DAMAC Properties

DAMAC Properties
Private
Founded 2002
Headquarters Dubai, United Arab Emirates
Key people
 Hussain Sajwani (Arabic: حسين علي سجواني,) (Chairman)
Products Luxury Real Estate
Number of employees
 circa 1,000 (2013)
Parent DaMAC Group (Dariah Management Services Co)
Website DAMAC Properties Official Webpage

DAMAC Properties is a property development company in the Middle East, based in Dubai, in the United Arab Emirates.

History

The company is part of the DAMAC Group. On 4 November 2013, DAMAC Properties announced a plan to raise around $500 million from a sale of global depository receipts on the London Stock Exchange.[1] On 3 December 2013, DAMAC Properties became the first Dubai Real Estate Company from the Middle East region to list on the London Stock Exchange through a global depository receipts programme.[2]

Residential Developments

DAMAC Properties has released a second residential development in Dubai known as AKOYA Oxygen.[3] On 8 December 2014, the company announced that Tiger Woods would design the Trump World Golf Club, Dubai, which will sit at the centre of AKOYA Oxygen.[4] The course was also announced to be designed by world-renowned golf course architect Gil Hanse.[5]

This follows its 42 million square foot development, AKOYA by DAMAC. The company has delivered almost 12,000 units to date and currently has a development portfolio of over 39,000 units at various stages of progress and planning as of September 30, 2014, which includes over 10,000 hotel rooms and serviced hotel apartments. Other developments that have been led by DAMAC Properties include Ocean Heights in Dubai,[6] and Park Towers in the Dubai International Financial Centre.[7] In 2014,[8] and more recently, in 2016 VICE News uncovered allegations that its subcontracted development projects in the UAE violate practically unenforceable local labor laws. Donald Trump is a partner in at least one of these projects.

External links

References

  1. ↑ http://uk.reuters.com/article/2013/11/04/uk-emirates-damac-ipo-idUKBRE9A306I20131104
  2. ↑ "Dubai's DAMAC gets muted response for London share sale". Reuters. Retrieved Dec 17, 2013.
  3. ↑ "Damac says first Akoya Okygen homes sell out in record time", Arabian Business, by Andy Sambidge, 22 August 2014
  4. ↑ "Tiger Woods to design new Dubai golf course", The National, by Sean Cronin, 9 December 2014
  5. ↑ Trump International Golf Club = Dubai
  6. ↑ "Reaching new heights", Arabian Business, by Sarah Blackman, 20 March 2014
  7. ↑ "Sharpoorji scores deal to build Park Towers for Damac", Arabian Business, by Christopher Sell, 30 December
  8. ↑
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