Real Estate

Aykon City ...  a key Damac project.

Aykon City ... a key Damac project.

Damac tops Forbes list of growth champions

December 2017

Damac Properties has clinched the number one spot on the Forbes Global 2000 List of Growth Champions, making it the fastest growing company worldwide among the top 2,000 listed by Forbes.

The Forbes list was created in collaboration with Statista, a leading portal providing online statistics, market research and business intelligence, and is based on four metrics – sales, profit, assets and market value, and takes into account a company’s compound annual revenue growth between 2013 to 2016.

On the achievement, Hussain Sajwani, the chairman of Damac Properties, says: “Topping the Forbes Global 2000 Growth Champions list is a personal honour for me as it puts the UAE and Dubai firmly on the global map for competitiveness.

“This ranking is a testament to the visionary leaders of the UAE, and the government’s support in nurturing entrepreneurship and commercial success, particularly in the real estate sector. This achievement also recognises Damac’s clear vision for growth, its innovative offerings, its solid financial planning and performance, as well as the relentless ambition of its 2,000 employees to be leaders of the industry.”

The Growth Champions list considers growth rates for all the companies included in the Global 2000 index, and identifies the top 250 outperformers as Growth Champions, based on their compound annual revenue growth over the last three years.

Damac’s strong sales performance is attributed to continued demand for its projects including Aykon City, Damac Hills and Akoya Oxygen. In the first half of 2017, Damac had booked sales of Dh4 billion ($1.1 billion), an 11 per cent increase over the same period last year.

Established in 2002, Damac’s footprint now extends across the Middle East with projects in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon and the UK. As of September 30, Damac says it has delivered over 19,800 homes, and has another 44,000 units at various stages of development.  

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