The name DAMAC has become synonymous with not just luxury properties in the UAE but also large residential communities.
Founded by Emirati businessman Hussain Sajwani in 1982, the group has expanded its reach across sectors and countries over the decades. Recognizing a market opportunity in the early 2000s, Sajwani established DAMAC Properties, growing it into one of the largest property development companies in the Middle East.
Read: Dubai’s real estate is on a winning streak
The self-made businessman began his journey by entering the catering and logistics sector with a company named ‘Global Logistics Services’. This was the first group company in the UAE. Sajwani has a proven track record in global equity and capital markets, showcasing his credibility and experience as a businessman and investor in diverse sectors.
Sajwani was quick to realise Dubai’s economic potential, and built several hotels to accommodate the growing influx of people coming to the emirate to do business and trade in the mid-90s.
Expanding reach in global markets
Over the years, the group has expanded into Qatar, Kuwait, Saudi Arabia, Oman, Turkmenistan, Jordan, Azerbaijan and Uzbekistan. And as the group expanded, so did its business interests in regional and global markets. Hussain Sajwani and DAMAC Properties manage both majority and minority holdings in various publicly traded companies to enhance their business operations across multiple industries. Strategic land acquisitions and investments in a wide portfolio of companies ensured that the group was always well cushioned in the face of any global economic uncertainties.
Read: For AHS Properties, attracting UHNWIs is all about privacy, practicality, and personalization
DAMAC Properties is launched
In 2002, Dubai opened up the real estate market to international investors by allowing freehold ownership. DAMAC Properties was incorporated the same year, and purchased land for its very first project in the Dubai Marina area. There was no looking back after that. Projects like Marina Terrace, Park Towers in Dubai International Financial Center (DIFC), Executive Heights in TECOM, its first freehold office tower, told the world that DAMAC was here to stay in key global cities such as Dubai, Jeddah, and London.
To date, DAMAC has delivered around 47,000 homes, with around 33,000 more under way. DAMAC Properties is one of the largest property development companies. DAMAC Properties has projects in over countries, including cities such as Dubai, Jeddah, Riyadh, Beirut, Amman, Doha, Baghdad, the Maldives, Toronto, Miami, and London.
Read | Spreading her wings: Amira Sajwani on continuing a family legacy
Key achievements
Here are some key milestones that the DAMAC group has crossed over the years.
- 2006: DAMAC Properties expands to Abu Dhabi with the launch of Marina Bay
- 2006: The total number of DAMAC Properties’ projects under development hits 20 across the Middle East
- 2007: DAMAC Properties launches Al Jawharah in Jeddah, its first project in Saudi Arabia
- 2008: Several land areas acquired in the Burj area, with many projects introduced
- 2010: DAMAC partners with Versace – its first collaboration with a global fashion brand – to launch DAMAC Tower by Versace Home in Beirut, Lebanon
- 2011: DAMAC Group launches hospitality arm, DAMAC Hotels & Resorts
- 2013: DAMAC Properties announces its first master development – the 42 million sq.ft. DAMAC Hills
- 2013: DAMAC Properties Co PJSC lists on the London Stock Exchange
- 2014: DAMAC Hills 2, a 55 million sq.ft. community in Dubai, is launched
- 2015: DAMAC Properties Co PJSC lists on Dubai Financial Market
- 2016: DAMAC announces AYKON City, the first freehold project on Sheikh Zayed Road, overlooking Dubai Canal
- 2017: Trump International Golf Club Dubai at DAMAC Hills opens
- 2019: DAMAC Group acquires Italian luxury fashion brand Roberto Cavalli
- 2021: DAMAC Properties launches Cavalli Tower, a 70-storey tower overlooking Palm Jumeirah with Cavalli-branded interiors
- 2021: DAMAC Lagoons, the company’s third master development (45m sq.ft.) is launched in Dubai
- 2023: DAMAC Properties announces the launch of DAMAC Bay 1 and 2 by Cavalli, Canal Heights 1 and 2 de GRISOGONO, DAMAC Casa, Canal Crown, and Volta
Grooming the next generation
Hussain Sajwani lives in Dubai with his wife and four children — Ali, Amira, Abbas and Mehdi Sajwani. Ali and Amira are managing directors in DAMAC group, while Abbas is a board member. Abbas is also the founder and CEO of AHS Properties.
Read: UAE’s Hussain Sajwani to invest $20 billion in U.S. data centers, says Trump
Philanthropic initiative in the Middle East
The Hussain Sajwani – DAMAC Foundation is a joint philanthropic initiative between the DAMAC Group and Hussain Sajwani. The foundation aims to improve the livelihoods of others through foundational learning and skills development initiatives that address the unmet needs of the communities in which DAMAC operates.
While the foundation focuses on education and youth empowerment, it also engages in charitable initiatives that provide a wide range of assistance to benefit the underserved and marginalised sectors of society. So far, the foundation has pledged AED5 million to the ‘1 Billion Meals’ campaign, launched at the start of Ramadan 2022, which aims to provide food parcels for disadvantaged individuals and families across 50 countries.
Additionally, in partnership with the Dubai Future Foundation, it supports the ‘One Million Arab Coders’ Initiative’ that was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to provide software development training to one million people across the Arab world. Other humanitarian causes that the foundation supports include support for the Al Hadaf Centre for People of Determination, Dubai Autism Centre, and Al-Tariq Rehabilitation Centre, as well as the Arab Hope Makers initiative.
The foundation has collaborated with the Knowledge Fund Establishment to support the Dubai Schools project. According to the agreement, DAMAC Group will provide scholarships worth AED20 million for Emirati students’ tuition fees starting with the 2022-23 academic year.
The foundation also launched the ‘Fresh Slate’ initiative in collaboration with the Dubai Police General Headquarters aimed at aiding detainees in Dubai’s Punitive and Correctional Institutions charged with petty offences. The initiative will cover the financial obligations of the detainees to ensure their release and safe return to their families, providing them with a new opportunity to become productive members of society.
