The story
DAMAC Properties is an Emirati property development company, based in Dubai, United Arab Emirates, founded in 1982 by Hussain Sajwani, a billionaire Emirati business tycoon. The company almost collapsed during the 2008 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.
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.
Early in May 2025 the company was confirmed as the front-of-shirt sponsor for Chelsea Football Club for the rest of the 2024–25 season. The deal will also see the company name on the shirts of the women's team, who have four games remaining this term.
In 2024, the company launched DAMAC Islands, a tropical-themed villa and townhouse community focused on resort-style waterfront living.
Controversies
The real estate firm has a long-standing partnership with the businesses of US president Donald Trump. The Guardian reported that DAMAC board member and former chairman Farooq Arjomand owned a company that paid Alexander Smirnov $600,000 for telling the FBI that Hunter Biden and his father, US President Joe Biden, engaged in a bribery scheme. Smirnov was later charged for telling fabricated corruption stories about Joe Biden to the FBI. In a 2016 disclosure, Trump reporting received between $1 million to $5 million from DAMAC.
Sveriges Television journalists reported that a company salesperson mentioned the option of purchasing apartments with cash or cryptocurrency to avoid questions about the source of the money. Damac responded that they do not offer such options and will investigate the salesperson's statements.
From Wikipedia’s article on DAMAC Properties, shared under CC BY-SA 4.0.4