DAMAC Properties is a global leader in branded real estate and interior design. It was established as a private residential, leisure and commercial developer in Dubai and the Middle East. For over a decade, the rich and diverse real estate portfolio of DAMAC Properties has been at the forefront of the Middle East’s luxury real estate market. With an enduring passion for design and quality, the company has built a reputation for creating some of the most iconic and desirable properties in the UAE, Qatar, Saudi Arabia, Iraq, Jordan and Lebanon.
History
DAMAC Properties was established in 2002 as a luxury real estate developer providing unrivalled living experiences in Dubai, UAE. Over the past 13 years, the Company has grown to become one of the foremost luxury developers in the region, with projects spanning the GCC and wider Middle East.
The history of DAMAC Properties is not that long yet but it already is full of remarkable accomplishments. In 2002, the company made its first land purchase that was Marina Tearrace located in the heart of Dubai Marina. The construction began the following year. In 2004, Ocean Heights, overlooking the Palm Jumeirah, was launched – one of the tallest residential towers in the world. 2005 was marked with another great achievement. DAMAC Properties was the first company to introduce projects in every master planned development introduced by the Dubai Government.
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In 2006, the very first project of DAMAC Properties was finished and handed over. Another important fact that marked history of the company was opening of first overseas offices in Beirut, Lebanon and Doha, Qatar. Next year was special because the first project in Saudi Arabia was launched – Al Jawharah In Jeddah. By 2008, DAMAC Properties completed 7 817 units. In that year, Lake Terrace in Jumeraih Lakes Towers was completed and handed over to customers. 2010 was also very important for the company. DAMAC Properties started to partner with Versace with an objective of creating DAMAC Tower in Lebanon. It was company’s first collaboration with a global fashion brand. In the following year, DAMAC Properties launched DAMAC Maison – its hospitality arm. That year was remarkable when it comes to numbers. It completed 4 072 units – more than any other UAE developer. It was an astonishing accomplishment.
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In 2012, DAMAC Properties finished Park Towers in Dubai International Financial Centre and handed it over to customers. By 2012, the company had 50 projects under development across the region. The next year was marked with more significant collaborations. DAMAC started to partner with another global fashion brand – FENDI, for projects in Saudi Arabia and Dubai. Another collaboration was inaugurated, this time with Paramount Hotels & Resorts, to develop the four-tower DAMAC Towers by Paramount in the Burj area. Another great accomplishment was entering the London Stock Exchange. The company was the first real estate developer form the UAE to be listed on the UK’s stock exchange.
In 2014, DAMAC launched a new hospitality brand, NAIA. Following the success of the AKOYA by DAMAC, the company launched AKOYA Oxygen – a 55-million-square-foot lush green community in Dubai. This project also became a success very quickly. An interesting fact, Tiger Woods was announced as the designer for the Trump World Golf Club Dubai at AKOYA Oxygen. Although current year is not finished yet, it can be said that it was very successful for the DAMAC Properties. First of all, the company was listed on its home market in the Dubai Financial Market. Another great achievement was expansion of its serviced hotel apartments portfolio with opening of DAMAC Maison The Vogue and NAIA Breeze.
After analysing history of DAMAC Properties, it can be easily seen that this company has many great achievements on its account. Nowadays, it develops multi-million square-foot lifestyle communities, high-end and high-rise private apartment towers, ‘limited edition’ living experiences with global brands such as Versace, FENDI and The Trump Organization, as well as operating and managing serviced hotel apartments and fully-fledged five star hotels in collaboration with Paramount Hotels & Resorts.
Mission
Since its creation in 2002, DAMAC Properties’ vision has been to bring alive its customers’ dreams of premium luxury living with high quality residential, leisure and commercial developments. At the heart of the Company’s culture lies the desire to deliver this vision for its customers – from the selection of its development partners such as architects, designers and contractors – to the handover of keys, the Company endeavours to keep its promise to make sure every detail is flawless.
To ensure developments are delivered to the highest possible standards, DAMAC Properties provides the right working environment for talented employees, selects only the finest partners, develops projects in prime locations, and uses the most sophisticated building materials. Only by operating this way can DAMAC Properties guarantee a track record of delivery for customers to help realise the goal of being the leading luxury developer in the Middle East.
Management team
The Company is led by a management team of directors and senior managers with significant experience in the real estate construction industry, as well as in marketing, human resource management, company administration, corporate finance, legal and accounting. The Board draws its knowledge and skills from both local and international experience. DAMAC Properties’ management team consists of excellent specialists in their fields: Mr Hussain Sajwani (Chairman), Mr Ziad El Chaar (Managing Director), Mr Adil Taqi (Group Chief Finance Officer), Mr Niall McLoughlin (Senior Vice President, Corporate Communications), Mr Mohammed Tahaineh (Senior Vice President, Commercial), Mr Patrick Doolan (Legal Advisor), Mr Arunan Thayyil (Vice President, Information Technology), Mr MP John (Senior Vice President Of Human Resources And Talent Acquisition).
