DAMAC Properties
A Dubai-based luxury property developer with residential, commercial, hospitality and master-planned community projects in the United Arab Emirates and international markets.
Last updated August 31, 2026
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Overview
DAMAC Properties is an Emirati real estate development company headquartered in Dubai. Founded by Hussain Sajwani, it operates as the property-development arm associated with the wider DAMAC Group and is known for luxury residential communities, branded towers, hospitality projects and large master-planned developments. Its portfolio has included apartments, villas, townhouses, hotel residences, commercial property and golf-oriented communities. The company expanded rapidly with Dubai’s real estate market and became particularly associated with high-end developments marketed through lifestyle, design and hospitality partnerships. Projects such as DAMAC Hills, DAMAC Hills 2, DAMAC Heights, DAMAC Towers by Paramount, Safa One and Safa Two helped establish the brand across several segments of Dubai’s residential market. It has also pursued projects outside the UAE, including DAMAC Tower Nine Elms London in the United Kingdom. DAMAC’s growth was tested by the 2008 global financial crisis, during which the company nearly collapsed. Earlier projects also attracted criticism concerning construction quality. The developer subsequently continued expanding its project pipeline and using branded partnerships, including collaborations connected with the Trump Organization, Paramount Hotels & Resorts, de GRISOGONO and Chelsea Football Club. The company became publicly traded on the Dubai Financial Market in 2015 after earlier plans to raise capital through global depositary receipts in London. In 2022, Hussain Sajwani acquired the remaining shares and returned DAMAC Properties to private ownership. The delisting was controversial because it occurred while the company’s performance was improving and some investors expected continued participation in the recovery of Dubai’s property market. DAMAC has continued to introduce large lifestyle-led communities and branded residential concepts. DAMAC Islands, announced in 2024, uses a tropical, resort-oriented theme for villas and townhouses. In 2025, the company introduced DAMAC District, a mixed-use concept intended to combine living, work and social functions, as well as additional waterfront and branded residential projects in Dubai. The company has also used major sponsorship and entertainment partnerships to reinforce its international luxury positioning.
History
DAMAC Properties was founded by Hussain Sajwani and developed alongside Dubai’s emergence as a major international real estate and tourism market. The company built its identity around luxury property, large residential communities and projects linked to hospitality, golf, fashion and entertainment brands. Its early growth was accompanied by criticism of construction quality, and the 2008 financial crisis placed severe pressure on the company and Dubai’s property sector more broadly. During the recovery of Dubai’s real estate market, DAMAC expanded its development pipeline. In 2013, it announced plans to raise approximately US$500 million through global depositary receipts on the London Stock Exchange. The company continued to develop large Dubai communities, including the project originally known as Akoya, later renamed DAMAC Hills. The development was built around the Trump International Golf Club Dubai, whose course was designed by Gil Hanse and which opened in 2017. A larger related project, initially called Akoya Oxygen and later known as DAMAC Hills 2, was launched in Dubailand and included significant infrastructure and construction contracts. DAMAC also pursued branded high-rise and hospitality projects. DAMAC Towers by Paramount combined three residential towers with a Paramount hotel tower, while DAMAC Heights became a major residential tower in Dubai Marina. The company entered the London market through a development at Nine Elms, first known as AYKON London One and later as DAMAC Tower Nine Elms London. In Dubai, it completed Ghalia, a Sharia-compliant residential project in Jumeirah Village Circle, and developed the Safa One and Safa Two towers near Safa Park and the Dubai Canal. The company’s partnerships generated both visibility and controversy. Its projects connected with the Trump Organization received attention because of Donald Trump’s political office and concerns about whether business relationships could create foreign-emoluments issues. DAMAC also faced negative reporting about sales practices involving cash and cryptocurrency payments and the possible avoidance of questions about the source of funds. The company rejected the reported practice as policy and said it would investigate the salesperson’s comments. DAMAC became listed on the Dubai Financial Market in 2015. In 2022, Sajwani bought the remaining publicly held shares and delisted the company, returning it to private ownership. The transaction was criticized by some observers because it followed a period in which the company’s outlook and Dubai’s property market had improved. More recently, DAMAC has emphasized themed communities, resort-style living and branded residences. DAMAC Islands, launched in 2024, introduced a tropical waterfront concept for villas and townhouses. In 2025, DAMAC launched or announced DAMAC District, Chelsea Residences in Dubai Maritime City and additional waterfront housing concepts. Sponsorship of Chelsea Football Club further connected the property brand with international sports and luxury marketing. DAMAC therefore remains an active Dubai-centered developer whose business spans residential, hospitality, commercial and mixed-use real estate.
