History

DAMAC Properties was established in 2002 as a luxury real estate developer providing unrivalled living experiences in Dubai, UAE. The Company has grown to become one of the foremost luxury developers with projects spanning the GCC, the wider Middle East and the United Kingdom.

DAMAC Properties now develops multi-million square-foot golf course communities, high-end and high-rise private apartment towers, ‘limited edition’ living experiences with global brands such as Versace, Fendi and Just Cavalli, as well as operating and managing serviced hotel apartments and fully-fledged five star hotels in collaboration with Paramount Hotels & Resorts and the Radisson Hotel Group

2018
  • DAMAC Towers by Paramount Hotels & Resorts Dubai is named ‘Residential Project of the year’ at the Construction Week Awards 2018

  • Region’s leading retailer, Carrefour, joins growing DAMAC Hills community

  • The iconic DAMAC Towers by Paramount Hotels & Resorts begins handover

  • Groundwork begins at historical Mina Al Sultan Qaboos in Oman

  • London Versace-branded residences renamed to DAMAC Tower Nine Elms London

  • Roberto Cavalli Group and DAMAC Properties founder, Hussain Sajwani, sign global partnership

  • Reva Heights launched

  • DAMAC and Radisson Hotel Group launches Radisson Hotel Dubai DAMAC Hills

  • Award-winning DAMAC Heights and DAMAC Residenze with Interiors by Fendi Casa in Dubai Marina begin handover

  • Ghalia, DAMAC’s Sharia-compliant serviced apartments complex, near completion

  • USD 400 million (AED 1.47 billion) Sukuk issued by DAMAC on NASDAQ Dubai

  • Major foundation work at AYKON City sees 200,000 cubic feet of concrete poured in 24 hours

  • DAMAC logs 25 million safe man hours on near-complete DAMAC Towers by Paramount

  • DAMAC awards AED 424 million contract to Arabtec to build 916 villas at AKOYA Oxygen

  • First-ever Fun, Food and Fiesta community festival hosted at DAMAC Hills

  • DAMAC launches Reva Residences, offering exquisitely-appointed one and two bedroom apartments overlooking Dubai Canal

2017
  • DAMAC is chosen by the Oman Government to lead the AED 3.67 billion (USD 1 billion) transformation of Mina Al Sultan Qaboos into an integrated lifestyle destination

  • The first ultra-luxury hotel property, DAMAC Maison Royale The Distinction in Downtown Dubai, opens, marking the sixth hotel in DAMAC’s hospitality portfolio

  • The Company reaches the 20,000 milestone for number of units delivered

  • DAMAC Properties Ranks First on The Forbes Global 2000: Growth Champions List of Fastest Growing Companies Worldwide

  • DAMAC announces a new international collaboration with Roberto Cavalli Group for the launch of the world’s first villas to feature interiors by “Just Cavalli” in AKOYA Oxygen.

  • DAMAC issues a US $500 million, five-year Sukuk; maturing in April 2022 at a profit rate of 6.25%

  • DAMAC chosen for USD $1 billion historic port transformation of Oman’s waterfront tourist development

  • From 1st June, Morgan Stanley Capital International (MSCI) adds DAMAC stock to its MSCI United Arab Emirates (UAE) Index, designed to measure the performance of the large and mid cap segments of the UAE market

  • The Company organises a field trip for 50 postgraduate students from Kingston University London, part of DAMAC’s on-going collaboration with the university, to foster the talents of the next generation of entrepreneurs and construction professionals

  • DAMAC receives two accolades at the Gulf Real Estate Awards 2017: DAMAC Hills receives ‘Best Real Estate Project – Master Development’; and Luxury Owner Association Management Services (LOAMS) is crowned ‘Best Owners Association Management Firm’

  • Hussain Sajwani Tops The List Of Real Estate CEOs In The Top CEO Awards 2017

  • DAMAC issues a USD $500 million, five-year regulation 'S' unsecured Sukuk maturing in April 2022; this is the second Sukuk listed by the Company on the Nasdaq Dubai (the first, worth USD 650 million, matures in 2019)

  • By April, DAMAC Towers By Paramount Hotels & Resorts Is Over 85% Complete

  • April sees outstanding safety milestone of over 180 million safe man hours achieved across its Dubai projects

  • DAMAC is the only developer in the Middle East with its own in-house mortgage department – so far facilitating home financing worth AED 600 million for hundreds of units across the UAE

  • DAMAC Properties awards 121 contracts, worth AED 1.4 billion in the first two months of 2017

  • The Company launches Dubai’s first modern, stone-built villas

  • The Company launches its Investor Relations app

  • Launch of Trump International Golf Club Dubai with spectacular ceremony set in and around the clubhouse

  • Three DAMAC Maison hotels win TripAdvisor Certificate of Excellence 2016

  • DAMAC Hills (formerly AKOYA) is launched

  • The award-winning DAMAC Tower with interiors by Versace Home in Solidere, Beirut, is completed and handover commences

