DAMAC Owner Hussain Sajwani Talks About Possible Ownership Share Liquidation

DAMAC Properties holds a big empire in downtown Dubai in the UAE, and that’s a long way from the small holdings and catering company it was originally. Hussain Sajwani, the chairman and CEO of the company has amassed billions in revenue over the years, and with the size the company has grown to he told a group of CNBC reporters at the World Economic Forum that he was likely to sell a small percentage of the ownership shares for the right price. DAMAC has also seen its stock retain steady growth on the various exchanges, and Sajwani also told the reporters he’s become excited about the opening of the Trump International Golf Club and how it’s performed.

The Hussain Sajwani family legacy began with a trade shop in Deira where young Sajwani first learned business as a child. His professional career started after he finished his bachelor’s degree and then worked in contracts management for an oil company for a few years. His catering business was started in 1982 and it served many wealthy hotel and business owners and even government agencies. Even as Sajwani sought to grow his business into more, he continued to keep the catering company rolling and considers it to be one of the most important services at his hotel properties. But in the mid 1990s he realized Dubai’s hospitality and real estate market was about to explode, so he started buying up properties as mentioned in a post from akhbarak.net.

DAMAC Properties was officially founded in 2002 though some of its subsidiaries like Al Anwar Ceramic Tiles had already been purchased by Hussain Sajwani, the DAMAC owner, several years earlier. The first properties to hit the market were condos at Marina Terrace and a group of high rise buildings at Park Towers in the Dubai financial district. The returns Sajwani gained on these properties allowed him to have funds set aside in escrow that he used to help pull through the 2008 crisis. Coming out of that crisis has been one of DAMAC’s strongest expansion periods with projects completed like AKOYA Oxygen and resorts in partnership with the Trump Organization. Hussain Sajwani also established DICO Investments, a private equity firm, and his philanthropy contributions include supporting the One Million Arab Coders initiative and the Red Crescent organization.

The original source: http://www.aleqt.com/2013/07/24/article_772729.html

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