Description
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.
History
DAMAC Properties was founded in 2002 by Hussain Sajwani, a billionaire Emirati business tycoon. The company almost collapsed in the 2008 global 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.
Sajwani is a close friend and associate of Donald Trump. In a 2016 disclosure, Trump reporting received between $1 million to $5 million from DAMAC.
In 2022, Sajwani delisted company stock shares from the Dubai stock exchange. This was controversial, as the company's fortunes were improving and investors were expecting to profit on their investment.
