Hussain Sajwani attended the World Economic Forum a couple months ago, and CNBC’s reporters caught up to him to ask about the state of things at his company, DAMAC Properties. He mentioned that he was now looking at offering investors up to a 15% stake in the company and its holdings, and he said the price will be determined by the markets. Sajwani also downplayed the notion that the Dubai real estate market was becoming overcrowded and said it may be as stable now as it ever has been. He remarked that right now DAMAC Properties may look into expanding its holdings into London due to the Brexit bringing in a strong pound currency.
Prior to starting DAMAC Properties, Hussain Sajwani was a contracts manager for one of the UAE’s largest oil companies, ADNOC. While serving there, he also opened up a catering business that served client all around the world in both government and private sector organizations. Sajwani still makes catering a big part of his hospitality services, though he stated that he couldn’t settle for only millions of dollars when the rising real estate markets in Dubai and Abu Dhabi had the chance for him to make billions. He bought some smaller hotel lots in the area during the 1990s, but he officially founded DAMAC Properties in 2002 and began his first two big investments in Marina Terrace in 2005 and DAMAC Tower in 2006.
Hussain Sajwani has partnered with companies such as Bugatti, Versace and of course most notably the Trump brand. Sajwani has opened several golf courses under a close partnership with the current US president and had a close relationship with him and his family back when he was merely a businessman. But Sajwani is continuing to do deals even as Donald Trump Jr. and Eric run the company more, and he even remarked that even despite some opposition in the Arab world to Trump’s recognition of Jerusalem as Israel’s capital that his vacation resorts co-owned by the Trumps are still as popular as ever. Sajwani is also in the middle of building AYKON City, a massive city within the city of Dubai with a whole new tourist scene and vibe to it.