- 2025
DAMAC expands branded and mixed-use concepts
[1]The company introduces DAMAC District, Chelsea Residences and other waterfront or lifestyle-led residential concepts.
- 2024
DAMAC Islands launches
[1]DAMAC introduces a tropical-themed waterfront community of villas and townhouses.
- 2022
Return to private ownership
[1]Sajwani acquires the remaining shares and delists DAMAC Properties from the Dubai Financial Market.
- 2019
DAMAC Tower Nine Elms London tops out
[1]The London residential tower at Nine Elms reaches structural completion.
- 2018
DAMAC Heights receives tenants
[1]The 335-metre, 88-floor DAMAC Heights residential tower in Dubai Marina opens to tenants.
- 2017
Trump International Golf Club Dubai opens
[1]The golf club and the surrounding DAMAC Hills community open in Dubai.
- 2015
Dubai Financial Market listing
[1]The company becomes listed on the Dubai Financial Market.
- 2013
London depositary-receipt fundraising plan
[1]DAMAC announces plans to raise about US$500 million through global depositary receipts in London.
- 2008
Global financial crisis tests the company
[1]DAMAC is reported to have come close to collapse during the global financial crisis and the associated downturn in Dubai real estate.
- 1982
DAMAC is founded
[1]Hussain Sajwani establishes the company that becomes DAMAC Properties.
Products and positioning
Luxury and lifestyle-led property developer focused on branded residences, resort-style communities, premium towers and large-scale mixed-use developments.
Master-planned golf community
DAMAC Hills
A large residential community in Dubailand organized around the Trump International Golf Club Dubai. It includes villas, apartments, leisure facilities and a DAMAC hotel, and represents the company’s use of golf and hospitality branding to market a premium lifestyle environment.
Master-planned residential community · 2014
DAMAC Hills 2
A large residential development in the Dubailand area, originally announced as Akoya Oxygen. The project includes housing and extensive infrastructure and was positioned as a larger companion to DAMAC Hills, with a resort-oriented and nature-focused identity.
Branded residential and hotel complex
DAMAC Towers by Paramount
A four-tower Dubai development created with Paramount Hotel & Resorts. Three towers contain approximately 1,200 residential units, while a fourth tower contains a Paramount hotel with approximately 800 units or rooms as described in the reference material.
Luxury residential tower
DAMAC Heights
An 88-floor luxury residential skyscraper in Dubai Marina. Rising approximately 335 metres and overlooking Palm Jumeirah, it is one of DAMAC’s prominent high-rise residential projects and opened to tenants in 2018.
Branded residential tower · 2016
DAMAC Tower Nine Elms London
A 50-floor residential tower at Nine Elms on London’s south bank. Originally called AYKON London One, the project was developed with Lendlease and was topped out in 2019.
Sharia-compliant residential development
Ghalia
A residential project in Jumeirah Village Circle, Dubai, completed with 727 apartments. It was marketed as a Sharia-compliant development and broadened DAMAC’s offering beyond conventional luxury-branded towers.
Luxury residential towers
Safa One and Safa Two
High-rise residential projects near Safa Park and the Dubai Canal. The developments emphasize views toward the canal, Burj Al Arab and Palm Jumeirah, with design themes linked to nature and premium urban living.
Waterfront villa and townhouse community · 2024
DAMAC Islands
A tropical-themed community launched in 2024 with villas and townhouses. The concept focuses on resort-style waterfront living and uses a leisure-oriented design language rather than a conventional urban apartment format.
Mixed-use development concept · 2025
DAMAC District
A 2025 concept intended to combine residential, working and social environments in a unified development. It reflects DAMAC’s move toward integrated mixed-use communities rather than stand-alone residential buildings.
Controversies
2008
Construction-quality criticism
The company faced criticism in the earlier phase of its development history over the quality of building work.
