DAMAC Properties was founded in the year 2002 by a businessman called Hussain Sajwani, who is also the current chairman. Mr. Sajwani, who is an Industrial Engineering and Economics degree holder from the University of Washington, founded the company to accommodate the growing in streaming of people from different countries and regions. The Company has since grown and is currently the top real estate development company all over the Middle East.
The expertise of the businessman in the real estate industry has positively impacted DAMAC Properties. In fact, the company has projects in major global cities like Abu Dhabi, Amman, Dubai, London, Riyadh, and Doha. It is a company with approximately 2000 employees and has been publicly listed. It has many shares traded on the financial market of Dubai and is among the best luxury real estate development companies in the market. DAMAC Properties has delivered over 20,000 homes to date and has over 44,000 development portfolio units yet to be completed.
Under the leadership of Mr. Hussain, the DAMAC owner, the company successfully launched a hospitality division in October 2011. The property, which is called DAMAC Maison, has over 15,000 hotel rooms and apartments that are serviced, thus providing impeccable services to the residents. This investment will place the company among the most prominent hotel apartment developers and operators in the Middle East.
According to aleqt.com, the success and fast growth of this company is due to Sajwani’s entrepreneurial skills and vision. The company was even given the number one position by Forbes 2017 in the Global 2000 list. More to that, Mr. Hussain himself was ranked the fourth richest Arab in the world in Forbes 2018, with a net worth of approximately 4.1 billion dollars.
The company’s primary focus is on efficient delivery of services all over the Middle East, and its relentlessness has made it become such a success. DAMAC turned heads during the 2008 crisis since it was the only company left standing while all the others became dormant due to inability to cope with the harsh economic recession.