Ranked as the fourth richest Arab on earth by Forbes 2018 rankings, Hussain SajwanI is the founder and CEO of DAMAC Properties, a real estate development company. On the Forbes 2017 Global list, DAMAC Properties was ranked as the first.
Hussain Sajwani the DAMAC owner was born around 1952/1953 in the United Arabs Emirates. He obtained a scholarship to study in the US. Sajwani graduated from the University of Washington with a Bachelor’s degree in Industrial Engineering and Economics. He first worked as a Contracts Manager in GASCO, a branch of Abu Dhabi National Oil Company (ADNOC). He then started his own business after a short while and began a catering venture in 1982.
The Catering Business
The catering business has grown into a market leader called Global Logistics Services. It manages over 200 projects and serves over 150,000 meals in a day in various markets across the Middle East, CIS, and Africa.
Hussain Sajwani launched his first property development project, in 1996, building hotels in Dubai. In 2002 he founded DAMAC Properties. DAMAC broke ground on several huge luxury estate projects in Dubai between 2002 and 2005. It quickly became an essential part of Dubai’s thriving reputation as an international hot spot and architectural marvel. DAMAC went global in 2005 with developments in Jordan, Lebanon, Saudi Arabia and Egypt.
Unfortunately, the global real estate market fell in 2008, and DAMAC almost went down with it. Luckily, Hussain Sajwani Sajwani had seen it coming, and through his ingenious leadership, they managed to withstand those tumultuous times, return to their previous stature and ultimately surpass it. DAMAC built many luxury properties in Dubai and late 2013, it listed on the London Stock Exchange. This made it the first Middle Eastern company to do so.
DAMAC has increased in global profile for glamorous residence with the building of two massive gated communities: DAMAC Hills and Akoya Oxygen. A Trump-branded golf course stands out at DAMAC Hills with a second scheduled to open to open sometime this year.
According to Bloomberg, DAMAC is presently redeveloping Oman’s Port Sultan Qaboos waterfront and building in the Maldives a resort. It is partnering with famous brands such as Bugatti. They are working on several properties in Jordan, Qatar and the U.K.
Hussain Sajwani the DAMAC owner is an active philanthropist who as given to many charitable organizations including the Emirates Red Crescent. He wrote a check for AED 2,000,000 for an initiative founded by the Ruler of Dubai. (Source: Facebook)