damac-developing-8000-serviced-hotel-apartments/ |title=DAMAC developing 8000 serviced hotel apartments {{!}} HotelierMiddleEast.com |last=Edgcumbe |first=David |access-date=28 July 2016}}</ref><ref>{{cite web|url=http://www.tradearabia.com/news/LIFE_281203.html|title=DAMAC Maison Hotels & Resorts to add 6,050 keys in ME|website=www.tradearabia.com|access-date=28 July 2016}}</ref><ref>{{cite web|url=http://www.constructionweekonline.com/article-37232-damac-announces-three-new-hotels-for-2016-in-dubai/|title=DAMAC announces three new hotels for 2016 in Dubai {{!}} ConstructionWeekOnline.com |last=Dey |first=Paromita |website=www.constructionweekonline.com |access-date=28 July 2016}}</ref><ref>{{cite web|url=http://www.businesswire.com/news/home/20150815005001/en/Free-Investors-Seminars-China-Unmatched-Real-Estate|title=Free Investors Seminars in China Unmatched Real Estate Investment Opportunities in Dubai {{!}} Business Wire|website=www.businesswire.com|date=16 August 2015|access-date=28 July 2016}}</ref><ref>{{cite web|url=http://www.hoteliermiddleeast.com/18183-damac-awards-272m-paramount-project-contract/|title=DAMAC awards $272m Paramount project contract {{!}} HotelierMiddleEast.com |last=Edgcumbe|first=David |access-date=28 July 2016}}</ref> | |||
| * DAMAC Maison Distinction: This project was DAMAC's sixth hotel under their hospitality arm DAMAC Hotels and Resorts<ref>{{cite web|url=https://www.albawaba.com/business/pr/damac-maison-royale-distinction-opens-dubai-1023548|title=Damac Maison Royale the Distinction Opens in Dubai|website=Al Bawaba}}</ref> | |||
| * DAMAC Maison Mall Street | |||
| * DAMAC Maison Canal Views | |||
| * DAMAC Maison Cour Jardin | |||
| The portfolio of hotels provide 24-hour check-in service and other ] services.<ref>{{cite web|url=http://www.constructionweekonline.com/article-21424-dubais-damac-launches-new-luxury-servicing-unit/ |title=Dubai's DAMAC launches new luxury servicing unit {{!}} ConstructionWeekOnline.com |website=www.constructionweekonline.com |access-date=28 July 2016}}</ref> | |||
| === 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 ].<ref>{{cite web|url=http://www.arabianbusiness.com/dubai-s-damac-releases-new-luxury-serviced-apartments-546114.html |title=Dubai's DAMAC releases new luxury serviced apartments|access-date=28 July 2016}}</ref><ref>{{cite web|url=http://www.hoteliermiddleeast.com/20186-new-opening-damac-maison-dubai-mall-street/|title=New opening: DAMAC Maison, Dubai Mall Street {{!}} HotelierMiddleEast.com|last=Oakley|first=Louise|access-date=28 July 2016}}</ref><ref>{{cite web|url=http://saudigazette.com.sa/business/hospitality-sector-prime-driver-of-uaes-economy/ |title=Hospitality sector prime driver of UAE's economy|last=Syed|first=Imran|date=2 November 2015 |language=en-US |access-date=28 July 2016}}</ref><ref>{{cite web |url=http://hauteliving.com/2014/01/damac-maison-on%25C2%25A0dubai%25C2%25A0mall-street-now-open/436621/ |title=DAMAC Maison on Dubai Mall Street Now Open – Haute Living |date=5 January 2014 |language=en-US |access-date=28 July 2016 |archive-date=2 January 2017 |archive-url=https://web.archive.org/web/20170102144003/http://hauteliving.com/2014/01/damac-maison-on%c2%a0dubai%c2%a0mall-street-now-open/436621/ |url-status=dead }}</ref><ref>{{cite web|url=http://www.zawya.com/story/DAMAC_Maison_on_Dubai_Mall_Street_opens_for_Business-ZAWYA20140101074928/ |title=DAMAC Maison on Dubai Mall Street opens for Business {{!}} Zawya|website=www.zawya.com|access-date=28 July 2016}}</ref><ref>{{cite web|url=http://www.dubaichronicle.com/2014/04/07/hotels-downtown-dubai/ |title=Hotels in Downtown Dubai – Combine Leisure with Shopping |access-date=28 July 2016}}</ref> | |||
| === DAMAC Maison Canal Views === | |||
