With the help of new launches including the Cavalli tower and the Lagoons, Dubai master developer Damac declared a net profit of Dh1.4 billion in 2022 (as opposed to a deficit of Dh528 million the year before).
The unexpected rise in demand for off-plan real estate purchases in Dubai has been quite advantageous for Damac, with the water-themed Damac Lagoons proving to be an instant hit. Hussain Sajwani, who created the company, has now again acquired full ownership of the company after it had previously been publicly listed.
In addition to the Lagoons, Damac resurrected the Cavalli project until 2022 and, thanks to its connection to a Swiss “jeweler,” announced a series of high-rise projects in the Safa region. Another illustration of the success of its efforts to diversify the hotel portfolio is the Paramount-branded buildings.
In the future, Damac will have assets worth Dh7.53 billion for development and sales, which will include properties that are currently being constructed as well as finished residential and commercial properties worth Dh1.3 billion and land held for mixed-use development and sales worth Dh222 million (of Dh6 billion).
International initiatives and Sajwani-controlled investment companies in London, Miami, and Central Europe are also included within the Damac umbrella.