When you think luxury hotels and residential developments in the UAE and beyond think DAMAC Properties and its’ founder, Hussain Sajwani. The billionaire has created a vast empire of high end residential developments, 5 star hotels, and 2 world class golf courses managed by The Trump Organization. Hussain Sajwaniand and his family have built a friendship and great working relationship with President Trump and his family.
Hussain Sajwani started in business on 1982 when he launched a catering venture to service companies within the energy sector. The company grew landing military contracts to feed our troops in the first Gulf war as well as contracts with other large corporations, such as Bechtel Corp.
In 2002 Hussain Sajwani saw significant opportunities in real estate in Dubai and launched DAMAC Properties. DAMAC is focused on top range luxury developments and has delivered over 19,855 units to date with another 44,000 units in the pipeline.
DAMAC survived the 2008 crash and rebounded in great shape by May 2009 in large part due to Hussain Sajwani’s leadership. During the crisis he adopted a strict cost cutting and cash preservation regime. As they moved forward Hussain Sajwani adopted three principles that would allow DAMAC to weather any future downturns. First, their land holdings are all debt free. Second, all escrow accounts for projects are held separately and each development must support itself. And finally, the company retains cash reserves to the construction schedules should the market take a turn.
Along with the catering and development divisions DAMAC also has a hospitality division, DAMAC Maison providing five star luxury and service in over 15,000 rooms making it one of the regions largest hotel developers and operators. Hussain Sajwani also launched Dico Investments with a focus on investing in private equities, mergers, and acquisitions.
Hussain Sajwani’s is an active philanthropist giving to many charitable causes. One such cause was that of the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum to cloth a million disadvantaged children around the world. Mr. Sajwani donated AED 2 million to the cause which was enough to cloth 50,000 children.
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Famously dubbed the Donald Trump of Dubai, Hussain Sajwani is an emirates billionaire property developer who founded real estate Company, DAMAC properties. Hussain is one of the world’s richest people according to Forbes, 2017. Born to an entrepreneur father, Sajwani became one of the few students to receive a government-funded scholarship to the United States of America. He went on to get a degree in economics and engineering from the University of Washington.
In 1981, Hussain started out his career at the Abu Dhabi Gas Industries’ finance department. In 1982, Sajwani started his own catering venture through which he supplied to clients including the United States military and Bechtel. The catering service is still functional but is now known as Global Logistics Services. In 2002, the DAMAC owner discovered a niche in the property market in Dubai. With this idea, Sajwani founded the DAMAC Properties, a global real estate development company based in the United Arab Emirates where he is currently the chairman and Chief Executive Officer.
The very first projects of DAMAC Properties were centered on the provision of accommodation for people who came to Dubai either for business or leisure. DAMAC Properties is currently among the largest property development companies in the Middle East. Since its inception, DAMAC has developed over 19,000 apartments and has over 44,000 units currently in different stages of construction. DAMAC has also seen to the development of various big-name properties like the Paramount Hotels and Resorts by Paramount Picture, houses in partnership with Versace and Bugatti and a Tiger Woods-designed golf course managed by the Trump Organization.
DAMAC properties and the Hussain Sajwani family are very philanthropic. In 2013 the company donated AED 2 million to support the “clothe a needy child” campaign started by HH Sheikh Mohammed Bin Rashid Al Maktoum. The campaign focuses on providing clothing for over 1 million needy children around the world. DAMAC Properties has also partnered with other organizations in the Middle East in contributing to the noble course of helping underprivileged children all over the world. Hussain Sajwani was named one of the world most influential people in 2017. Learn more: http://www.thenational.ae/business/industry-insights/property/damac-chairman-relishes-his-roots