About Hussain Sajwani’s Business
Hussain Sajwani is a renowned businessman from UAE who is the founder and chairman of Damac Properties. He was recently ranked as one of the billionaires in UAE after the rising of his company’s share price from Dhs2.69 in January to almost Dhs3.4 in November on the Dubai Financial Market. This was after Mr. Sajwani’s company partnered with Trump’s organization to open Damac’s first golf club in February. As a result, Hussain Sajwani’s net worth increased remarkably from $3.7bn to $4.3bn.
Under Mr. Sajwani’s leadership, the firm has grown tremendously where it launched a new project in December 2012 and the 42 million square foot Damac Hills project in 2013. The Damac Company has so far developed 19,855 units where 14,530 were established after 2012, which include 1,923 units developed in the last nine months. This year, Mr. Sajwani anticipates that the Company will complete 2,800 units once the firm finalizes on the development of Damac Hills Properties and the Damac Towers.
Nonetheless, the profitability report for the company still shows a decline in the third quarter as the current developments are yet to be included in its report. Again, Hussain Sajwani, the DAMAC owner, remains optimistic since the company’s sale momentum is on the rise as it is still advancing its portfolio of hotels and apartments that amounts to 30% of its sales. Besides, Damac Properties is currently working on the two projects that it received this year in Amman and Riyadh where it is responsible for the development of DAMAC Esclusiva and the Heights.
About Hussain Sajwani
Hussain Sajwani was born at around 1953 where his father was also a businessman who imported and sold goods from China. He went to the University of Washington in the US and graduated with a degree in Industrial Engineering and Economics. He would then work in Abu Dhabi Gas Industries where he served in the finance department before starting a business in the catering sector. Moreover, Hussein Sajwani moved to the real estate sector in 2002 when he established the Damac properties in the Middle East where it was recently named as the fastest growing company by the Forbes 2017 Global 2000 List.
Helpful resource: http://www.saudiprojects.net/