DAMAC Owner, Hussain Sajwani Opens Up About The 2008 Mishap

Hussain Sajwani, the fourth richest Arab in the world is a United Arab Emirates national and is the founder of the preeminent real estate company, DAMAC Properties. He graduated from the University of Washington and two years later started off his career as a contracts manager in GASCO, an Abu Dhabi National oil company. The DAMAC owner ventured into the real estate industry in 1996 when he built hotels for traders who came to the Emirates and didn’t have accommodation.

 

In 2002, businessman Hussain started his real estate company and had been doing well until a storm hit it in 2008. Before the difficult times, DAMAC Properties under Hussain’s leadership launched numerous high-end real estate schemes in Dubai. The company became international setting base in countries like Egypt, Lebanon, Qatar and Jordan. It was at their highest level of success when the global property development market collapsed. Hussain Sajwani confesses to the Arabian Business magazine that he foresaw the crisis and knowing their best assets, they made decisions to prevent DAMAC Properties from falling by cutting off operating costs and consolidating their properties.

 

Under his incredible leadership, DAMAC managed to withstand the wave and claimed back its position in the industry. In 2013, the company made a notable comeback by making it to the London Stock Exchange market. Since then, it has endlessly contributed to the growth of Dubai’s Real estate market by developing two large gated communities, Akoya Oxygen and DAMAC Hills that harbors the Trump-branded Golf Course. The DAMAC owner responded to mixed responses due to their choice to keep working with Donald Trump saying, their directive was not to make remarks on political debates and therefore would maintain their professional view about their partnership as long as they were happy with the services they were getting.

 

DAMAC Properties is currently busy renovating the Sultan Qaboos waterfront and is developing a resort in the Maldives. Hussain Sajwani is determined to push boundaries and grab opportunities beyond the Middle East, especially in Europe. The DAMAC owner attributes his success to his ability to adapt to the continuously changing market quickly.