Hussain Sajwani was at the World Economic Forum a few months ago and he was asked about some updates at his company, DAMAC Properties. He mentioned to the CNBC media people that he was looking to sell about 15% of the company because it could create a little more cash flow, and over the 17 years DAMAC has existed Sajwani has kept it out of debt.
He also said despite media claims to the contrary that Dubai’s housing market in the UAE is still very stable and his housing projects will not be in a surplus. But Sajwani is potentially looking at deals in the UK and even possibly buying some properties in the US in the coming years.
Hussain Sajwani became DAMAC owner in 2002, but before that he managed other businesses. He graduated from the University of Washington in 1981 and became a contracts manager for GASCO, and in 1983 he started a catering company.
This catering company served government agencies, 5-star hotel brands, non-profit groups and most notably the US army during the Gulf War. But Sajwani decided to upgrade to the hospitality and real estate business because more money could be made in it.
The DAMAC asset management company was started in the 1990s, and today it runs a private equity firm and offers public offerings on both the UAE and London stock exchanges. Sajwani also owns Anwar Tiles and an Arabian insurance company. Read more: Hussain Sajwani | Crunchbase and Hussain Sajwani | Facebook
Properties in the DAMAC portfolio include DAMAC Tower which Sajwani had constructed in 2006 and had interiors designed by Versace and Bugatti, Marina Terrace, Tiger Woods Golf Course and Trump Resort and most recently AYKON City.
The Hussain Sajwani family is close friends with President Trump’s family, and Sajwani has understood Trump even when he’s made controversial remarks. The two men have already developed several 5-star hotels together, and the Trump World Resort has been the latest of their business deals.
But Sajwani knows Trump even outside the business office having been a frequent guest at Trump Tower in New York, and even as Donald Trump has relinquished his executive role at the company, Sajwani says DAMAC will continue its partnership with the Trump’s as his sons take over company management.