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 Bugatti, as well as operating and managing serviced hotel apartments and fully-fledged five star hotels in collaboration with Paramount Hotels & Resorts.

2017
  • Launch of Trump International Golf Club Dubai with spectacular ceremony set in and around the clubhouse

  • DAMAC Hills (formerly AKOYA) is launched

  • The award-winning DAMAC Tower with interiors by Versace Home in Solidere, Beirut, is complete 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 residences renamed to pay tribute to UK capital’s prime central zone; AYKON London One

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

2015
  • DAMAC announces a new international partnership with Bugatti for the launch of an exclusive limited edition collection of villas in AKOYA Oxygen

  • AYKON Nine Elms with interiors by Versace Home is introduced in London

  • DAMAC lists on the Dubai Financial Market

  • 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
  • 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

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

2013
  • 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
  • Park Towers in Dubai International Financial Centre is handed over to customers

  • 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