DAMAC Properties is a premier, luxury developer in Dubai. It has released its 2017 activity, and reports that over 2300 additional units were developed by the company for that year. This number brings the companys’ total amount of units to over 20,000, since its inception. DAMAC Properties was founded by its CEO and owner, Hussain Sajwani, in 2002.
In 2017, the company realized a 4% gain in sales over the prior year’s sales. Gross profits came in at 9% lower than 2016, due in part to several ongoing development projects that were underway in 2017. Booked sales yet to be realized as of year end 2017, are higher than the previous year. The value of booked sales as of year end 2017 are higher as compared to 2016, and are projected to be at AED 7.5 billion versus AED 7 billion, respectively.
DAMAC’S development projects include luxury residential units and hotel units. The entrepreneurial spirit of owner and CEO Hussain Sajwani accounts for his companys’ rapid growth and success in the Middle East real estate market. As a startup company in 2002, the development projects were of a much smaller scale, and consisted mostly of small hotels.
As the interest of international investors grew, and they began to look at Dubai as an up and coming destination, DAMAC Properties was already well in position to take the lead in the areas’ changing real estate climate. The scope of its development projects grew, and became that of luxury residential units and hotel towers. Hussain Sajwani saw the investment opportunities that were to come in Dubai, years before it would come to be a reality.
Among its ongoing developments, DAMAC Properties is developing its first property in Jordan, named The Heights, which will consist of three towers. Another, named DAMAC Esclusiva, will consist of two towers located in Saudi Arabia.
More on Hussain Sajwani: https://www.middleeastnewsreleases.com/%E2%80%ABحسين-سجواني،-رئيس-مجلس-إدارة-شركة-د/#more-24815