| Canal Views is DAMAC Maison's second hotel property project launched along with Dubai Mall Street in December 2013, also located in downtown Dubai.<ref>{{cite web|url=http://www.arabianbusiness.com/damac-opens-new-hotel-suites-tower-in-downtown-dubai-568968.html|title=DAMAC opens new hotel suites tower in Downtown Dubai |access-date=28 July 2016}}</ref> Canal Views looks over the ] water canal and the ].<ref>{{cite web|url=http://www.thenational.ae/business/property/damac-opens-second-serviced-suites-tower-in-dubais-burj-district |title=DAMAC opens second serviced suites tower in Dubai's Burj district {{!}} The National |access-date=28 July 2016}}</ref> | |||
| === DAMAC Maison Cour Jardin === | |||
| Cour Jardin is located in Business Bay, Dubai, and opened in December 2014.<ref>{{cite web|url=http://www.hoteliermiddleeast.com/pics-22592-first-look-damac-maison-cour-jardin/|title=FIRST LOOK: DAMAC Maison Cour Jardin {{!}} HotelierMiddleEast.com |access-date=28 July 2016}}</ref><ref>{{cite web|url=http://www.constructionweekonline.com/article-31949-damac-maison-opens-cour-jardin-hotel-apartments/|title=DAMAC Maison opens Cour Jardin Hotel Apartments {{!}} ConstructionWeekOnline.com |last=Raven |first=Hannah |website=www.constructionweekonline.com |access-date=28 July 2016}}</ref><ref>{{cite web|url=http://www.arabianbusiness.com/damac-maison-opens-cour-jardin-hotel-apartments-576777.html#.V42l7bh9600 |title=DAMAC Maison opens Cour Jardin Hotel Apartments |access-date=28 July 2016}}</ref> | |||
| === The Distinction === | |||
| In September 2017, DAMAC Hotels and Resorts opened The Distinction. The Distinction is located in downtown Dubai.<ref>{{Cite news|url=http://www.arabianbusiness.com/property/news/379082-dubais-damac-launches-new-maison-royal-hotel-apartments|title=Dubai's Damac launches new Maison Royal hotel apartments|work=ArabianBusiness.com |access-date=25 March 2018 |language=en}}</ref> | |||
| ==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 1 million to help build a high-tech care facility for the Dubai Autism Centre.<ref>{{cite web|url=https://www.albawaba.com/business/pr/damac-properties-642654|title=DAMAC Properties donates AED 1 Million to #UAECompassion Campaign |date=11 January 2015 |website=Al Bawaba |access-date=22 January 2019}}</ref> | |||
| In 2014, DAMAC Heights won the "Best International Residential High-rise Architecture" at the International Property Awards.<ref>{{cite web|title=Damac Heights wins international property award |url=https://www.constructionweekonline.com/article-31849-damac-heights-wins-international-property-award |website=Construction Week Online Middle East}}</ref> | |||
| 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.<ref>{{cite web|url=https://hitechchronicle.com/2018/08/damac-owner-hussain-sajwani-focuses-corporate-responsibility-arab-coders-initiative/ |title=DAMAC Owner Hussain Sajwani Focuses on Corporate Responsibility with the Arab Coder's Initiative |last=Anderson |first=James |date=9 August 2018|website=hitechchronicle.com|access-date=22 January 2019}}</ref> | |||
| In 2017, DAMAC Charitable Foundation offered sponsorship and support to 1 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.<ref>{{cite web|url=https://gulfnews.com/going-out/society/22000-graduate-from-one-million-arab-coders-initiative-1.2298070|title=22,000 graduate from One Million Arab Coders initiative |last=Khamis |first=Jumana |date=5 November 2018 |website=gulfnews.com|access-date=22 January 2019}}</ref><ref>{{cite web|url=https://www.thenational.ae/opinion/comment/the-one-million-arab-coders-initiative-will-yield-employment-opportunities-today-and-tomorrow-for-our-young-1.759171|title=The One Million Arab Coders initiative will yield employment opportunities today and tomorrow for our young |last=Sajwani |first=Hussain |date=12 August 2018 |website=The National |access-date=22 January 2019}}</ref><ref>{{cite web|url=https://www.emirates247.com/news/government/sheikh-mohammed-attends-graduation-ceremony-of-the-one-million-arab-coders-initiative-2018-11-06-1.675237 |title=Sheikh Mohammed attends graduation ceremony of the 'One Million Arab Coders' initiative |date=6 November 2018 |website=Emirates24-7 |access-date=22 January 2019}}</ref> | |||
