History of DAMAC Properties in Timeline

By Popular Timelines Editorial Team · Updated: May 4, 2025

DAMAC Properties is a Dubai-based property development company founded by Hussain Sajwani. It was listed on the Dubai Financial Market in 2015 before being delisted in 2022 when Sajwani, already holding a majority stake, purchased the remaining shares to take the company private again for 2.19 billion AED. DAMAC operates internationally.

2000: DAMAC Towers by Paramount Project Comprises 2000 Units

In 2000, the DAMAC Towers by Paramount project comprises 2000 units with 1200 units across three residential apartment towers and 800 units in the Paramount Hotel tower.

2002: DAMAC Properties Founded

In 2002, Hussain Sajwani, a billionaire Emirati business tycoon, founded DAMAC Properties.

2008: Near Collapse during Global Financial Crisis

In 2008, DAMAC Properties almost collapsed due to the global financial crisis.

November 2013: Plans to raise $500 million on the London Stock Exchange

In November 2013, DAMAC announced plans to raise approximately $500 million on the London Stock Exchange via a sale of global depository receipts.

2013: Partnership between DAMAC and The Trump Organization

In 2013, the partnership between DAMAC and The Trump Organization for the development originated. This led to the development of a residential golf course community around the Trump International Golf Club in Dubai.

2014: Launch of DAMAC Hills 2

In 2014, DAMAC Properties launched DAMAC Hills 2.

2014: Announcement of Akoya Oxygen and First Home Sales

In 2014, DAMAC announced the Akoya Oxygen project, a residential development alongside a second Trump International Golf Course, designed by Tiger Woods, and sold its first homes that year.

2015: Listed on the Dubai Financial Market

In early 2015, DAMAC Properties was listed on the Dubai Financial Market.

2016: Contract with Lendlease to Build AYKON London One

In 2016, DAMAC Properties signed a £200 million contract with Lendlease to build one of London's tallest residential towers, AYKON London One (now known as DAMAC Tower Nine Elms London).

2016: Trump Disclosure of DAMAC Payments

In 2016, Donald Trump reported receiving between $1 million to $5 million from DAMAC.

February 2017: Trump International Golf Club in Dubai Opens

In February 2017, the Trump International Golf Club in Dubai opened. The golf club was formally opened, with Donald Trump's sons, Donald Jr. and Eric, as guests of honor. The golf course, designed by Gil Hanse, is part of a master-planned residential golf course community.

2017: Total Revenue Recorded

In 2017, DAMAC Properties recorded total revenue of AED 7.5 billion.

2017: Contracts Awarded for Akoya Oxygen

In the first six months of 2017, DAMAC Properties awarded AED 1.8 billion in contracts for Akoya Oxygen, making up the bulk of its total contracts over the same period, valued at AED 3.5 billion.

2018: Spending and Road Contract for Akoya Oxygen

By mid-2018, spending on the Akoya Oxygen project reached $1.5 billion. In 2018, a $20 million road and infrastructure contract for the development was awarded to the China State Construction Engineering Corporation (CSCEC).

2018: Opening of DAMAC Heights

In 2018, DAMAC Heights, a 335 m-tall, 88-floor luxury residential tower in Dubai Marina, opened to tenants. Arabtec Construction was the primary contractor for the tower.

2018: Total Revenue Recorded

In 2018, DAMAC Properties recorded total revenue of AED 6.1 billion.

2019: Completion of the Ghalia Project

In 2019, DAMAC completed the Ghalia project with 727 apartments in a Sharia-compliant development, located in the Jumeirah Village Circle in Dubai.

2019: Construction Contract Awarded for Akoya Oxygen

In 2019, the $169 million construction contract for Akoya Oxygen was awarded to Arabtec Construction, a subsidiary of the UAE-based Arabtec Holding.

2019: Topping Out of AYKON London One

In 2019, the AYKON London One project (now known as DAMAC Tower Nine Elms London) was topped out.

November 2020: Launch of UAE's First Residential Wave Pool

In November 2020, DAMAC Hills launched UAE's first residential wave pool.

2022: Delisted from the Dubai Financial Market

In 2022, DAMAC Properties was delisted from the Dubai Financial Market after going private again. Hussain Sajwani purchased the remaining shares for 2.19 billion AED ($595 million USD).

2022: Delisting of Stock Shares and Controversy

In 2022, Hussain Sajwani delisted DAMAC Properties' stock shares from the Dubai stock exchange, a move that sparked controversy due to the company's improving fortunes and investors' expectations of profit.

2024: Cash on Hand

In 2024, DAMAC Properties had approximately $5 billion in cash on hand.

2024: Front-of-Shirt Sponsor for Chelsea Football Club

In 2024, DAMAC was confirmed as the front-of-shirt sponsor for Chelsea Football Club for the remainder of the 2024-25 season. The agreement included sponsorship of the women's team as well.

May 2025: Front-of-Shirt Sponsor for Chelsea Football Club

Early in May 2025, DAMAC was confirmed as the front-of-shirt sponsor for Chelsea Football Club for the remainder of the 2024-25 season. The agreement included sponsorship of the women's team as well.