The real estate industry in Dubai has for the last 18 months experienced reduced growth, and the price of the property and rent has taken a nose dive. In the midst of these uncertainties, one man has enormous growth and his company Damac Properties has seen a considerable increase in revenue. This real estate mogul is none other than Hussain Sajwani, a seasoned Dubai entrepreneur. Perhaps he was favored more by the US election after his business partner, Donald Trump, clinched the presidency. Sajwani has seen his venture expand after he opened Damac’s first golf club in February, in collaboration with the Trump Organization.
His company, Damac Properties, which he serves as the Chairman, has seen its shares steadily rise from Dhs2.69 to Dhs3.4 within one year. Consequently, his net worth has been on the top trend, rising from $3.7bn to $4.3bn. This is according to Forbes magazine. On his part, Hussain, the DAMAC owner, describes the year 2017, as a solid year despite outperforming their expectations. He believes his company, has the potential to record more profits, in turn, over, and it is this high spirits of optimism that has driven Damac Properties and Sajwani alike.
Sajwani has always maintained a positive outlook when it comes to real estate investment ever since he founded his Damac properties in 2002. Before that, he was an investor in the catering business operating a company called Draieh Management Services. At his time in the sector, he spotted an opportunity to develop real estate targeting foreign investors. This was back in 2008, when Dubai real estate industry was at an all-time low, with property prices falling by almost 60%.
As a prudent entrepreneur, Hassani changed the operational philosophy of the company and centered more on the delivery of quality service. This helped Damac to focus on other projects, and the culmination of their efforts was in 2013 when they launched a 42–million–square–foot development. This project which was named Damac Hills features customized mansions, state of the art apartments and an extensive golf club which was a joint effort with the Trump Organization. A year later the company launched a larger the 55million–square–foot, which was christened Akoya Oxygen.
More about Hassani Sajwani
He attended the University of Washington and kicked off his career at Abu Dhabi National Oil Company where he was a contracts manager in GASCO. His company Damac Properties is publicly listed and is traded in the Financial Market of Dubai. Additionally, he has employed more than two thousand people in the company. Hassani Sajwani is focused on customer satisfaction and has created his company in the same philosophy.
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