Damac Properties was born in 2002 when its founder and chairman Hussain Sajwani saw opportunities in the Dubai government decree that allowed foreigners to own property in the emirate. Over a decade later and the company is known for having played a major role in orchestrating one of the world’s biggest real estate booms, growing to become the first real estate firm from the Middle East to list on the London Stock Exchange in 2013. It then moved to the Dubai Financial Market in January 2015 to list in its home market exchange. Some of its most celebrates projects include the $6.5bn Akoya Oxygen, a 55 million sq ft community development, and Damac Hills, expected to house 10,000 units.
In 2018, the company’s investment arm DICO International signed a hospitality partnership with Italian fashion house Roberto Cavalli Group to feature luxury interiors in its Aykon Hotels in Dubai. The first hotel is set for completion by 2023. Situated in Dubai Marina, it will offer 220 rooms overlooking the city skyline and Palm Jumeirah.
Last year, it also announced that Damac Towers by Paramount, the four-tower master development by the firm in collaboration with Paramount Hotels & Resorts, entered its handover phase. The towers boast pool areas, health clubs and a variety of trendy food and beverage outlets. The project which will boast the ultra-luxurious 800-room Paramount hotel will be completed in 2019. The company has also begun groundwork at Mina Al Sultan Qaboos, the joint venture development project between the Dubai property giant and Oman’s tourism development arm Omran. The $2bn project will turn the country’s oldest and most historical port into the GCC’s largest waterfront.