| 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.<ref>{{Cite web|url=https://wam.ae/en/details/1395302826584|title=Hussain Sajwani-DAMAC Foundation pledges AED3 million to 'Arab Hope Makers'|website=wam.ae}}</ref> | |||
| In April 2020, the Hussain Sajwani-DAMAC Foundation pledged Dh 1 million to provide food to those affected by ] pandemic in the UAE. The donation was made to the '100 million meals' campaign.<ref>{{Cite web|title=Hussain Sajwani-DAMAC Foundation pledges AED1 million to '100 Million Meals' campaign|url=https://wam.ae/en/details/1395302927812|access-date=28 June 2021|website=wam}}</ref> | |||
| ==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.<ref>{{cite web|url=https://propertyawards.net/africa-arabia-2017/ |title=Africa & Arabia 2017 |author=|date=|website=propertyawards.net |access-date=22 January 2019}}</ref> | |||
| 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.<ref>{{cite web|url=https://www.arabianbusiness.com/industries/media/383521-arabian-business-announces-future-stars-at-annual-awards-night |title=Arabian Business announces 'Future Stars' at annual awards night |date=|website=ArabianBusiness.com |access-date=22 January 2019}}</ref> | |||
| 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.<ref>{{cite web|url=https://www.forbes.com/companies/damac-properties/ |title=Damac Properties |first=Merrilee |last=Barton |website=Forbes}}</ref> | |||
| 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.<ref>{{cite web|url=https://article.wn.com/view/2018/10/04/DAMAC_s_facilities_management_arm_Luxury_Owner_Association_M/|title=DAMAC's facilities management arm Luxury Owner Association Management Services receives DLD recognition at Cityscape Global |website=article.wn.com |access-date=20 December 2018}}</ref> | |||
| DAMAC Towers by Paramount Hotels & Resorts was awarded the "Residential Project of the Year" award at the CW Awards 2018.<ref>{{cite web|title=CW Awards 2018: Damac Towers is Residential Project of the Year |url=https://www.constructionweekonline.com/article-50868-cw-awards-2018-damac-towers-is-residential-project-of-the-year |website=Construction Week Online Middle East}}</ref> | |||
| In 2019 DAMAC won the ''International Business Magazine'' Awards.<ref>{{Cite web|url=https://www.albawaba.com/business/pr/damac-awarded-%E2%80%98property-developer-year%E2%80%99-2019-international-business-magazine-awards|title = DAMAC Awarded 'Property Developer of the Year' in 2019 International Business Magazine Awards}}</ref> | |||
| In 2020, DAMAC won the ''International Business Magazine'' award for "Most Socially Responsible Real Estate Company UAE".<ref>{{Cite web|title=Award Winners 2020 {{!}} INTLBM|url=https://intlbm.com/award-winner-2020/ |access-date=27 January 2021 |language=en-US}}</ref> | |||
| == External links == | == External links == | ||
| {{Official website}} | |||
| * {{Official website}} | |||
| ==References== | |||
| {{Reflist}} | |||
| ] | ] | ||
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| ] | ] | ||
| ] | ] | ||
| Eastern Design | | |||
| Sophisticated Design | | |||
Latest revision as of 16:49, 7 January 2025
Emirati property development company
 | |
| Company type | Private |
|---|---|
| Founded | 28 January 1982; 42 years ago (1982-01-28) |
| Headquarters | Dubai, United Arab Emirates |
| Key people | Hussain Sajwani (owner and chairman until 2024) |
| Products | Real estate |
| Revenue | $1.66 billion (2018) |
| Number of employees | 1,600 (2018) |
| Parent | DAMAC Group |
| Subsidiaries |
|
| Website | Official website  |
DAMAC Properties is an Emirati property development company, based in Dubai, United Arab Emirates. The company was founded by Hussain Sajwani and listed on the Dubai Financial Market in early 2015. It was delisted in 2022 after going private again; Sajwani, who retained 72% of all shares, purchased the remaining shares for 2.19 billion AED ($595 million USD). The company operates internationally.
