Hussain Sajwani is the third richest person in the United Arab Emirates and is popularly known as one of the few dynamic self-made billionaires in the world. Know famously as the king of real estate sector of the United Arab Emirates, Hussain Sajwani’s firm, Damac Properties, has played a pivotal role in the real estate development in the Middle East.
Damac Properties, established in 2002, is one of the leading luxurious real estate development firms actively constructing a broad range of commercial and residential projects in Dubai, and many other cities of the United Arab Emirates. Damac Properties since its inception has grown exponentially and now has operations in many different parts of the world beyond UAE, including in the London, Beirut, Jeddah, Oman, Qatar, Saudi Arabia, and more.
Hussain Sajwani studied economics and industrial engineering from the University of Washington and joined oil company Gasco as a contracts manager after graduation. However, he couldn’t calm his entrepreneurial spirit, which led him to leave his job and start his firm in the food and catering business, and thus, started the Al Jazeera Catering Services. It is a company that continues to operate till date and has pioneered the industrial catering sector for years, serving over 150,000 meals a day and handling more than 200 projects. Hussain Sajwani is invested heavily in the equity markets as well and has a stock investment portfolio in both regional and international financial market, managed by Damac Properties’ specialized investment wing, DICO Investments LLC.
Before shifting his base to Dubai, Hussain Sajwani realized that the real estate market of the Middle East has immense potential. It is for this reason he came back to Dubai and invested and bought a plot in the suburbs of Dubai to construct a luxurious residential project. He knew that the foreigners were allowed to invest in the real estate market of Dubai as per the government’s flexible investment policies in the real estate sector, and thus, he was able to sell off his project in just six months, even before the construction of the project began. Hussain Sajwani’s Damac Properties is also collaborating with the Trump Organization to build two international golf courses cum residential complexes in Dubai.