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Fri 22 Apr 2016 12:27 AM

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Damac's Sajwani said to see fortune soar 20% to $3.9bn in 2016

Chairman of Dubai property developer has reportedly bucked downward trend of Gulf billionaires monitored by Bloomberg

Damac's Sajwani said to see fortune soar 20% to $3.9bn in 2016
Hussain Sajwani, the founder of Damac Properties.

The founder of Dubai's Damac Properties has seen his net worth grow by 20 percent this year to $3.9 billion, according to the Bloomberg Billionaires Index.

The index said falling prices in the Dubai property market has failed to dent the fortune of Hussain Sajwani, as shares of the developer have risen.

Bloomberg said the Sajwani has bucked a trend among the nine Middle East billionaires ranked among the world’s 400 richest people who have seen their fortunes drop by an average of 6.3 percent since January 1.

Earlier this month, Sajwani was quoted as saying that he is considering further high-end projects in London, as well as new markets such as the US.

The Dubai developer has expanded overseas in recent years, and is working in Saudi Arabia, Qatar, Lebanon and Jordan, as well as on its Aykon residential project in London’s Vauxhall.

“The next step could take us to gateway cities in the US — I would love to do that,” Sajwani said in comments published by Gulf News.

The developer completed over 2,600 units in 2015, including units in Akoya by Damac, the first master plan development around a golf course in Dubai. Damac also completed its first project in Qatar during the year with 512 units in Doha.

In February, Damac said its 2015 full-year profit was AED4.51 billion ($1.23 billion), up from AED3.48 billion in 2014.

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Mohsen Bishara 3 years ago

It's a good dream.