UAE company beats 1,999 global enterprises to be crowned No. 1

October 22, 2017 8:00 am

One UAE company beat 1,999 other global enterprises to reach the number one position on a colossal list of businesses.

Damac Properties came first on The Forbes Global 2000 List in the category of the 250 Top Growth Champions.

The Forbes Global 2000 is a renowned listing of 15,000 respondents from 60 countries that garners global interest annually. This year, Forbes joined hands with Statista, an online statistics, market research and business intelligence portal, to find out, among others, who were the 500 World’s Best Employers around the globe. Alphabet, Microsoft and Japan Exchange Group respectively won in 1st, 2nd and 3rd places. In addition, the list included the 250 Top Regarded Companies, the 250 Top Multinational Performers and the 250 Top Growth Champions.

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While no Arab company made it on to the list of Best Employers, Top Regarded Companies, or Top 250 Multinational Performers, a few did make it on to the Top Growth Champions list, with Damac taking the top spot.

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Damac delivers 

Damac Properties ranked first in the list of Growth Champions in Forbes Global 2000 list, for leading the Middle East’s luxury real estate market since 2002, delivering upscale residential, commercial and leisure properties across the region, including the UAE, Saudi Arabia, Qatar, Jordan, Lebanon and the United Kingdom.

As of May 2017, the company has a market capitalization of $4.7bn. It is placed at number 635 in the Global 2000 list in terms of profit and at number 482 in Best Employer category.

At the end of Q3, 2017, the company completed 19,855 units, of which 87 per cent are in Dubai and has 44,000 units in planning, of which 96 per cent are in Dubai.

It has total assets of AED25.4bn ($6.92bn) and gross debt of AED5bn ($1.36bn).

Damac has 55 million sq ft of property development in planning or in progress, including 13,000-plus hotel rooms and 19,000-plus employees. It earned at the end of Q3 2017 AED6bn ($1.63bn), 13 per cent higher than 2016 when it earned AED7bn. Total end Q3 profit totalled AED2.3bn.

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Damac and Expo 2020

Damac announced that its hotel apartment projects in New Dubai and Dubai South were more than 80 per cent sold out and expected that demand would continue to rise for its hotel apartment projects as Expo 2020 nears, with investors looking to have their hands on units ahead of the huge demand that the Expo will generate.

As mentioned on the company website, Niall McLoughlin, Senior Vice President at DAMAC, said: “As construction ramps up in preparation for Expo 2020, it is no surprise that investors are looking for real estate in this district to reap the highest rental yields early before demand drives prices up.”

“As we near Expo 2020, sales and rental prices of units in Dubai South and the surrounding areas are likely to increase due to the rising demand by tourists and business visitors. It is expected that Dubai South will house one million residents and employ more than 500,000. When coupled with the anticipated 20 million visitors likely to come through Dubai in 2020, residential and hospitality units in this area will continue to be in demand,” continued McLoughlin.

Dubai-based Damac Properties has also been chosen by the Government of Oman to develop its $1 billion Port Sultan Qaboos waterfront project, through a joint venture with Omran, the government’s investment, growth and development arm.

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Arab companies that made the Growth List

Other prominent companies made it on to the 250 Top Growth Champions list, including companies from the UAE.

Emaar Properties was ranked 208th and Dubai Islamic Bank 249th.

Saudi had more listings, starting with Jabal Omar Development ranked 7th on the list. The company was set up to invest $3.2bn in projects located at the Holy City of Mecca. Next was Alinma bank ranked 167th, AlAwwal Bank 169th, followed by Saudi Investment Bank 210th and Saudi Arabian Mining company 222nd.

Qatar National Bank was ranked 96th and Ezdan Holding Group 157th with the two rounding up the last of the Gulf countries recognised in the list’s winning column.




Hadi Khatib
By Hadi Khatib
Hadi Khatib is a business editor with more than 15 years' experience delivering news and copy of relevance to a wide range of audiences. If newsworthy and actionable, you will find this editor interested in hearing about your sector developments and writing about it.