2016
  • The Company awards 300 construction and consultancy contracts worth AED 6.51 billion from January to November 2016

  • DAMAC Towers by Paramount Hotels & Resorts wins ‘Tower Project of the Year’ Award at the Construction Week Awards

  • ISO 50001:2011 Energy Management Certification is achieved

  • Company shares obtain Sharia Compliance Certification from Dar Al Sharia

  • DAMAC Properties completes the first ever project in Dubai South – host of landmark event Expo 2020 Dubai

  • AYKON City and AKOYA (renamed DAMAC Hills in February 2017) receive mark of excellence at 25th edition of Africa & Arabia Property Awards

  • DAMAC Properties enjoys a record-breaking response to its launches and offers during Cityscape Global 2016

  • DAMAC Towers by Paramount Hotels & Resorts achieves industry-leading EarthCheck Design Certification

  • January to August and The Company awards AED 5.25 billion across 285 contracts

  • DAMAC Hotels & Resorts’ four new brands launched at the Arabian Travel Market 2016 – AYKON Hotels & Resorts, DAMAC Maison Royale Hotels & Resorts, DAMAC Maison Hotels & Resorts and DAMAC Maison de Ville Hotels & Resorts

  • DAMAC Towers by Paramount Hotels & Resorts achieves milestone topping out

  • AYKON’s Versace-branded London residences renamed to pay tribute to UK capital’s prime central zone; AYKON London One (formaly known as AYKON Nine Elms)

  • DAMAC announces AYKON City, the first freehold project on Sheikh Zayed Road, overlooking Dubai Canal, which generated unprecedented demand at launch

2015
  • DAMAC receives two accolades at the International Property Awards: World’s Best; namely, Best Hotel Interior for Paramount Tower Hotel & Residences Dubai and Best Golf Course development for the Tiger Woods designed golf course at AKOYA Oxygen

  • The Company announces the launch of ‘My DAMAC Home’ to help customers during the handover of their units – with everything from finalisation of paperwork to utilities’ registrations

  • Cladding work at DAMAC Esclusiva and DAMAC Tower by Paramount Residences Riyadh 75% complete

  • DAMAC Properties heads on a month-long global roadshow, to promote Dubai and highlight the strong business environment for overseas investment

  • DAMAC Properties at the forefront of Dubai's global promotion efforts with 237 promotional activities during the first nine months of 2015 – almost one event per day

  • DAMAC Heights, in Dubai Marina ‘topped out’

  • The Company announces its strategic collaboration with Qfang, one of China’s biggest real estate and financial services companies, in a bid to strengthen its sales operation there

  • DAMAC receives nine awards at the Arabian Property Awards, including Best Hotel Interior, Best Leisure Development, Best Developer Website and Best Golf Course, among others

  • DAMAC’s facilities management arm, Luxury Owner Association Management Services LLC (LOAMS), achieves accreditation from British Standard Institution (BSI) Middle East and Africa Quality Management (ISO 9001: 2008)

  • AYKON Nine Elms (renamed in 2018 as DAMAC Tower Nine Elms London) with interiors by Versace Home is introduced in the UK captial

  • DAMAC lists on the Dubai Financial Market

  • The Company launches Paramount Tower Hotel & Residences Dubai on Sheikh Zayed Road

  • DAMAC awards AED 2.8 billion in contracts during the first five months of 2015

  • DAMAC PROPERTIES EXPANDS ITS SERVICED HOTEL APARTMENTS PORTFOLIO WITH THE OPENING OF DAMAC MAISON THE VOGUE AND NAIA BREEZE (renamed DAMAC Maison de Ville Breeze in 2016), TO HAVE FIVE HOTELS OPENED IN JUST 14 MONTHS

2014
  • DAMAC Maison Cour Jardin opens in the Burj area of Dubai

  • The Company receives several awards at the prestigious International Property Awards, including ‘Best International High-Rise Architecture’ for DAMAC Heights and Highly Commended for its interior design in Riyadh’s DAMAC Esclusiva

  • Tiger Woods is announced as the designer for the TRUMP World Golf Club Dubai at AKOYA Oxygen

  • Following the success of AKOYA (renamed DAMAC Hills in February 2017), the company launches AKOYA Oxygen – a 55-million-square-foot lush green community in Dubai

  • Al Jawharah, in Jeddah, is named ‘Residential Project of the Year’ in the ‘Design and Build Awards’

  • The Drive at AKOYA is launched – one of the longest retail, dining and entertainment strips in the region at the heart of AKOYA (renamed DAMAC Hills in February 2017)

  • DAMAC Maison Canal Views opens in the Burj area of Dubai

  • Luxury Facilities Management Company (LFM), the facilities management arm of DAMAC Properties' is awarded three ISO Certifications

  • DAMAC Properties announces second Trump golf course in Dubai

  • DAMAC Properties becomes the first Company to receive Green Building Certification from Government of Dubai for NAIA Downtown Jebel Ali hotel apartments

