Hussain Sajwani is Founder and Chairman of DAMAC Properties, a property development firm based out of the United Arab Emirates. They are renowned for their many opulent properties throughout Europe and the Middle East.
With a deal signed between DAMAC and the Trump Organization, and therefore associated with the President. A question posed by CNBC concerning whether a decision the President made on Jerusalem could affect the firm. To which Hussin Sajwani remarked that he does not see an impact on their business. With the first of two golf courses built as a result of the deal, DAMAC is pleased with the design and quality thus far. They also expect positive results in the next results announcements.
On the matter of DAMAC looking to sell a 15% stake in the company, Hussain Sajwani acknowledged that to create liquidity they are willing to sale. Though, the actual percentage would depend on several factors like timing, price and the overall market. In effect, the stake in the company could fall anywhere as a result.
Hussain Sajwani also quieted any anxieties of overcapacity in the market. He asserts that they have half a million units in permanent tenure, and are up by at least 3% to 4%. With a need for 15,000 units a year, they only produce about 10,000 units. Even moving forward they only see total output at 10,000 to 12,000, so looking at the market overall there is room for growth. Hussain Sajwani believes this will result in a stable market, especially when compared to the real estate market crash in 2008/2009.
It was also added, in Hussain Sajwani’s interview with CNBC that there is a desire to expand throughout Europe and North Ameria where he sees a lot of opportunity for the company.
Hussain Sajwani is in the top ten of the World’s Richest Arab Billionaires, according to Forbes. He graduated from the University of Washington on a government scholarship having been one of few students in the UAE to achieve this. He comes from an entrepreneurial background thanks to his father, who sold watches, Parker Pens, shirts and other goods made in China in a shop he owned.