Hussain Sajwani Of DAMAC Is The Newest Billionaire in UAE
Last year, the real estate market in Dubai was slumping and stagnant. But it appears that DAMAC owner and founder Hussain Sajwani was able to weather the storm and is still bullish in his market approach. The remarkable win of Donald Trump in the U.S. presidential race coupled with the surge of the share price of his company may have played major roles in this man’s ranking as the new richest UAE billionaire in 2017.
DAMAC owner Hussain Sajwani is engaged in the real estate business in the UAE. He is the current chairman of the company. In an interview, the chairman said that one of the important things that make his real estate company different from his competitors is that he is able to see the coming changes and react to them very fast. As such, he and his company were able to accept the realities of life and the market and deal with the situations accordingly.
Sajwani revealed that after the global financial crisis of 2008, his company was the only survivor out of many companies in Dubai because he saw the crisis developing at its early stages. He immediately made severe adjustments in his operations to make things right.
DAMAC owner Hussain Sajwani also saw in the first quarter of 2012 that the real estate market was changing especially after the events of the Arab Spring. He saw that people are starting to come. Therefore, his company made a bold decision to introduce Akoya Oxygen and DAMAC Hills. He said that it was just looking at the future and taking the necessary steps that helped his company to get to a higher level.
According to the Saudi Projects, the chairman is very optimistic about the property market in Dubai because of his company’s sales momentum. He is continually working on increasing his serviced apartments and hotel portfolios which make up about 30 percent of his company’s revenues. Sajwani is also into the development of various mega projects.
He seems to be well aware that the financial figures from the Dubai Land Department show that the property market in the country is surging ahead. These figures indicate that transactions were up by 16.8 percent in the first half of 2016 and it seems things are not slowing down.
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