DAMAC owner Hussain Sajwani has been pretty happy over the past year and a half. People have been focusing on how Dubai’s real estate market has been slumping during this time which is one of his main markets. However, during this time period he achieved a lifelong dream of his which was to become a billionaire. His company, DAMAC Properties, has been doing really well and its share prices have been steadily increasing as a result.
One of the reasons for this is that as DAMAC owner Hussain Sajwani signed an agreement with the Trump Organization to manage golf courses at two of his recent, and largest, property developments. The first of these was at his Damac Hills project, which is now open for business, and another project that is slated to be completed close to the end of 2018. Shares in his company have gone up from Dhs2.69 to Dhs3.4 which really helped to increase his own personal wealth as much of it is in shares of his business.
Hussain Sajwani became DAMAC owner in 2002. For six years his company did fantastically. Like most of the rest of the world, though, Dubai’s real estate market tanked and nobody wanted to buy any real estate. He says that his company had a lot of cash on hand because he is pretty conservative in his approach to business. This money allowed him to weather the storm and wait for the market to recover from drops of real estate value up to 60%.
When the markets turned around during the 2010-2011 market recovery Hussain Sajwani says he was quick to take advantage. He increased the number of available DAMAC Properties unit for sale by 50%, for example. He also launched a huge new project in December 2012 which further increased the momentum of his company.
Damac Hills, then called Akoya, was launched in 2013. This property development encompasses 42 million square feet and has luxury housing, retail, the Trump-managed golf course. The other huge project, Akoya Oxygen, was launched in 2014 and is even larger at 55 million in square feet.
Article source: aleqt.com/2013/07/24/article_772729.html