Hussain Sajwani founded the DAMAC Group in 1982. During the mid-1990s, it began constructing hotels, and DAMAC Properties was established in 2002. In 2013, it became the first real estate developer in the U.A.E. to be listed on the London Stock Exchange. It was listed on the Dubai Financial Markets in 2015 and went private in March 2022. As of June 2023, the group had delivered over 46,000 homes, with 33,000 under development. DAMAC announced the launch of Altitude, its fourth tower after Canal Heights 1 and 2 and the Canal Crown, in January 2024. Sajwani had a net worth of $4.5 billion as of February 2024.