DAMAC Properties was founded in 2002 by the Emirati billionaire Hussain Sajwani. In 2013, it was the first Middle Eastern real estate company listed on the LSE (London Stock Exchange). Later, in 2015, the company started trading in Dubai as well. The company owns three subsidiaries: DAMAC Maison, DAMAC Properties Development Co. LLC and DAMAC Real Estate Limited Development.

Up until June 2021, Hussain Sajwani had been a chairman of DAMAC Properties, however he had to resign to avoid a conflict of interest after he announced his intention to take the company private on June 9, 2021. Hussain Sajwani, who owns about 72% of DAMAC’s shares, launched a AED 2.18B (USD 595M) bid for the remaining 28%. It is worth mentioning that this is almost a 45% discount to the developer’s local listing in 2015. The bid was the latest in a series of similar transactions in the UAE which are aimed at buying out minority shareholders at a discount.

Following the resignation of Mr. Sajwani, DAMAC Properties has appointed a new Chairman – Farooq Arjomand, who was previously the Vice Chairman of the master developer. He is also a founding board member of Emaar Properties and Amlak Finance.

DAMAC Properties is known for supporting the campaigns of His Highness Sheikh Khalifa bin Zayed Al Nahyan and the efforts of the UAE Red Crescent. In fact, the company has been pledging major donations to various organizations over the years. For instance, in April 2020, the Hussain Sajwani-DAMAC Foundation contributed AED 1M (USD 272K) to provide food to those affected by the coronavirus pandemic in the UAE.