The developer in Dubai: Damac Properties
Dubai, once a desert city, has risen like a phoenix from the sands to become a world-renowned metropolis. It’s often compared to the world’s most iconic cities for its rapid growth, stunning architecture and outsized ambitions.
At the heart of this transformation is Emaar Properties, a real estate developer that has played a key role in the evolution of Dubai’s urban landscape. In this article, we explore the history of Emaar, its impact on Dubai and its iconic projects.
The Damac properties story
Damac Properties, whose origins date back to 2002, is the embodiment of the ambition and vision of its founder, Hussain Sajwani.
Rooted in the effervescence of a transforming Dubai at the beginning of the 21st century, Damac developed at a time when the city was experiencing rapid economic growth, fuelled by an explosion in tourism and growing recognition as a global business center.
The founder, Hussain Sajwani, had already acquired valuable experience in the business world before entering real estate. He had been running a successful catering business, Dariah Management Services Company, since the early 1980s. However, it was in recognition of the opportunities in Dubai’s burgeoning real estate market that he founded Damac Properties. The enactment in 2002 of a new law allowing foreigners to own property in Dubai opened the door to a plethora of opportunities, and Sajwani was one of the first to seize the chance.
The first phase of Damac’s development saw the company focus primarily on residential, commercial and leisure projects in Dubai. With a bold strategy favoring pre-financing by buyers, Damac often sold properties before construction had even begun. This approach, while risky, paid off, as the company quickly gained a reputation for fast delivery while maintaining high standards.
Over the years, Damac has expanded its portfolio, penetrating international markets such as Jordan, Lebanon, Qatar and the UK. This geographic expansion has been complemented by strategic diversification into sectors such as hotels and retail.
Damac Properties’ success is also attributable to its ability to forge strategic partnerships. By working with international luxury brands and celebrities, Damac has succeeded in creating a brand image associated with luxury, elegance and exclusivity.
Today, almost two decades later, Damac Properties is much more than just a property developer; it’s an institution, a brand synonymous with Dubai’s phenomenal transformation, and a testament to the dream and determination of its founder.
Damac properties' role in transforming Dubai
Damac Properties has played a central role in transforming Dubai from a simple fishing port into a modern megalopolis synonymous with luxury and innovation. Thanks to its expertise and forward-thinking vision, Damac has helped make Dubai a destination of choice for investors and travellers from all over the world.
The developer has identified and exploited the opportunities offered by the Dubai real estate market, launching projects that meet the growing demand for luxury living. Damac Properties’ vision has not been limited to the creation of residences alone; it has also incorporated the development of quality infrastructure, including golf courses, parks and leisure facilities.
Emblematic Damac projects
Residential area of Damac properties
DAMAC Properties is one of Dubai’s leading real estate developers and has been at the forefront of the city’s residential and luxury transformation. The company has designed and developed many iconic residential districts in Dubai and other regions. Here are some of the landmark residential areas created by DAMAC:
DAMAC Hills:
A vast luxury residential development spread over a large area. It includes a variety of properties, from villas to apartments, all surrounding the Trump International Golf Club Dubai. In addition to golf, it offers other luxury amenities such as spas, pools, playgrounds and boutiques.
AKOYA Oxygen :
Billed as Dubai’s “first green community”, AKOYA Oxygen is a sustainable development focused on ecological living. It boasts extensive green spaces, eco-friendly facilities and a golf course designed by Tiger Woods.
DAMAC Towers by Paramount Hotels & Resorts :
Located in the heart of Dubai, this project is a combination of residential towers and hotels. In partnership with Paramount Pictures, these tours offer a Hollywood-inspired living experience, with all the luxury and glamour associated with it.
AYKON City:
A monumental development located on Sheikh Zayed Road, it offers a breathtaking view of the Dubai Canal. This “neighborhood” is a collection of several residential towers, hotels and commercial spaces, offering a complete urban experience.
Each of these residential neighborhoods illustrates DAMAC’s commitment to creating exceptional living spaces, characterized by innovative design, luxury amenities and prime locations.
Future prospects and sustainability
Faced with growing global awareness of environmental issues, Damac Properties is committed to integrating the principles of sustainable development into its projects.
This means creating eco-responsible communities, implementing green technologies and reducing the carbon footprint of our buildings.
Damac’s future vision is clear: to continue innovating while respecting the environment and the changing needs of its customers.
With Expo 2020 (postponed due to the pandemic) and other major events planned for Dubai, Damac Properties is well placed to consolidate its position as a leader in luxury real estate while contributing to a greener, more sustainable vision of the city.
Would you like to invest in a Damac real estate project? Don’t hesitate to contact our real estate agency in Dubai, a DRN agent will advise you on the best project for you.
