Tuesday, October 31, 2017

Damac tops Forbes 2000 fastest growing firms' list

Damac Properties, a leading luxury real estate developer in the region, 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 compounded annual revenue growth between 2013 to 2016.

On the achievement, Hussain Sajwani, the chairman of Damac Properties, said: "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 recognizes 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," remarked Sajwani.

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, 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 United Kingdom.

As of September 30, Damac said it has delivered over 19,800 homes, and has another 44,000 units at various stages of development.  

Since its establishment, Damac has been at the forefront of the real estate industry in the UAE and the region, as well as setting an example for brands and organizations in other industries both financially and profile wise, it added.-TradeArabia News Service

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