A Dubai Government Decree in favor of Foreigners Saw the Formation of Damac Properties
In 2002, Hussain Sajwani saw an opportunity and jumped right in. Damac Properties came to be when the decree by the Dubai government gave foreigners permission to own property in the emirate. Damac Properties is a firm that specializes in the development of residential real estate products. At the time, Hussain Sajwani targeted non-emirates apartment buyers.
It was not difficult to perceive success right from the beginning. Hussain bought land in undeveloped part of town, at that time, and managed to sell several units in his 38-storey building in less than half a year. Hussain Sajwani has contributed significantly to the big name that Dubai enjoys today as a glittering travel destination.
Years before (2013) Donald Trump became the president of the United States; he teamed up with Damac Properties to construct two Trump-branded golf courses – the Trump International Golf Course, Dubai ( opened in February 2017) and the Trump World Golf Course (to be opened by the end of 2018). The golf courses are located at separate Damac Development properties.
Donald Trump’s close association with the real estate developer Hussain Sajwani, became more evident when he praised him in a press conference immediately after he was elected the president of the United States. Trump described Sajwani as an amazing man who had offered him a Dubai real estate deal worth $2 billion.
Immediately after he finished his studies at the University of Washington, Hussain began his career at Abu Dhabi National Oil Company’s subsidiary, GASCO, working as a contract manager. Hussain Sajwani was involved in the food service business. Some of his biggest clients were Bechtel (the construction giant) and the U.S military. He ventured into the catering business soon after he left GASCO in 1982.
DAMAC owner Hussain Sajwani’s name is in the list of pioneers of the Dubai’s property market expansion. He constructed several hotels during the mid-90s to accommodate the growing number of people who visited the Emirates to trade and do business.
His success in business partly arises from his vast knowledge and expertise in property development ranging from sales and marketing to finance and administration. Today, Hussain Sajwani has huge projects in major cities such as Doha, Amman, Jeddah, Beirut, Riyadh, Abu Dhabi, as well as London. His real time net worth according to Forbes stands at $3.6 billion.
Read more: http://www.hussainsajwani.com/