The DAMAC Owner Hussain Sajwani Has Made A Name In The Dubai Real Estate Market
The Chairman and founder of DAMAC Properties is Hussain Sajwani. Last year, he was ranked the UAE’s richest new billionaire. His fortune began to rise after he partnered with the Trump Organization to open a golf club. The DAMAC owner stated 2017 was a stable and good year. The company was founded in 2002 after the real estate market in Dubai was opened for foreign investors. Hussain Sajwani came through the 2008 bursting of the real estate bubble and has focused on delivery. The recovery period was from 2010 through 2011.
In 2013 Hussain Sajwani launched the Akoya for 42 million. This development featured villas, mansions, apartments and a golf course built with the Trump Organization. The Akoya Oxygen was launched the next year for $55 million. The DAMAC owner saw an influx of people and the market moving in 2012. This was when he decided to launch Akoya Oxygen and Arab Spring. This insight into the future launched the company to a new level. Most of the units delivered by the company were from 2012 and beyond. Hussain Sajwani is expected to deliver an additional 2,800 units this year. This may include the completion of the Damac Towers by Paramount luxury hotel.
Hussain Sajwani is optimistic regarding the Dubai property market. The DAMAC owner is growing his portfolio of serviced apartments, hotels and his mega projects. This is currently thirty percent of his sales. He is delighted to speak about Dubai. Hussain Sajwani also has a pipeline consisting of 40,000 to be delivered to the UAE between 2017 and 2021. The company has already handed over The Heights and DAMAC Esclusiva in Amman and Riyadh this year.
The Mina Sultan Qaboos Waterfront is scheduled for development in June. This development is a combination of residential and tourism in Muscat. The DAMAC owner believes the timing is right to expand out of the Dubai base. The company is aggressively looking in specific parts of Europe and researching different projects. Hussain Sajwani expects to take action during 2018. He also stated he was one of the guests at the Future Investment Initiative conference in Saudi Arabia.