Developer Overview: DAMAC Properties – A Deserved Pioneer in The UAE Real Estate Market

DAMAC is one of the most influential players in the UAE market, with its shares listed on the London Stock Exchange. The developer builds residential projects and entire communities. Learn about the company's origins, activities, and core principles in this article.

The story of DAMAC began in 2002 when Dubai's leadership allowed foreign investors to own property in the city. In the same year, entrepreneur Hussain Sajwani registered DAMAC and immediately acquired land for his first project in Dubai Marina. Today, this area is a popular tourist spot, especially among Russian speakers.

Hussain Sajwani is now one of the wealthiest Arabs globally, often referred to as the "Arab Trump." Born into an entrepreneurial family, his father owned a stall in the local market, selling Parker pens and goods from China. As the family business expanded, Hussain learned to handle suppliers, staff, and customers, managing the growing enterprise. Later, Sajwani pursued education in the USA.

Upon returning, Hussain started a career in the food service industry, establishing a firm that catered to American construction companies. By 1996, his business was thriving, leading him to build small hotels in Dubai and purchase real estate in the city center.

DAMAC's strategy involved selling apartments before construction completion and using buyers' advance payments to fund the projects. This approach was rare in the market at that time. The developer's first tower, Marina Terrace, sold out in just six weeks.

Ten years after its founding, DAMAC Properties saw rapid revenue growth, topping Forbes' list of the fastest-growing global companies by average annual revenue growth from 2013 to 2016.

Today, DAMAC is well-known not only in the UAE but also actively develops projects in other Gulf countries, the USA, and the UK.

DAMAC has two main divisions: hospitality and development.

Also DAMAC is not limited to the UAE; the company actively develops and expands projects in the eastern Mediterranean, Gulf countries, the USA, and the UK. In the fall of 2023, it was announced that DAMAC would add the Maldives to its portfolio, building a resort on the islands managed by Mandarin Oriental.

Unconventional Marketing. At one point, DAMAC offered buyers a Lamborghini, BMW, jet skis, and studio apartments with a home purchase.

Building Communities. DAMAC often develops entire communities, not just standalone buildings. A prime example is DAMAC Hills in Dubailand, featuring villas, mansions, apartments, a golf course, and a school – an excellent place to live.

Currently, DAMAC is developing an exciting community called DAMAC Lagoons – a master-planned community with villas, townhouses, and lagoons themed around eight Mediterranean cities.

Careful Location Selection. The developer meticulously selects locations for its projects. Recent launches by DAMAC have been in Downtown (business district), Al Safa (trendy area near Downtown), and Al Sufouh (coastal area).

Collaborations with Brands. DAMAC collaborates with brands to enhance the value of its projects. For example, The Sapphire complex will feature interiors by the jewelry brand de GRISOGONO (owned by DAMAC).