  • DAMAC Tower with interiors by Versace Home in Beirut, is topped off

  • Constella (renamed Ghalia in 2016) becomes the first hotel apartments in Dubai to received Sharia-compliance certification from Dar Al Sharia

  • DAMAC issues a $650 million, five-year regulation 'S' unsecured Sukuk; maturing in April 2019 at a profit rate of 4.97%

2013
  • DAMAC Maison Mall Street opens its doors on December 31st and is fully booked for the opening weekend

  • AKOYA by DAMAC (renamed DAMAC Hills in February 2017) named Best Golf Development at the World at International Property Awards

  • DAMAC introduces luxury hotel apartments, Tenora, to be the first operational luxury hotel apartments in DWC, the site of Expo 2020

  • DAMAC Properties is named the ‘Middle East Developer of the Year’ at the OPP Awards for Excellence

  • The Company receives six accolades at the Arabian Property Awards

  • World’s first Fendi Styled Villas launched at AKOYA by DAMAC (renamed DAMAC Hills in February 2017)

  • DAMAC Tower by Paramount Residences Riyadh is launched

  • Hussain Sajwani is named ‘Middle East Property CEO of the Year’ at the CEO Middle East 2013 Awards

  • The company announces its first master development – the 42-million-square-foot AKOYA (renamed DAMAC Hills in February 2017)

  • DAMAC signs with global fashion brand FENDI for projects in Saudi Arabia and Dubai, UAE

  • DAMAC announces its collaboration with Paramount Hotels & Resorts to develop DAMAC Towers by Paramount in the Burj area consisting of three luxury serviced hotel apartment towers and one tower hosting a five-star Paramount Hotel

2012
  • Luxury serviced hotel apartment complex, The Distinction is launched

  • Al Jawharah in Jeddah is named ‘Outstanding Development of the Year’ in the GCC at the Big Project Middle East Awards

  • The Heights in Jordan is topped out

  • DAMAC receives five accolades at the International Property Awards

  • Marina Bay, DAMAC’s first project in Abu Dhabi, is completed

  • Park Towers in Dubai International Financial Centre is handed over to customers

  • Ocean Heights attracts top accolade as the ‘MEED Emirates Steel GCC Building Project of the Year 2012’

  • The Residences at Business Central are topped out

  • Following the resurgence in the property market, DAMAC Properties has 50 projects under development across the region by 2012

2011
  • DAMAC properties introduces DAMAC Maison – its hospitality arm

  • The company increases the number of hospitality projects in line with the growing number of tourists visiting Dubai every year

  • DAMAC Properties completes 4,072 units in 2011 – more than any other UAE developer

2010
  • DAMAC partners with Versace to create DAMAC Tower by Versace Home in Beirut, Lebanon – the company’s first collaboration with a global fashion brand

  • Ocean Heights, one of the company’s flagship projects during this year, is completed and handed over to customers

  • DAMAC Properties continues to win regional and international awards for its various projects

2009
  • Lake View in Jumeirah Lakes Towers is completed and handed over to customers

  • The Crescent in the International Media Production Zone is completed

  • DAMAC Properties delivers more than 1,300 units despite the economic downturn

2008
  • Lake Terrace in Jumeirah Lakes Towers is completed and handed over to customers

  • DAMAC Properties completes 7,817 units by 2008

  • DAMAC Properties wins five awards within the Arabian Property Awards delivered for best developments

2007
  • The first project in Saudi Arabia is launched – Al Jawharah in Jeddah

  • Lands in the Burj area of Dubai are acquired and several projects introduced there, where DAMAC’s presence will be dominant in the coming few years

2006
  • Abu Dhabi was one of the first cities of expansion with the launch of Marina Bay

  • DAMAC’s first project, Marina Terrace, is completed and handed over to customers

  • The total number of DAMAC’s projects under development reaches 20 across the Middle East

2005
  • The first freehold office tower in TECOM is launched – Executive Heights

  • DAMAC Properties is the first company to introduce projects in every master planned development introduced by the Dubai Government

  • The total valuation of the company increases significantly within three years of launching

2004
  • Ocean Heights, overlooking the Palm Jumeirah, is launched and will ultimately become one of the tallest residential towers in the world

  • DAMAC Properties undergoes expansion, with the introduction of international sales offices

  • Park Towers, the iconic two-tower development in the heart of Dubai’s financial district, is launched.

2003
  • Construction on Marina Terrace commences

  • Sales and marketing capacity is increased

  • A development team starts to source new land in Dubai

2002
  • Following the sell-out of Marina Terrace, The Waves is launched – also in Dubai Marina

  • Focusing on unit sales, an in-house sales and marketing division is created

  • The first land purchase is made and Marina Terrace, in the heart of Dubai Marina, is launched

  • DAMAC Properties is established following the introduction of freehold ownership rights for expatriate owners in Dubai