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'''DAMAC Properties''' is an Emirati property development company, based in ], in the ]. Founded by ], it was listed on the ] in early 2015.<ref name=Batrawy>Aya Batrawy, , Associated Press (June 9, 2021).</ref> The company was delisted in 2022 after it was ] 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> '''DAMAC Properties''' is an Emirati property development company, based in ], in the ]. Founded by ], it was listed on the ] in early 2015.<ref name=Batrawy>Aya Batrawy, , Associated Press (June 9, 2021).</ref> The company was delisted in 2022 after it was ] 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>


The real estate firm has a long-standing partnership with the businesses of former 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> In 2024, it was revealed that senior officials at DAMAC had paid $600,000 to ], who was later charged for telling fabricated corruption stories about Joe Biden to the FBI.<ref name=":3" /> The real estate firm has a long-standing partnership with the businesses of former 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> In 2024, it was revealed that senior officials at DAMAC had paid $600,000 to ], who was later charged for telling fabricated corruption stories about Joe Biden to the FBI.<ref name=":3" />

Revision as of 22:01, 15 March 2024

Emirati property development company

DAMAC Properties
Company typePrivate
Founded28 January 1982; 42 years ago (1982-01-28)
HeadquartersDubai, United Arab Emirates
Key peopleHussain Sajwani (owner and chairman until 2018)
ProductsReal estate
Revenue$ 1.66 billion (2018)
Number of employeescirca 1,600 (2018)
ParentDAMAC Group
Subsidiaries
WebsiteOfficial website Edit this at Wikidata

DAMAC Properties is an Emirati property development company, based in Dubai, in the United Arab Emirates. Founded by Hussain Sajwani, it was listed on the Dubai Financial Market in early 2015. The company was delisted in 2022 after it was taken 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.

The real estate firm has a long-standing partnership with the businesses of former US president Donald Trump. In 2024, it was revealed that senior officials at DAMAC had paid $600,000 to Alexander Smirnov, who was later charged for telling fabricated corruption stories about Joe Biden to the FBI.

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 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.

Former DAMAC chairman Hussain Sajwani is a close friend and associate of Donald Trump.

In 2024, 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, President Joe Biden, engaged in a bribery scheme. Smirnov was later indicted for lying to the FBI.

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.

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 is a 335 meters tall and 88 floors tower located in Dubai Marina.

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 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.

DAMAC Hotels & Resorts
Company typePrivate
IndustryHospitality
Founded2011
HeadquartersDubai, United Arab Emirates
Key peopleHussain Sajwani (chairman)
ParentDAMAC Properties
Websitehttps://www.damachotelsandresorts.com/

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.

External links

Official website Edit this at Wikidata

References

  1. "Why DAMAC Properties | Leading Real Estate Developer in Middle East". DAMAC Properties. Retrieved 15 September 2022.
  2. ^ "Damac Properties posts Dh6.1b revenue". Khaleej Times. 14 February 2019.
  3. ^ Aya Batrawy, Trump-linked tycoon to take Dubai developer DAMAC private, Associated Press (June 9, 2021).
  4. Nagraj, Aarti (7 March 2022). "Damac to officially delist from Dubai Financial Market". The National. Retrieved 14 December 2023.
  5. "Stocks". Bloomberg. 7 February 2019. Retrieved 24 February 2020.
  6. "Trump's brand in Middle East has gone up, says DAMAC Chairman Sajwani". english.alarabiya.net. 30 August 2017.
  7. ^ Sweet, Jacqueline (14 March 2024). "US firm that paid indicted FBI informant tied to Trump associates, records reveal". The Guardian. ISSN 0261-3077.
  8. "Dubai developer DAMAC plans $500 million London share listing". Reuters UK.
  9. "DAMAC Properties | Luxury Real Estate Company in Dubai". DAMAC Properties. Retrieved 20 January 2021.
  10. "Damac revenue up 4% to Dh7.5b for 2017". Khaleej Times. 14 February 2018. Retrieved 12 February 2019.
  11. "Dubai developer renames Trump golf community 'DAMAC Hills' – Middle East Construction News". Middle East Construction News.
  12. "Trump's sons in Dubai to open Trump International Golf Club | The National". The National.
  13. Pradeep, Angitha (6 January 2019). "Arabtec Construction secures contracts worth $169mn for construction of residential projects".
  14. "DAMAC says first AKOYA Oxygen homes sell out 'in record time'". Arabian Business.
  15. "Trump World Golf Club Dubai - TGR Design". TGR Design.
  16. "Trump World Golf Club Dubai, UAE". www.trump.com.
  17. "Dubai's Damac awarded contracts worth AED 3.5 bln in 2017". ArgaamPlus.
  18. "DAMAC Properties Awards 370 Contracts Valued at AED 3.5 Billion so far in 2017". article.wn.com. 6 September 2017.
  19. Shakeel, Shayan (10 June 2018). "Damac Akoya Oxygen construction spend tops $1.5 billion". ArabianBusiness.com. Retrieved 20 December 2018.
  20. "Safa Two apartments for sale in Dubai | DAMAC Properties UAE". DAMAC Properties. Retrieved 21 June 2022.
  21. "Safa One by de Grisogono". propsearch.ae. Retrieved 21 June 2022.
  22. "Radisson Hotel, Dubai Damac Hills launched". Khaleej Times. 13 August 2018. Retrieved 20 December 2018.
  23. "Global Partnership Signed Between Roberto Cavalli and DAMAC Properties Founder, Hussain Sajwani - Markets Insider". markets.businessinsider.com. 1 October 2018. Retrieved 20 December 2018.
  24. "Malibu Bay: UAE's first residential wave pool is now open – in pictures". The National. 3 November 2020. Retrieved 5 January 2021.
  25. Nagraj, Aarti (21 September 2014). "Damac, Trump Plan New Golf Course In Dubai Within AKOYA Oxygen". Gulf Business. Retrieved 26 November 2020.
  26. "DAMAC Heights Dubai Marina | Luxury Apartments in Dubai". DAMAC Properties.
  27. "Dubai's $654m Damac Heights welcomes first tenants". Construction Week Online Middle East.
  28. "Damac logs 24 million safe man-hours on $1.4bn four-tower project | ConstructionWeekOnline.com". Archived from the original on 15 May 2018.
  29. "First residents move into Damac's Akoya mega project in Dubai - ArabianBusiness.com". Archived from the original on 1 July 2019.
  30. 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.
  31. "Damac to showcase premium luxury projects at Cityscape". www.tradearabia.com.
  32. "DAMAC Tower - London SW8 | Buildington".
  33. "Dubai's Damac awards Dh967m contract to build Aykon London One tower". The National. 23 August 2016.
  34. 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.
  35. "Damac company awards $308m London tower deal to Multiplex". Construction Week Online Middle East.
  36. "Damac tops out UK's Nine Elms, grows despite Brexit uncertainties". Construction Week Online Middle East.
  37. Oskys, Samuel (12 June 2019). "Property Developer in Dubai Damac delivers 727 Luxury Homes in a High Riser".
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