DAMAC Properties have been moulding the Middle East’s luxury real estate market for the past 20 years, delivering iconic residential, commercial and leisure properties across Dubai, the wider region and beyond. Here, RLI speaks with Ali Sajwani, General Manager of the company to discuss its recent development and future plans.
Positioned at the forefront of the sector since 2002, DAMAC Properties has projects across the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Oman, UK, Canada and USA. Making their mark at the highest end of stylish living, the business has cemented its position as the leading opulent developer in the region. Having delivered over 39,400 units, DAMAC has a development portfolio of 28,000 units at various stages of development.
Last year was a very successful one for the company as they launched their latest new community retail venture, the Ventura Mall in DAMAC Hills. The mall features 36 retail stores, eight food & beverage outlets, a 28,600sq ft supermarket, 19,813sq ft gym, and a 10,008sq ft medical centre.
“The inspiration for this project came from its near-perfect location and its ability to fulfil the existing needs of DAMAC residents in the immediate catchment,” explains Ali Sajwani, General Manager of DAMAC Properties. “We have grown to become the strongest retail player in the community mall space and we will be launching more projects in the community mall and retail sector.”
Away from this project, DAMAC has brought new and exciting living concepts to the market through collaborations that include a golf course by The Trump Organisation, and luxury homes in association with Versace, Cavalli, Just Cavalli, de GRISOGONO, Paramount Hotels & Resorts, Rotana and Radisson Hotel Group. With a consistent vision and strong momentum, DAMAC Properties is building the next generation of Middle Eastern luxury living.
Over the past six months, the company has launched DAMAC Lagoons, which will feature elegant villas and townhouses that will be surrounded by azure blue lagoons as well as Cavalli Tower and Safa One de GRISOGONO in Dubai. In addition, DAMAC Tower Nine Elms London is set to be delivered with an exclusive partnership with Versace Home, bringing visitors the ultimate in branded living experiences.
Outside of the Middle East, their expansion into the US marks a major milestone, demonstrating that the business is a force to be reckoned with on a global scale.
“We are in an exciting time at the moment and we have a lot on the horizon. We are rapidly growing, not only in our real estate endeavours but in various sectors such as fashion, hospitality and even emerging industries such as the Metaverse, NFTs and data centres, enabling us to stay ahead of the curve,” explains Sajwani.
As a leading developer, DAMAC Properties builds communities and provides bespoke experiences based on the tenant mix and the requirements of the community. They believe connectivity and accessibility are the most important factors in building communities because these malls are all about convenience and DAMAC builds its communities ensuring that they are well-connected and accessible.
Sajwani feels that social media platforms shape the business strategies of some of the world’s biggest businesses, and they have dedicated teams that work hard to best leverage these tools, engage with new customers from all parts of the world and turn digital footfall and ‘mentions’ into sales figures.
“Needless to say, we are no exception to this. We are present across all leading social media channels with around one million followers on Facebook. We use an omni-channel approach to create and raise brand awareness, generate enquires, increase revenue and strengthen the ROI.”
DAMAC Properties has always been at the forefront of technical innovation, and this has continued with their recent launch into the Metaverse. This move into cryptocurrencies and virtual worlds is one of DAMAC’s high-priority initiatives to allow them to accelerate into this new economic platform for newer generations and the future of the industry.
“Global businesses like ours must stay at the top of evolving trends and offering yet another transactional mode is exciting and we are glad to recognise the value this technology brings to our customers,” Sajwani adds.
Partnerships and relationships are of paramount importance to DAMAC, and to ensure these important collaborations remain on track, the company has a team of people who are regularly interacting with tenants to understand if they need any help or support, while their easy-to-use payment methods for their bills and rent ensure hassle-free living. Their team is constantly improving together, while ensuring they meet with them every quarter.
Over the past two decades DAMAC Properties has enjoyed some fantastic success, and Sajwani feels the key drivers behind this is having a people-oriented business model and being agile to changing market circumstances. Through their brand associations with companies such as Paramount Hotels & Resorts, Cavalli, Versace and Fendi, they will continue to meet market demands for familiar touchpoints whilst at the same time offering guests distinctive experiences.
“The real estate market in Dubai is currently witnessing aggressive growth. With this, there may occur challenges such as an imbalance between supply and demand. At DAMAC, we believe in being prudent and taking informed and proactive measures such as limiting new launches and focusing on delivering existing projects. We remain committed to addressing the needs of a vibrant and ever-evolving market with substantial products suiting our customer needs and desires, and will continue to do so,” Mr. Sajwani concludes.