History
Established in 2002, DAMAC Properties has become synonymous with luxury living and has a proven track record with delivery of 8,887 units.
DAMAC Properties, a private residential, leisure and commercial developer, was established in Dubai in 2002
DAMAC Properties completed its first building, Marina Terrace, in the heart of Dubai Marina in 2006. Each of the 203 units were designed to maximize the panoramic views of Dubai Marina’s finest waterfront location.
During the global downturn of 2008, DAMAC Properties reinforced its position as the region’s premium developer, restructuring its projects and prioritising existing customers to overcome the financial crisis. The success of this strategy is demonstrated by the company’s track record having delivered 8,887 units.
In July 2011 DAMAC Properties announced the launch of DAMAC Residences with Versace Home Interiors: luxurious residential apartments on the top floors of DAMAC Properties' exclusive 'Al Jawharah' development on the Jeddah Corniche in the Kingdom of Saudi Arabia.
In October 2011 DAMAC Properties launched DAMAC Maison, its high-end hospitality division. DAMAC Maison will provide bespoke services to residents in 7,351 serviced hotel apartments by the end of 2017.
In February 2013 DAMAC Properties announced a major regional strategic partnership with luxury global brand FENDI, to provide interior designs on projects in Riyadh in the Kingdom of Saudi Arabia and Dubai, UAE.
In March 2013, DAMAC Properties announced that it was working with Paramount Hotels & Resorts to develop DAMAC Towers by Paramount, a US$ 1 billion hotel and luxury serviced residences in the Burj Khalifa area of Dubai. The development is the first Paramount-branded hotel in the world. Seven weeks after the project was announced, DAMAC Properties confirmed that it had already sold out of all units in both phase one and phase two of the luxury serviced hotel apartments, with an average of more than eight apartments sold a day.
In May 2013, DAMAC Properties introduced the 42 million square foot ‘AKOYA by DAMAC’ master plan development off Umm Suqeim Road in Dubai. The project includes mansions, villas, luxurious apartments and retail centre all surrounding an 18-hole Championship Golf Course ‘The Trump International Golf Club, Dubai’.
The project also includes a 14 million sq ft extension to the original 28 million sq ft at AKOYA by DAMAC, with a dedicated 4.3 million sq ft of open parkland, which will be a first-of-its-kind development in the region. The exclusive villas are set within the grounds of a lush green open space reserved for the residents of the community. The AKOYA Park will become one of the largest private parks in the region.
In the same month DAMAC Properties also announced a comprehensive strategic plan to expand its operations to Iraq, with the launch of Princess Tower, a 26-storey luxury furnished apartment in the heart of the Iraqi capital, Baghdad.