Hussain Sajwani, the Billionaire behind DAMAC Properties’ Domination Quest
Hussain Sajwani’s name came to the spotlight recently in the US when he was briefly mentioned by US President, Donald Trump in a New Year’s Eve gathering in Florida. He is the majority owner and Executive Chairman of DAMAC Properties, one of the largest real estate developers in Dubai. Hussain Sajwani is a business associate of Donald Trump, and together they are partnering in developing an expansive 900-acre $2.5 billion mixed-use luxury golf destination named the Akoya Project in the United Arab Emirates.
Hussain Sajwani is the third richest man in the UAE with an estimated net worth of over $3.5 billion. An economics graduate from the University of Washington, Hussain Sajwani started the Draieh Management Services Company, DAMAC, in 1982 as a specialist catering company. Rapid growth and lucrative business deals made them the approved caterer for the US military on operations in the Middle East and Bosnia. Additionally, DAMAC served various construction, oil and gas operations in the region.
Hussain Sajwani entered the real estate and property development market in 1996 building and selling small commercial high-rises. The property bubble of 2001 in Dubai was DAMAC’s call to glory expanding their real estate interests by opening DAMAC Properties in 2002 as part of the group and capitalizing on the relaxed property investment regulations in the country. The property boom was ignited by the easing of government regulation allowing foreigners to own property in the region.
DAMAC Properties have developed over 16,000 apartments and 13,000 serviced villas. Over 40,000, more are planned. It has attracted veteran luxury brands such as Fendi and Versace who have entered into co-branding agreements with them. The DAMAC Group operates in over 18 countries employing over 7,000 people around the world working in areas such as real estate, logistics, commercial trading, and hospitality.
Through DAMAC Properties, Hussain Sajwani supports various charitable interests especially campaigns by the President of the UAE, His Highness Sheikh Khalifa bin Zayed Al Nahyan. They include supporting refugees in Lebanon and Jordan, the Taharamu campaign by the UAE Red Crescent, Water Aid and Dubai Autism Centre.