History
DAMAC Properties was founded in 2002 by Hussain Sajwani, a billionaire Emirati business tycoon. In November 2013, DAMAC announced plans to raise approximately $500 million on the London Stock Exchange via a sale of global depository receipts.
Sajwani is a close friend and associate of Donald Trump. In a 2016 disclosure, Trump reporting received between $1 million to $5 million from DAMAC.
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 developed a master-planned residential golf course community around the Trump International Golf Club in Dubai, which opened in February 2017. The partnership between DAMAC and The Trump Organization for the development originated in 2013. Originally known as The Akoya, the developer later renamed the residential development DAMAC Hills. The golf club, with golf course, designed by Gil Hanse, were formally opened in February 2017, with Trump's sons Donald Jr. and Eric as guests of honor. Trump's business relations with DAMAC during his presidency raised concerns about his compliance with the Foreign Emoluments Clause of the U.S. Constitution.
A second DAMAC Properties project in Dubai is Akoya Oxygen, a residential development alongside a second Trump International Golf Course, designed by Tiger Woods. Larger than the DAMAC Hills project, DAMAC announced the project in 2014, selling its first homes that year. The development is located within Dubai's Dubailand development. Spending on the Akoya Oxygen project reached $1.5 billion by mid-2018. In the first six months of 2017, DAMAC Properties said that it had awarded AED 1.8 billion in contracts for Akoya Oxygen (making up the bulk of its total contracts over the same period, valued at AED 3.5 billion). A $20 million road and infrastructure contract for the development was awarded in 2018 to the China State Construction Engineering Corporation (CSCEC). The $169 million construction contract for Akoya Oxygen was awarded in 2019 to Arabtec Construction, a subsidiary of the UAE-based Arabtec Holding.
Damac owned Safa One and Safa Two. 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 Hills is a golf community development located in Al Hebiah 3 in Dubailand. A Damac hotel is located on the Trump International Golf Club Dubai at DAMAC Hills. In November 2020, DAMAC hills launched UAE's first residential wave pool. In 2014, DAMAC Properties launched, DAMAC Hills 2.
DAMAC Heights, a 335 m-tall, 88-floor luxury residential tower in Dubai Marina, opened to tenants in 2018. Arabtec Construction was the primary contractor for the tower, which overlooks Palm Jumeirah.
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.
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 with Versace Home. The project is valued at $758 million and was topped out in 2019.
In 2019, DAMAC completed the Ghalia project with 727 apartments in a Sharia-compliant development, located in the Jumeirah Village Circle in Dubai.
Controversies
The real estate firm has a long-standing partnership with the businesses of US president Donald Trump. The Guardian reported that DAMAC board member and former chairman Farooq Arjomand owned a company that paid Alexander Smirnov $600,000 for telling the FBI that Hunter Biden and his father, US President Joe Biden, engaged in a bribery scheme. Smirnov was later charged for telling fabricated corruption stories about Joe Biden to the FBI.
Sveriges Television journalists reported that a company salesperson mentioned the option of purchasing apartments with cash or cryptocurrency to avoid questions about the source of the money. Damac responded that they do not offer such options and will investigate the salesperson's statements.
References
- "Why DAMAC Properties | Leading Real Estate Developer in Middle East". DAMAC Properties. Retrieved 15 September 2022.
- ^ "Damac Properties posts Dh6.1b revenue". Khaleej Times. 14 February 2019.
- ^ Aya Batrawy, Trump-linked tycoon to take Dubai developer DAMAC private, Associated Press (June 9, 2021).
- Nagraj, Aarti (7 March 2022). "Damac to officially delist from Dubai Financial Market". The National. Retrieved 14 December 2023.
