DAMAC Properties, one of Dubai’s finest real estate property development and management companies with millions owned in 5-star hotels and resorts, has gone from complete private ownership to now having some shares traded on international exchanges. DAMAC owner Hussain Sajwani has seen the benefit of having more owners in the company in providing a little more liquid capital to work with. He told CNBC in an interview earlier this year that he’ll continue to explore more options for selling the company shares though the Hussain Sajwani family will still be in control of the majority of shares. It’s been a big year for Sajwani and DAMAC Properties with the opening of the Trump International Golf Club and sales going through the roof, the expansion of AYKON City both in Dubai and in London, and the soon to open Trump World Resort.
Hussain Sajwani has been DAMAC owner for nearly 17 years and in that time has been acclaimed by Middle East business media as one of the top real estate gurus in the region. It began with buying a few 3-star hotels in the Deira area, but his first big upper-class housing project at Marina Terrace sold out quick and that led to the building of Park Towers, DAMAC Tower with its Versace and Bugatti design, DAMAC Hills, AKOYA Oxygen, the Just Cavalli housing, and ultimately the major deals with current US President and former real estate mogul Donald Trump. What’s also spurred the growth of Sajwani’s developments has been his savvy financial management with capital reserves in escrow, and also having revenue in his ceramic tile manufacturing company and private equity investments.
Hussain Sajwani had already built up a substantial business resume even before becoming DAMAC owner as per elmawkefalarabi.com. He graduated from the University of Washington with a bachelor’s degree in business management and while working for an oil company started becoming ambitious enough to start his own company. He founded a catering company which to this day he still keeps in operation as part of DAMAC’s hospitality operations because it not only was a success but is a reminder to him that every business has a beginning. Sajwani is also involved in charity work in the UAE as a partner with their Red Crescent Society.