Property Developer Hussain Sajwani
Lately, much focus has been on the slumping and stagnant residential rents and prices of Dubai’s real estate market. However, there is one man who has been left all smiles, and that is the chairman and founder of Damac Properties, Hussain Sajwani. Last year Sajwani was declared UAE’ richest new billionaire during the US Donald Trump’s historic election win. His fortunes and those of Damac have risen progressively since the company established its first golf club in association with Trump Organization. On the Dubai Financial Market, Damac’s share index has gone up from Dhs2.69 in January to approximately Dhs3.4 in November. According to Forbes, the net worth of Sajwani has increased steadily from $3.7 billion to $4.3 billion over the last six months. Damac has its head offices located in Barsha Heights. According to Hussain Sajwani, 2017 was an excellent year for his company amidst expectations it will continue to go beyond its targets for handover and sales by the end of 2017.
Sajwani’s hopefulness is symbolic of the dramatic turnaround of Damac. The company was established in 2002 with a businessman who was before working in the catering business. The business saw the opportunity when Dubai’s real estate market was open to foreign investors. Hence, the establishment of Damac came up. Since its establishment, the company has highly mainly focused on delivery. The company handles more than 50% extra units as compared to other companies in the same industry, as per elmawkefalarabi.com.
Hussain Sajwani, the DAMAC owner, received his degree from the University of Washington. He began his career at GASCO as a contracts manager. GASCO is an ADNOC (Abu Dhabi National Oil Company)’s subsidiary. Hussain did not stay long at GASCO before he created his own company as well as coming up with his catering venture in 1982. The catering business later grew from one level to another and eventually becoming a leader in the industry. Currently, the catering business supervises over 200 projects and serves more than 150,000 meals every day in several markets within the Middle East. Sajwani was one of the innovators of the Dubai’s property market expansion. Sajwani’s expertise and knowledge in the property development field from legal, marketing, sales, marketing, administration, and finance is the primary driver of Damac’s success.
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