Despite the stagnation of the Dubai residential property market for the last six months, Hussain Sajwani is still smiling. As the owner of DAMAC Properties, he has become the newest UAE billionaire. His latest mega project combined with the partnership with the Trump Organization caused his share price to increase on the Dubai market. He also believes the year has exceeded his expectations for sales. Hussain Sajwani’s career did not begin with DAMAC Properties but in the catering world in 2002. He did not enter the real estate market until he saw an opportunity later on.
Hussain Sajwani was hit hard along with the other developers in 2008. This was when the bubble burst and prices decreased as much as sixty percent. DAMAC Properties survived because Hussain Sajwani realized what was going to happen in time. He began to build momentum again in 2012 with his first new project in years. The momentum built in 2013 when he launched the mega development called Akoya with the Trump Organization. The launch of Akoya Oxygen followed the next year. Hussain Sajwani is successful because he can see and react to the changes coming his way. He was the only survivor of the dormant companies in 2008 because he took the right actions to handle what was happening in the market.
Hussain Sajwani, the DAMAC owner, also took action in 2012 because he realized the market was moving again. The decisions he made launched DAMAC Properties to the next level. He has seen a dip in the profit margins but attributes this to certain international projects in Saudi Arabia, Lebanon and Qatar. He does not believe this trend will continue and is already seeing DAMAC Properties sales increasing. Hussain Sajwani maintains his optimism regarding the property market in Dubai. Thirty percent of his sales are now coming from mega projects, serviced apartments and hotels. He now intends to use his cash flow, brand and management team to continue growing his company overseas. In an article from Roayah News, it mentioned that he is aggressively pursuing opportunities in Europe for 2018. He was also a guest at the Future Investment Initiative conference held in Saudi Arabia where the $500 billion mega city was announced.
To know more, visit the saudiprojects.net website.