Hussain Sajwani the Founder and Chairman DAMAC Properties
DAMAC Properties was founded in 2002 by Hussain Sajwani who was previously dealing with a catering business. While he ventured into Draieh Management Services Company, he explored the idea of starting a Dubai real estate market eyeing the foreign investors. Hussain was ranked as the wealthiest billionaire in the whole of the UAE before US President Donald Trump was elected. Later the fortunes of the company and the owner continued to rise steadily as a result of the partnership with Trump Organization which led to the opening of the golf club. The golf club was opened at the DAMAC Hills mega project. DAMAC share price as rated by the Dubai Financial Market has grown from Dhs2.69 as of January to approximately Dhs3.4 as of November. Forbes report also shows that over the recent times Hussain’s net worth has also increased from $3.7bn to $4.3bn.
At the interview with Hussain the owner of DAMAC Properties which happened at the company’s Barsha Heights headquarters, he said that 2017 was a “good stable year” for the company. Besides, he noted that with the growth, it was now possible for the company to hit the initial forecast targets of Dhs7bn ($1.9bn) sales and handover and hopefully exceed by the end of the year.
Hussain seemed optimistic in the interview which was evident of the profitability and a significant turnaround of the company from the partnership. In 2008, the company suffered some challenges from the bursting of Dubai real estate bubble, and as a result, the prices went down with a significant margin of up to 60 percent. Hussain said that since the encounter, the company had strived heavily on delivery and made sure that over 50 percent more units are handed over in comparison to the competitors during the 2010–2011 when the company was recovering from the losses. Later in 2012, the company was able to launch a new project for years, and the momentum has continued ever since with big projects like the 42–million–square–foot Akoya of 2013 which was later renamed DAMAC Hills and the 55million–square–foot Akoya Oxygen in 2014.
DAMAC owner said that the secret behind the success of the company was that they were able to see the challenges and find the solutions to them.
Learn more here: https://www.albayan.ae/economy/local-market/2016-04-27-1.2627119