Despite the fact that majority of the real estate industry in Dubai for the past one and a half years are concentrated on the falling or stationary residential property rents and prices, Hussain Sajwani, the Chairman and Founder of DAMAC Properties, is still at the top of his game.
President Donald Trump’s victory in the U.S. elections along with the increase of DAMAC’s stock option prices, Hussain Sajwani has been labelled as the new wealthiest UAE billionaire last year. Both Sajwani and his company’s prosperities have increase progressively after the company launched its first golf club in February, which is in association with the Trump Organization at the DAMAC Hills mega project along with its inclusion to the MSCI’s UAE index compiler in June.
The corporation’s stock price listed on the Financial Market of Dubai increased from Dhs 2.69 when January started to approximately Dhs 3.4 in November. According to Forbes, this triggered Hussain Sajwani’s net value for the past six months from $3.7 billion to $4.3 billion.
While at the company’s headquarters in Barsha Heights, Hussain Sajwani states that 2017 was a stable and good year for him despite numerous anticipations that it will surpass its sales and handover targets not later than December 31. Sajwani explains that the company has estimated Dhs7 billion or $1.9 billion in sales and he foresees that they are going to go beyond that. He adds that the company is right on target with their lucrativeness as well as with their handover.
Hussain Sajwani’s positivity is a revelation of DAMAC Properties spectacular shift. He established DAMAC in 2001, amidst the success of his catering business Drajeh Management Services Company, when he glimpsed an opportunity to open up the real estate of Dubai to investors from foreign countries. At that time Dubai’s previous real estate which was at an all-time high fell to almost 60%.
After that, DAMAC, according to Sajwani concentrated mostly on delivery where it handed more than 50% more units that its competitors within the 2010 to 2011 period of recovery before it took steps to launch its very first project in years on December 2012. And the company has gained a stable momentum ever since.