The World Economic Forum is a key event for business owners around the world, and it’s where DAMAC owner Hussain Sajwani goes to deliver remarks on the the performance of Middle East real estate markets. He was interviewed by CNBC while attending this last WEF and they asked him about some new developments at DAMAC Properties. Sajwani said he would like to sell part of DAMAC’s controlling shares depending on what the market demand is so he can create even more cash flow in the company. He also told the CNBC analysts that he had no fear of oversaturation in Dubai’s real estate market because every unit he’s developed has ended up sold, and there’s about 10,000 freehold units that get finished each year by the company. He’s now aiming to do more projects in countries like the UK and even the USA or Canada.
DAMAC Owner Hussain Sajwani is the son of a Dubai trading shop owner who taught him a lot about business. Young Sajwani and his father both worked hard to get him to college at the University of Washington where he got his bachelor’s in business. He worked a few years for Abu Dhabi’s largest oil company, but then he decided to start his own business in catering. Sajwani served clients all over the world while running Dariah Management Services, but his exposure to the hospitality industry and luxury hotels started leading him to go into that niche. Sajwani had enough capital from stock and private equity investments to start buying properties which began with a few 3-star resorts but then grew into large high-rise buildings all across Dubai after DAMAC was founded in 2002.
DAMAC Properties was privately-owned for about 14 years until Hussain Sajwani elected to take it public on the London and Muscat stock exchanges. Notable properties that have been built by DAMAC and their contractors are Park Towers in the DIFC, Marina Terrace, AKOYA Oxygen with DAMAC Hills, DAMAC Maison, Trump International Golf Club and DAMAC Towers in Lebanon and London. The Hussain Sajwani family has close ties to President Trump and his organization, but they also have worked with the Bugatti, Versace and Cavalli companies.