GCC Real Estate Titans 2019

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Hussain Sajwani

Hussain Sajwani

Company:

Damac Properties

Designation:

Founder and chairman

The founder of the Middle East’s largest private sector property developer continues to push his company forward to new heights.

Sajwani founded Damac Properties in 2002, one of the first movers to seek the opportunities provided by the Dubai government decree that allowed foreigners to own property in the emirate. As such, he helped orchestrate one of the world’s biggest ever real estate booms. His determination has made him one of the world’s richest Arabs, with an estimated net worth of $2.7bn.

In 2014, Sajwani chose to list the company on the London Stock Exchange and by 2017 had become the Arab world’s fourth biggest public company, with its buildings dominating the skyline of Dubai and Emaar its only real competitor in terms of scale.

He has gone on to orchestrate some of the boldest schemes in the country. Akoya Oxygen, for example, is a $6.5bn, 55-million sq ft community project, while Damac Hills will eventually house 10,000 units.

Damac reduced its gross debt by $381m over the past 12 months as it posted profit margins of 27 percent for the period. Gross profit reached $136m, while net profit for H1 2019 stands at $22m.

Its development portfolio comprises over 40,000 units at various stages of progress and planning, including more than 10,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, Damac Hotels & Resorts.