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DAMAC Properties
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.
Investigative reporting has shown that DAMAC agents instruct potential customers how to avoid scrutiny about the origins of money used to purchase properties, as well as guide customers to buy properties through cash or cryptocurrency.
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.
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.
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DAMAC Properties
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.
Investigative reporting has shown that DAMAC agents instruct potential customers how to avoid scrutiny about the origins of money used to purchase properties, as well as guide customers to buy properties through cash or cryptocurrency.
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.
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.