Mr Hussain Sajwani – Chairman
Mr Hussain Sajwani founded the DAMAC Group in 1992 and has served as its Chairman since its establishment in its current form since 2002. Being one of the pioneers of Dubai’s property market expansion, Mr Sajwani built and sold several hotels in the mid-1990s to accommodate the growing influx of people to the country for the purposes of business and trade.
Having contributed to DAMAC’s growth from its inception, in October 2011, under Mr Sajwani’s initiative, the DAMAC Group launched its hospitality division, which will ultimately provide bespoke services to residents in more than 13,000 luxury branded apartments and villas in DAMAC projects, currently under development. Mr Sajwani received his Bachelor of Arts degree in Economics from the University of Washington in the United States.
Al Jawharah – Jeddah Corniche, Jeddah, Saudi Arabia
Award-winning residential tower on Jeddah’s Corniche. The multiple award-winning Al Jawharah residential tower is located on the Jeddah Corniche along the coast of the Red Sea. Featuring a double-height lobby, designer guest lounge and generous parking, Al Jawharah sets a new benchmark for luxury within the Kingdom of Saudi Arabia.
In terms of accommodation, there are lavish penthouses as well as one, two and three bedroom apartments, some with interiors from Versace Home. The tower itself is nestled in beautifully landscaped surrounds – among the finest in Saudi Arabia.
DAMAC Residenze with interiors by Fendi Casa – Dubai Marina, Dubai, UAE
Rising through the last area of platinum real estate in Dubai Marina, one of the most desirable locations in the city, DAMAC Residenze with interiors by Fendi Casa offers stunning views of the Palm Jumeirah and the surrounding neighbourhood.
Occupying levels 43 to 84 of the award-winning 86-storey tower, each of the luxury apartments at DAMAC Residenze is fitted out with the latest furnishings from the Fendi Casa collection to provide the most stylish living experience you could wish for. Add to that a relaxing environment and the lively atmosphere of Dubai Marina and it’s easy to see why it’s already one of the most sought-after addresses in Dubai.
DAMAC Residenze has won numerous awards:
2014 International Property Awards: World’s Best
Best International Residential High-Rise Architecture
2014 Arabian Property Awards: Best In Arabia:
Best Residential High-Rise Architecture Arabia
2014 Arabian Property Awards: Best In Dubai
Best Residential High-Rise Architecture Dubai Highly Commended for Interior Design Apartment, Dubai
DAMAC Tower by Paramount Hotels & Resorts – King Fahd Road, Riyadh, Saudi Arabia
DAMAC Tower by Paramount Hotels & Resorts, Riyadh, is an iconic tower with a taste of Hollywood and the finest service standards. Riyadh, ‘The Gardens’ city, is the capital of Saudi Arabia and home to some fascinating avant-garde architectural landmarks, including the DAMAC Tower by Paramount Hotels & Resorts, Riyadh. The tower offers over 200 furnished and serviced residences of varying sizes, including studios, one, two and three bedroom apartments.
As any Hollywood star knows, first impressions count, and the lobby sets the scene for the dramatic interior décor experience that awaits, where elements of the California lifestyle are brought to life. Designed with a ‘studio’ feel, living rooms are equipped with spacious work areas, lounge-style seating and high-end digital presentation equipment.
The Paramount Hotels & Resorts’ boutique offers the perfect combination of global luxury and California cool, just like Rodeo Drive. International luxury brands mix with other authentic local and regional experiences such as art galleries, artisan services or antiques sellers, to provide a meaningful shopping experience.
Company’s Highlights:
Internationally recognised brand
Leading growth of the premium Dubai property market and beyond
Proven business model with strong margins and attractive returns
Advanced in-house design, sales and project execution as well as service and hospitality capabilities
Future growth secured by existing development pipeline and ability to source new opportunities
Highly experienced management team and a committed founding shareholder
DAMAC Properties has a proven track record of delivery through all market cycles, having delivered almost 14,375 units since launching its first residential development in 2002. As of 30th June 2015, the company has 37,000 units at various stages of planning and progress across the Middle East region. DAMAC Properties’ hospitality portfolio will extend to reach around 13,000 units of hotel rooms, serviced hotel apartments and serviced villas.
As DAMAC Properties continues to innovate and bring new concepts to the market, the company is determined to build on its powerful performance to date. With vision and momentum, DAMAC Properties is building the next generation of Middle East luxury living and amazing interior design.
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