It comes as no surprise that Dubai is home to some of the greatest real estate developments including the world’s tallest tower - The Burj Khalifa, the world’s only seven star hotel on water - The Burj Al Arab and the list goes on.
And no one does luxury living better than Dubai - this is all thanks to master developers such as Nakheel and Damac. Have you ever wondered where their stories began and how they helped revolutionise the city’s real estate development?
We’re curious too and we’ve broken down the transformation tales for you - so without any further ado - let’s get right into it…
If you’ve lived in Dubai for over a year, you’re probably acquainted with Damac Properties or possibly even live in one of their excellent developments. But for those of you who aren’t familiar with the development mogul - a little backstory is in order:
Damac Properties is a luxury real estate development company which was founded in 2002 by Hussain Sajwani. The development and real estate company has become one of the most prominent of its kind in the Middle East, and is known for its high-end properties, innovative designs, and world-class amenities. The company's flagship project is the Akoya by Damac development, which is a 55 million square foot luxury golf community located in Dubai. I mean, how impressive is that?
While Damac Properties started out in the field of real estate, their first expansion of the company was in the hospitality division where Damac currently manages a portfolio of luxury hotels and serviced apartments. The company's hospitality portfolio includes the Damac Maison Royale The Distinction, Damac Maison Mall Street, and Damac Maison Canal Views, among others and are known for their world-class amenities and stunning infrastructure.
Damac later expanded after it had undergone a significant overhaul and transformation in recent years. The company is now a leading player in the global real estate market. Although Damac started out with a focus on luxury development, their response to changing market conditions and evolving consumer preferences, has had them shifting their focus towards more affordable, mid-market properties while maintaining its commitment to quality and design.
The company has also diversified its portfolio by entering new markets, including the UK, Saudi Arabia, and Jordan. Their new developments include hotel chains and real estate developments in the UK, such as villas, townhouses and apartment complexes. Further details on these projects are yet to be shared by the developer.
Apart from that, Damac has also made significant investments in technology, innovation, and sustainability to enhance the customer experience and promote long-term growth. This includes their newly developed proprietary technology platforms that have helped to streamline their development process, improve project management, and enhance communication with customers.
While Dubai is heading in a greener direction through the introduction of sustainable technologies and green buildings, Damac has also recently implemented sustainable design practices and green building standards across its portfolio, and are actively working on reducing its carbon footprint and promoting environmental sustainability. How great is that?
One of their top projects to note is the DAMAC Lagoons, which is a man-made lagoon surrounded by eight clusters of luxurious villas and townhouses. This project focuses on sustainability and brings smart home technology to each house too. As part of its transformation, Damac has also strengthened its corporate governance and risk management frameworks, improving transparency and accountability to stakeholders.
The company's efforts have been recognized with numerous awards and accolades, including the 2020 Middle East Real Estate Award for Best Mid-Market Developer and the 2020 Dubai Sustainable Tourism Award for Best Sustainable Development.
You might have heard of Palm Jumeirah, the incredible palm-tree shaped man-made island in the heart of Dubai? Of course you have!
Well, in case you didn’t know - it was developed by the masterminds behind Nakheel Properties. A little backstory is in order:
Nakheel Properties were founded in 2000 as a government real-estate development company. Their incredible developments include the Deira Islands, World Islands and Dragon City apart from Palm Jumeirah and have an incredible roster of hospitality and retail sectors including malls, hotels and resorts.
Despite facing challenges in recent years due to economic downturns and a softening real estate market in Dubai, Nakheel has continued to be an active player in the real estate market.
Better yet, Nakheel Properties have continued looking forward and focusing on their expansion. As part of its transformation, Nakheel has focused on diversifying its portfolio by exploring new markets, and expanding itself beyond Dubai. The company has expanded itself to include joint ventures, partnerships, and strategic investments, which helped Nakheel in pursuing new development opportunities in the Middle East, Asia, and Europe.
Not just all, to support its growth in the market, Nakheel has also invested in new technologies, including building information modelling (BIM) and virtual reality (VR), to enhance the efficiency of its development process and improve communication with customers. Impressive, right?
Similar to Damac Properties, Nakheel has also reinforced its commitment to sustainability by incorporating green building standards into its projects and promoting environmental sustainability. The company has developed a sustainability strategy that encompasses all aspects of its business, from design and construction to operations and maintenance.
Nakheel's transformation has been recognized with numerous awards and accolades, including the 2021 Arabian Business Real Estate Award for Best Master Developer, the 2020 Cityscape Award for Best Mixed-Use Development, and the 2020 Dubai Sustainable Tourism Award for Best Sustainable Development.
Nakheel also recently opened many recreational and leisure facilities within the Palm such as Palm West Beach, which is a beach strip adorned with hotels, beach clubs, restaurants and retail outlets - its got the Miami South Beach vibes all the way. Another wonder is The View at the St.Regis which is a 360 degree viewing panel for visitors to enjoy beautiful views over The Palm Jumeirah and Arabian Gulf. Side by side with The View is the AURA Skypool, which is also a 360 degree infinity pool located overlooking Palm Jumeirah and the Arabian Gulf.
In Dubai, success stories are just around the corner, and while the economy may see downturns from time to time, the market in Dubai is triumphing - Nakheel and Damac are just proof of that!
Interested to know more about Damac and Nakheel’s upcoming projects, then get in touch with our Head of Developer Sales; Fintan Flannelly.