Reported guidance on cash and cryptocurrency property purchases
Investigative journalists reported that a DAMAC salesperson discussed buying property with cash or cryptocurrency and avoiding questions about the source of funds. DAMAC stated that such options were not offered as company policy and said it would investigate.
Trump Organization relationship and foreign-emoluments concerns
DAMAC’s Trump-branded projects and continuing business relationships with the Trump Organization drew scrutiny during Donald Trump’s presidency over possible foreign-emoluments and conflict-of-interest issues.
Reporting involving a former chairman’s business associate
Reporting discussed a company associated with former DAMAC chairman Farooq Arjomand that paid Alexander Smirnov, who was later charged over allegedly fabricated corruption claims involving Joe and Hunter Biden. The reported association was a matter of scrutiny rather than a finding that DAMAC itself made the payment.
Marketing campaigns
- 2025Chelsea Football Club shirt sponsorship
United Kingdom · International
DAMAC became the front-of-shirt sponsor of Chelsea Football Club for the remainder of the 2024–25 season, with the sponsorship also covering the women’s team.
Outcome. The agreement connected the developer with a globally recognized football brand and supported its international luxury-marketing strategy.
- 2017Trump International Golf Club Dubai partnership
United Arab Emirates · International
DAMAC promoted DAMAC Hills through its partnership with the Trump Organization and the opening of the Trump International Golf Club Dubai.
Outcome. The project increased the international visibility of DAMAC’s luxury golf-community positioning, while the partnership later attracted political and ethics scrutiny.
Brand decisions
2025
Expansion into integrated mixed-use and branded livingStrategyBackground
DAMAC continued to emphasize lifestyle-led communities, waterfront projects and partnerships with internationally recognizable brands.
Action taken
The company introduced DAMAC District and announced or launched Chelsea Residences and additional waterfront residential concepts in Dubai.
Aftermath
These projects broadened DAMAC’s portfolio toward integrated living, branded residences and experience-oriented developments.
2024
Launch of DAMAC IslandsProduct launchBackground
DAMAC sought to extend its resort-style positioning into a tropical waterfront community format.
Action taken
The company launched a villa and townhouse development themed around tropical island living.
Aftermath
The first phase was reported as receiving a Guinness World Records title for the highest revenue generated by a real estate launch in 24 hours.
2022
Take-private transaction and delistingM&ABackground
Hussain Sajwani retained a controlling stake and sought to consolidate ownership of the developer.
Action taken
Sajwani acquired the remaining shares and delisted DAMAC Properties from the Dubai Financial Market.
Aftermath
DAMAC returned to private ownership. The move was controversial because it followed improving company and market conditions.
Purchase price for remaining shares. AED 2.19 billion (approximately US$595 million) (2022)
2015
Dubai Financial Market listingStrategyBackground
The company pursued public-market access to support visibility and capital formation.
Action taken
DAMAC Properties listed its shares on the Dubai Financial Market.
Aftermath
The company remained publicly traded until its 2022 take-private transaction.
2013
Plan to raise capital through London depositary receiptsStrategyBackground
DAMAC sought additional international capital as Dubai’s property market recovered and the company expanded its development pipeline.
Action taken
The company announced plans for approximately US$500 million in global depositary receipts on the London Stock Exchange.
Aftermath
DAMAC later pursued a Dubai Financial Market listing instead of remaining a purely private developer.
Recent events
Damac invests in offsite manufacturing factory[3]
Damac Properties invested more than AED44 million in a multi-line offsite manufacturing factory spanning over 17,000 square metres. The facility manufactures X-Panel and smart building solutions.
- Unconfirmed
DAMAC and Roberto Cavalli partner on Cavalli Tower[4]
DAMAC Properties announced the launch of Cavalli Tower, a Dubai residential project with interiors branded by Roberto Cavalli. Roberto Cavalli's general manager said the fashion house was partnering with DAMAC on the project.
Maple Invest offers to acquire Damac Properties shares[5]
Reported:
Maple Invest, owned by Hussain Sajwani, stated its intention to make a voluntary conditional offer for Damac shares, with the aim of owning at least 90% and up to 100% of the company. The offer was not reported as completed.
Sources5 sources
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