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Chairman and founder of private developer Damac Properties, Hussain Sajwani has seen Dubai bloom from a desert town to a 21st century metropolis. A key player in the emirate’s real estate boom, the property mogul is optimistic for both his home city, and the company he founded over 25 years ago.
Hussain Sajwani is running late as he swings into the bright room set on one of the top floors of Damac’s new offices at Dubai Internet City (DIC). Perhaps it is not surprising: the chairman of the Dubai-based developer has a lot on his plate these days.
Damac, the largest private developer in the Middle East, has found itself at the sharp end of international media criticism over the past few months. There have been rumours of cancelled projects and disgruntled investors, but Sajwani’s frustration is clear as he sets the record straight.
“Globally, I think we have an issue with the media,” he says, frowning, immaculately turned out in a snow white dishdasha, and polished black sandals.
“I think the negative side [of the media] is because of the tough competition. Everybody tries to break a story. Unfortunately, it is about getting the big headline regardless of how accurate the story is,” he argues.
Just three weeks ago the property firm was forced to issue a statement strenuously denying that its Hyde Park project in Cairo and Al Jawharah development in Jeddah had been cancelled, amid reports that pressure on investors to pay their remaining installments on time, or face action over breach of contract.
“Overall the media put themselves as a judge between two parties and a dispute. So if you bought something from me and you are unhappy, you can go to the media,” he says.
“I have 10,000 customers. Every customer that has a dispute is going to come and talk to you [the media]. The media should ask about the overall subjects of the industry, but they should not go into the issues of each individual customer. If you write something that is not accurate, it is unfair.”
While sensitivity is running high in Dubai following a spate of scathing stories in the British media, Damac, like all property companies in the region, still has its own issues to address. The group, which is part of conglomerate Damac Holding and employs 7,500 people worldwide, has been forced to axe three percent of its global workforce since October. It has also had to draw up a consolidation programme for its portfolio, which will see the developer prioritise certain projects.
“Our company had a plan for a soft landing. It was a harsh landing, so we’ve had to take some measures,” Sajwani explains.
“I think we realised the problem at a very early stage, and we were one of the first companies to take action in the first week of October,” he points out. “We have restructured the company and downsized the number of employees and offices. We have also switched our focus from launching new projects and buildings, to focusing on delivery and dealing with customer issues.”
It is all a world away from 1983, when Sajwani founded Damac as a local catering company servicing labour camps, schools and universities. Over 25 years, the conglomerate, Damac Holding, has through its subsidiaries diversified into everything from insurance to ceramic manufacturing and pest control. Subsidaries include the Bahrain-based Al Ahlia Insurance and Al Jazeira Service in Oman, which specialises in catering and service support.
