The Rich Get Richer

UAE national, Hussain Sajwani increases net worth from 3.7 billion to 4.3 billion in 2017 in a 6 month span, according to Forbes magazine. A venture made possible through the big business of real estate, over in the city of gold lamborghinis and pet jaguars, Dubai. He describes the year as being “good and stable” with his company DAMAC about to exceeds its expectations in sales and handover by the close of the year. Hussain Sajwani started out his first business with a catering venture, Draieh Management Services Company in 1982. He later founded DAMAC Properties in 2002 seeing an opportunity in opening up the Dubai real estate to foreign investors. The DAMAC owner recently open up his company’s first golf club in partnership with the Trump organization. Hussain Sajwani was ranked the richest billionaire in the UAE last year.

According to elmawkefalarabi.com, catching the burst of the city’s real estate bubble in 2008, the DAMAC owner laid low and saw prices decline 60 percent. Hussain started many successful ventures like his launch of the 42 million square foot Akoya, now known as DAMAC Hills. This mega development features apartments, mansions and villas, surrounding a golf course. Also, the 55 million square foot, Akoya Oxygen which launched in 2018. These many successful business moves being due to Hussain being able to see changes and adapt accordingly. After the 2008 crisis of the dormant companies, he only survives because he saw the crisis coming in the early stage and took immediate action.

Post crisis accounted for 14,530 of the 19,855 units being sold, 1,923 in the first 9 months of 2017. Showing no signs of slowing down, however momentum does not show in profits since the company has posted its third consecutive profit decline. Hussain suggests this dip indicates lower profit margins on some international projects. Handed over in the last year in Saudi Arabia, Qatar and Lebanon. Focusing more on delivery, momentum continues, and work is further being done on mega projects like hotels and serviced apartments which make up 30 percent of sales. We’ve done more sales so its been a good year, Hussain says.

Reference: https://www.albayan.ae/economy/local-market/2016-04-27-1.2627119

Leave a Reply