The DAMAC Group was founded by Hussain Sajwani in 1982. It has a diverse portfolio across property, technology, retail and fashion, hospitality, and logistics, among other sectors. DAMAC Properties had delivered 43,700 units, with 30,000 underway as of June 2023. In 2022, DAMAC Group launched D-labs to invest $100 million to build cities in the Metaverse. In February 2023, it announced the launch of a 44-story tower, Canal Heights, and Emirates NBD arranged DAMAC’s unsecured sukuk worth $200 million. Sajwani has a net worth of $4.5 billion as of July 2023, according to Forbes.