Dubai’s Damac Group is celebrating its 40th anniversary, it said on Thursday.
On the occasion, the conglomerate headed by Emirati businessman Hussain Sajwani paid tribute to the company’s long journey.
“Forty years since we began setting up the foundations of DAMAC Group, we can take pause and proudly look back at the incredible journey that led us to where we are today,” Sajwani said.
Starting with humble beginnings in catering and logistics in the 1980s, the DAMAC Group is now one of the most recognisable brands in the Middle East. While more famously known for its development arm, DAMAC Properties, the company has a diverse portfolio which includes capital markets, retail and fashion, hospitality, logistics and data centres.
Over the years, DAMAC established various ventures, from the dot com boom to Majan college in Oman, to acquiring restaurant chains and investing heavily in telecom. While some ventures were sold at a profit, others remain in force until today.
The group currently employs more than 10,000 people.
“I never would have imagined that DAMAC would grow to be one of the largest and most recognised private investment and development companies in the region.
“We are appreciative of the forward-thinking policies of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and all our leaders that keep Dubai and the UAE an attractive place for investors and end-users alike,” he added.
“I would also like to thank the dedicated and growing team at DAMAC. While some employees have been with us for decades, we are constantly adding new and fresh talent. We want to future-proof the Company and keep it relevant, and we need the right people at the helm to achieve this,” Sajwani said.
