Hussain Sajwani predicts that the Dubai property market will continue to be bullish in the next three years. The Dubai tycoon spends most of his time working from DAMAC’s opulent headquarters at the heart of the city. He plans to undertake massive development projects in the areas adjacent to the Burj Khalifa buildings in the coming years.
Hussain Sajwani family wasn’t always wealthy. No, he’s had to work tirelessly for over thirty years to become one of the most influential Arabs serving in Trump’s inner circles. The entrepreneur came from a typical middle-classing family. The dad supported the family by working long hours at his small store. The mom used to sell various goods out of their home. Hussain’s prospects changed for the better when he got accepted to study business at the prestigious University of Washington.
Starts Catering in 1982
After attaining his degree,Sajwani returned home to take up a job with the nation’s leading oil company, GASCO. The administrative level job wasn’t what Hussain envisioned and soon he quit. He went ahead to open his catering business that provided food supplies to US troops based in the M.E as the first Gulf war raged on in neighboring Iraq. Apart from the lucrative military tenders, Hussain’s catering firm also had contracts with multiple oil and gas companies in the Middle East.
Building Hotels in the 1990s
Despite the Hussain’s portfolio taking a heavy hit in the dotcom years. He recouped these losses by acquiring property in Dubai and selling them to foreigners at massive profits (http://www.thenational.ae/business/industry-insights/property/damac-chairman-relishes-his-roots). In the nineties, Sajwani bought vast tracts of land in a derelict area of the city called Deira. The property tycoon later oversaw work on four world-class rated hotels in the now-refurbished business district.
DAMAC Starts at 2002
2002 will forever remain to be one of the best years in the history of the Sajwani family. That’s when he founded a company that would become Dubai’s most successful private-sector property developer. In 2013, the DAMAC owner acquired a 40% shareholder stake in one of the largest Insurance companies in Bahrain. After the M.E housing bubble, the company landed a telephone-digit figure construction contract in Lebanon. In 2013, DAMAC broke ground on their flagship development project. Upon completion, the project would culminate in the construction of a mega-resort city with a signature Donald Trump golf course. Learn more: https://www.youtube.com/watch?v=GJxJrIkRTzk