DAMAC Properties
Emirati property development company
DAMAC Properties is an Emirati property development company, based in Dubai, United Arab Emirates. The company was founded by Hussain Sajwani and listed on the Dubai Financial Market in early 2015. It was delisted in 2022 after going private again; Sajwani, who retained 72% of all shares, purchased the remaining shares for 2.19 billion AED ($595 million USD). The company operates internationally.
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.
History
DAMAC Properties is an Emirati property development company, based in Dubai, United Arab Emirates, founded in 1982 by Hussain Sajwani, a billionaire Emirati business tycoon. The company almost collapsed during the 2008 financial crisis.
Early in the company's history, the company was criticized for poor-quality building work.
In November 2013, DAMAC announced plans to raise approximately $500 million on the London Stock Exchange via a sale of global depository receipts.
In 2022, Sajwani delisted company stock shares from the Dubai stock exchange.
The public source identifies “DAMAC Properties” as emirati property development company. This brief keeps that definition visible, then builds a research path around DAMAC, Properties and Emirati.
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Chronology, provenance and viewpoint should be read together before a broad social or political interpretation is accepted. The source revision retrieved here is dated Sep 8, 2026. The linked authority identifier is Q5204252. 2 of 2 selected statements include explicit references; 1 carry qualifiers and 0 use preferred rank. The first chronological checks are 2015, 2022, 1982 and 2008.
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This entry incorporates text from “DAMAC Properties” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.