 | |
| Company type | Private |
|---|---|
| Founded | 28 January 1982[1] |
| Headquarters | Dubai, United Arab Emirates |
Key people | Hussain Sajwani (owner and chairman until 2018)
|
| Products | Real estate |
| Revenue | $ 1.66 billion (2018)[2] |
Number of employees | circa 1,600 (2018) |
| Parent | DAMAC Group |
| Subsidiaries |
|
| Website | Official website  |
DAMAC Properties is an Emirati property development company, based in Dubai, in the United Arab Emirates. Founded by Hussain Sajwani, it was listed on the Dubai Financial Market in early 2015.[3] The company was delisted in 2022 after it was taken private again; Sajwani, who retained 72% of all shares, purchased the remaining shares for 2.19 billion AED (595 million USD).[3][4] The company operates internationally.[5][6]
The company has been linked to money laundering and suspicious activities. Investigative reporting has shown that DAMAC agents instruct potential customers how to avoid scrutiny about the origins of money used to purchase properties, as well as guide customers to buy properties through cash or cryptocurrency.[7]
- ^ "Why DAMAC Properties | Leading Real Estate Developer in Middle East". DAMAC Properties. Retrieved 15 September 2022.
- ^ "Damac Properties posts Dh6.1b revenue". Khaleej Times. 14 February 2019.
- ^ a b Aya Batrawy, Trump-linked tycoon to take Dubai developer DAMAC private, Associated Press (June 9, 2021).
- ^ Nagraj, Aarti (7 March 2022). "Damac to officially delist from Dubai Financial Market". The National. Retrieved 14 December 2023.
- ^ "Stocks". Bloomberg. 7 February 2019. Retrieved 24 February 2020.
- ^ "Trump's brand in Middle East has gone up, says DAMAC Chairman Sajwani". english.alarabiya.net. 30 August 2017.
- ^ Cite error: The named reference
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