The DAMAC Properties developer has been leading the construction of significant real estate developments in the Middle East for almost 20 years. The company forms the premium property market and builds shopping and recreational centers in the UAE, Jordan, Saudi Arabia, Qatar, Turkey, Lebanon and the UK. As of June 30, 2021, DAMAC Properties has completed more than 35,000 projects, with another 30,000 projects under construction underway today.
The company was founded in 2002 when the Dubai government opened the real estate market to international investors and allowed them to own property on freehold rights. According to the founder of the company Hussain Sajwani, the mission of DAMAC is to transform the UAE into a global center of trade, hospitality and lifestyle.
The developer owns three subsidiaries: DAMAC Maison, DAMAC Properties Development Co LLC and DAMAC Real Estate Limited Development. Back in 2013, DAMAC Properties shares were listed on the London Stock Exchange for the first time(LSE), which was the start of worldwide recognition of global investment attractiveness among developers in the UAE. In 2018, the company joined the Middle East Investor Relations Association. The mission of this organization is to increase the efficiency, reputation and attractiveness of capital markets in the Middle East.
Currently, DAMAC Properties is one of the biggest licensed real estate development companies in the UAE. In addition, the company is widely known for its charitable activities as DAMAC Properties supports the campaigns of His Highness Sheikh Khalifa bin Zayed Al Nahyan and provides assistance to the Emirates Red Crescent (UAE branch of the International Federation of Red Cross and Red Crescent Societies).
For a long time, the developer has been making impressive donations to various organizations. For example, in April 2020, the Hussain Sajwani-DAMAC Foundation made donations to the amount of AED 1,000,000 (USD 272,300) to provide food for people affected by the COVID-19 pandemic in the UAE. The Foundation is a joint charitable initiative of DAMAC Group and its founder. The organisation is focused on training and developing skills that are necessary to further stimulate profit and participation in the economic and social life of the population.
In 2018, the developer signed an agreement on international cooperation in the field of hospitality with DICO International. DAMAC Properties is building strategic partnerships with world-renowned brands such as Versace Home, Roberto Cavalli, Paramount Hotels & Resorts, Fendi Casa, Rotana, Trump Organization and Radisson. In 2020, DAMAC Properties was recognized as the most socially responsible real estate company in the UAE by International Business Magazine and is still the country’s leading developer today.
Mr. Sajwani was the Chairman of DAMAC Properties until June 2021. On June 8, he announced his resignation from the position of head of the company. This decision was dictated by the desire to attract the company to private ownership through Maple Invest Co Ltd (Maple). This organization is registered in the British Virgin Islands and also belongs to Mr. Sajwani. Maple offers to buy back 100% of the issued and paid-up ordinary share capital of DAMAC Properties.
Currently, Hussein Sajwani owns 72% of DAMAC Properties shares and actually makes decisions on the company’s work and portfolio. After Mr. Sajwani’s resignation, Farooq Mahmood Arjomand was appointed Chairman of the Management Board. Previously Arjomand was Deputy Chairman and General Manager of the company and a member of the board of Directors of Emaar Properties and Amlak Finance.
DAMAC Properties is one of the leading developers of premium residential, commercial and entertainment projects in the world. The company received the title of “The Best Golf Development in the World”, due to its DAMAC Hills golf community project, which was built around the 18-hole Trump International Golf Club. And in September 2021, the Trump Golf Club became the winner of the “Travelers’ Award Choice”, which indicates the development of the UAE as a tourist center and attraction for foreign investors in the country.
As of June 2021, DAMAC Properties is developing 20 new residential projects in Dubai. For example, projects such as Just Cavalli Villas, Aquilegia, Victoria, Fiora and Amora are all being built in the DAMAC Hills 2 complex. These off-plan objects can be purchased under favorable payment plans, which are actively used by buyers. Reva Residences, Aykon City Tower and Paramount Tower Hotel projects & Residences are all located in the Business Bay area and have previously shown a high level of off-plan real estate sales. This indicates the high quality of the work, as well as the confidence of investors in the activities of the developer.
Most of the company payments for developments are made by installments received from the sale of real estate. The developer is entrusted with the most ambitious and landmark projects in the UAE as well as other countries. For example, work is currently underway on the Aykon City megaproject on the Sheikh Zayed Road highway together with China’s largest construction company – China State Construction Engineering Corporation (CSCEC). Another iconic DAMAC project currently in the process of construction is the 70-storey Cavalli Tower which is in collaboration with the world-famous Italian fashion brand, Roberto Cavalli.
Investments in the developer’s projects remain profitable and reliable, due to a competent economic strategy, significant company assets and its partnership with world-famous brands. When investing in a project of DAMAC Properties, the return on net profit for investors averages from 6% to 12%.
The portfolio of DAMAC Properties includes both completed projects and units under construction. Some of the most iconic projects of the developer are:
DAMAC Hills 2 (previously known as Akoya and Akoya Oxygen). The Trump International Golf Club is located here. The project offers villas, townhouses, penthouses and land plots. DAMAC Hills 2 is positioned as the greenest community in the UAE and includes the following communities: Hajar 2 Stone Villas, Bait Al Aseel Villas, Just Cavalli Villas, Akoya Genus Villas, Sahara Villas, Avencia 2 Villas and Aknan Villas. The minimum cost of real estate for these projects are AED 1,100,000 (USD 300,000). Some residential properties can also be purchased off-plan under favorable payment plans from the developer. DAMAC Hills 2 shows a high return on investment: ROI is 6.5%.
Greenwoods Townhouses is one of the newest projects in DAMAC Hills. The estimated number of 3 and 4-bedroom villas in the community is around 48. The construction started in May 2021. Freehold ownership of Greenwoods facilities includes all kinds of entitlements for the owner. The “star” facade with built-in sparkling LEDs will be the main feature of the villas in Greenwoods Townhouses. The cost of residences will start from AED 1,700,000 (USD 463,000).
Cavalli Tower is an elite residential development in Dubai Marina and is the second joint project of DAMAC Properties and the world-renowned fashion brand Roberto Cavalli. The complex is situated within walking distance from the sea and JBR. The 70-storey tower offers 1-4 bedroom apartments and a limited series of penthouses, with residences starting from the fifth floor. There will also be “flying villas” with swimming pools, spacious terraces and relaxation areas on the upper floors of the Cavalli Tower. The development is not only the sole skyscraper in the world built under the Cavalli brand but also a residential project. In each apartment there will be a vertical wall for hydroponics in order to grow garden crops. The complex also offers its residents an area to relax in, with the closed Malibu Bay lagoon. Moreover, Cavalli Tower residents will have access to an a la carte service (menu of 7 branded restaurants), infinity pools, a modern gym, SPA center and other world-class amenities. The cost of luxury real estate in Cavalli Tower will be approximately AED 2,300 (USD 626) per 1 sq.ft.
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