The chairman of Dubai’s biggest private sector asset developer is determined to show the world that he is back just like his hometown.
The company he started in 2002 Damac, was at the center of real estate in the city. This turned some people into millionaires and damaged life savings of others when it bloomed in the summer of 2008.
The price of property in Dubai had surged by almost 50 percent in the past year this is after the emirate came up as a regional hub for investors running away from either insecurity or taxation.
Hussain Sajwani sees an opportunity as he says the construction stillness for the four years that had past created a shortage of houses in the city’s prominent areas; that includes the prosperous areas that around the world’s tallest building, the Burj Khalifa. In the next three or so years, the market would be strong, more so in the high areas. He refuted claims that the sector could overheat once again.
His business empire grew from humble beginnings
Hussain Sajwani was born into the family of Omani roots, a middle-class family. His father worked at his store in Deira for long hours whereas his mother was a hawker in their local area. He used to hear stories, the success, and insufficiencies, the usual stuff that entrepreneurs go through on a daily basis while he was still young and Dubai was a mere trading post.
Before he left the University of Washington in the US, he sold his timeshare apartments in the EAE, where after getting back home, he left the public arena to major into business.
DAMAC Properties Dubai Co deals with the construction of residential, luxury and trading assets in the Middle East and Dubai. It also has investments in the real estate sector. The company has its headquarters in Dubai.
The billionaire developer Hussein hopes to enhance his business deals with the Trump organization, Donald trump’s real estate firm. The two real estate bigwigs have worked before on the trump international golf club. Learn more about DAMAC owner: http://www.celebfamily.com/entrepreneur/hussain-sajwani-family.html
The Damac properties handed a cheque of AED two million to a drive that aims at clothing over a million needy children around the globe. The Ramadan push was started by his Highness Sheikh Mohammed bin Rashid Al Maktoum, who is the Vice President and PM of UAE. Read more: Youngest Billionaire and Wealthy Family | Emirates27 News
The drive was launched in partnership with the Emirates Red Crescent, an organization that was started in 1983 and deals with humanitarian aid. A total of AED 120 million was raised by the campaign.