With the development of over 15,500 apartments in the past 15 years and 40,000 units ready to be developed, Dubai-based, DAMAC Properties’ success is evident. The development company has been creating luxury housing, resorts, and mixed-use properties since the early 2000s. DAMAC’s success is likely due to its owner, Hussain Sajwani, one of the most distinguished developers and moguls in the United Arab Emirates. With plans to branch out into the golfing and entertainment industries, DAMAC Properties has positioned itself for even more growth in the coming years.
About DAMAC Properties
In the past ten years alone, DAMAC Properties has been responsible for transforming the cityscape of Dubai, helping make it into a luxury destination. DAMAC Properties specializes in the commission and completion of large-scale luxury real estate projects. Established in 2002 by Hussain Sajwani, DAMAC Properties is part of Sajwani’s original enterprise DAMAC Group, started in 1992. The company continued to grow in 2011 when DAMAC Maison, a hospitality brand, was launched with the promise of providing tailored services to over 13,000 hotel rooms and rented spaces.
As the first Middle Eastern real estate development group to go public on the London Stock Exchange through GDR exchange, DAMAC Properties made a splash in 2013 after announcing plans to accumulate $500 million from the sale of shares. The company raised $379 million as an IPO that same year. In 2017, the company ranked number one in Forbes Magazine’s “Global 2000” list, where it was estimated to be worth $4.7 billion in value. The Forbes list included DAMAC properties as one of the fastest growing global companies from 2013 till 2016. Since its foundation in 2002, the company has completed a series of real estate projects in Abu Dhabi, Beirut, and London, among other cities.
One of DAMAC’s most prestigious properties is Trump World Golf Course, designed by golf champion Tiger Woods and managed by the Trump Organization. This course, located in Dubai, consists of 18 holes and 7,400 yards.
The DAMAC Hotels and Resorts brand, an offshoot of DAMAC Properties, offers hospitality in the form of luxury hotels and complexes located throughout Dubai. DAMAC Properties also collaborated with Paramount Studios to create DAMAC Towers by Paramount Hotels and Resorts in 2013, a hotel concept in Downtown Dubai. Using Paramount brand’s history and iconography, the branded hotel project channels a “Hollywood feel” for guests and residents to enjoy.
In addition to being recognized as one of the most powerful moguls of the Arab world, DAMAC Owner Hussain Sajwani was awarded Property CEO of the Year by the CEO Middle East Awards in 2017. Moreover, in 2016 the company took home four Africa & Arabia Property Awards. In 2013, DAMAC’s Akoya project was named the world’s best golf development at London’s International Property Awards.
About Hussain Sajwani
DAMAC’s owner Hussain Sajwani currently serves as the company’s Founder and Chairman. Thanks to a government grant, Sajwani was able to pursue a college education in the United States in 1978. Even during his college years, Sajwani had a passion for real estate and development. He found time between classes to sell timeshare properties overseas and make plans for the future of his business. After completing his bachelor’s degree in Engineering and Economics from the University of Washington, Sajwani started his career in 1982 by creating a catering company servicing large-scale construction clients as well as the U.S. Military. Since 1982, Sajwani has shifted his focus to real estate. After the forging an agreement in 2001 allowing foreigners to purchase land in Dubai through a 99-year lease, Sajwani worked to create a real estate empire built around luxury properties and mixed-use projects in the area. It was Sajwani’s foresight and shrewd business sense that helped him and his company weather the storm of the 2008 subprime crisis, with its far-reaching global implications for the housing and rental markets. Rather than react to the crisis with caution, Sajwani continued to lay the groundwork for large-scale luxury projects in Dubai.
DAMAC Properties’ motto encourages renters and residents to “Live the Luxury Life.” With Sajwani, the luxury element isn’t an afterthought, it’s a primary focus. DAMAC’s truly remarkable hotel and apartment units are achieved through creative co-branding, great marketing, and one-of-a-kind properties in developing urban areas. After several collaborations with the Donald Trump organization, Sajwani’s DAMAC Properties is branching out into large-scale entertainment-based projects such as luxury golf courses and branded apartment complexes.
With a net worth estimated at 3.8 Billion, DAMAC Owner Hussain Sajwani was recently listed in Gulf Magazine as one of 2017’s “100 Most Powerful Arabs.” Sajwani’s entrepreneurial expertise has earned him the nickname, “the Donald of Dubai.” Even Sajwani’s business risks, including DAMAC’s model of selling off properties before completion to secure the cost of operation, have paid off in a big way, paving the way for his future luxury developments all over the world.
At 65, Sajwani shows no signs of slowing down. The DAMAC owner continues to create co-branding opportunities with luxury brands such as Versace, Fendi, and Bugatti while developing large-scale luxury housing projects and resorts across the UAE. Sajwani currently resides in Dubai, where he lives with his family.
In 2017, along with the DAMAC Foundation, Sajwani sponsored the One Million Arab Coders initiative. This organization helps provide young coders in the Arab world with free training.
With the 2020 World Expo taking place in Dubai, DAMAC Properties is planning on completing the Akoya Oxygen villas for residential use. As DAMAC Properties’ most ambitious project, the luxury apartments are set to be the first fully green residential development in Dubai. Among other amenities, the complex includes a built-in “entertainment district” for residents. The Akoya units sold out shortly after the first release in 2014. Plans for Aykon Nine Elm, a London-based luxury housing development with co-branding from Versace, are also in the works along with preliminary outlines for a gated community in Dubai featuring branding from luxury car brand, Bugatti.
More information on Hussain Sajwani can be found on his personal website http://www.hussainsajwani.com/ar/about-hussain-sajwani/