- "Stocks". Bloomberg. 7 February 2019. Retrieved 24 February 2020.
- "Trump's brand in Middle East has gone up, says DAMAC Chairman Sajwani". english.alarabiya.net. 30 August 2017.
- ^ Jon Gambrell, AP Exclusive: Golf club shows pitfalls of Trump presidency, Associated Press (January 4, 2017).
- "Dubai developer DAMAC plans $500 million London share listing". Reuters UK.
- ^ Sweet, Jacqueline (14 March 2024). "US firm that paid indicted FBI informant tied to Trump associates, records reveal". The Guardian. ISSN 0261-3077.
- "Damac revenue up 4% to Dh7.5b for 2017". Khaleej Times. 14 February 2018. Retrieved 12 February 2019.
- "Dubai developer renames Trump golf community 'DAMAC Hills'". Middle East Construction News. 8 February 2017.
- ^ Michael Fahy (17 February 2017). "Trump's sons in Dubai to open Trump International Golf Club". The National.
- ^ Andy Sambidge. "DAMAC says first AKOYA Oxygen homes sell out 'in record time'". Arabian Business.
- ^ Shakeel, Shayan (10 June 2018). "Damac Akoya Oxygen construction spend tops $1.5 billion". Arabian Business.
- "Dubai's Damac awarded contracts worth AED 3.5 bln in 2017". ArgaamPlus.
- "DAMAC Properties Awards 370 Contracts Valued at AED 3.5 Billion so far in 2017". article.wn.com. 6 September 2017.
- Pradeep, Angitha (6 January 2019). "Arabtec Construction secures contracts worth $169mn for construction of residential projects".
- "Safa Two apartments for sale in Dubai | DAMAC Properties UAE". DAMAC Properties. Retrieved 21 June 2022.
- "Safa One by de Grisogono". propsearch.ae. Retrieved 21 June 2022.
- "Radisson Hotel, Dubai Damac Hills launched". Khaleej Times. 13 August 2018. Retrieved 20 December 2018.
- "Global Partnership Signed Between Roberto Cavalli and DAMAC Properties Founder, Hussain Sajwani - Markets Insider". markets.businessinsider.com. 1 October 2018. Retrieved 20 December 2018.
- "Malibu Bay: UAE's first residential wave pool is now open – in pictures". The National. 3 November 2020. Retrieved 5 January 2021.
- Nagraj, Aarti (21 September 2014). "Damac, Trump Plan New Golf Course In Dubai Within AKOYA Oxygen". Gulf Business. Retrieved 26 November 2020.
- ^ Jack Ball (23 July 2018). "Dubai's $654m Damac Heights welcomes first tenants". Construction Week.
- "Damac logs 24 million safe man-hours on $1.4bn four-tower project". Construction Week. Archived from the original on 15 May 2018.
- Sam Bridge (1 July 2019). "First residents move into Damac's Akoya mega project in Dubai". Arabian Business.
- Fraser, Isabelle (23 August 2016). "Damac's new tower in Nine Elms to be built in £200m deal with Lendlease". The Telegraph – via www.telegraph.co.uk.
- "Damac to showcase premium luxury projects at Cityscape". www.tradearabia.com.
- "DAMAC Tower - London SW8 | Buildington".
- "Dubai's Damac awards Dh967m contract to build Aykon London One tower". The National. 23 August 2016.
- Brooks, Emily (19 March 2018). "From D&G's fridge to Versace's playroom: the designers bringing fashion to interiors". The Telegraph – via www.telegraph.co.uk.
- "Damac company awards $308m London tower deal to Multiplex". Construction Week Online Middle East.
- "Damac tops out UK's Nine Elms, grows despite Brexit uncertainties". Construction Week Online Middle East.
- Oskys, Samuel (12 June 2019). "Property Developer in Dubai Damac delivers 727 Luxury Homes in a High Riser".
- Ovsyaniy, Kyrylo; Andrushko, Serhiy; Tolstyakova, Kira (14 May 2024). "Dubai Unlocked: How Yanukovych-Era Ukrainian Officials Poured Millions Into Secretive U.A.E. Real Estate". Radio Free Europe/Radio Liberty.