Hussain Sajwani Discusses The Dubai Property Scene
CNBC caught up with the sensational Arab real estate mogul during the just concluded World Economic Forum. Here’s a brief recap of the startling interview about the state of affairs in the ever-green ME property market.
As expected, the interviewer’s first question delved into the remarkably controversial affiliation the prominent UAE business magnate has with the incumbent US President, Donald Trump. Hussain was asked to comment on the recent decision by Donald Trump and his White House administration to recognize Jerusalem as the capital city of Israel. In his measured response, billionaire Sajwani acknowledged that his realty, DAMAC had indeed entered into a development contract with the award-winning Trump Organization. The contract was to oversee the finalization of two signature golf courses in a behemoth gated community and industrial complex.
Selling 15% Stake?
The second question posed to Hussain Sajwani was on the unconfirmed rumors that DAMAC was seeking to shelve at least 15% of its stake. Hussain affirmed the grapevine and said that his realty aimed to raise liquidity to help push other development agendas still planned. He, however, refrained from speculating how much money DAMAC would raise by selling that given stake owing to market timing considerations.
Hussain also expressed his unreserved optimism about the prospects of the Dubai property scene. The respected Arab investor is on record predicting a growth of up to 4% per annum, in this particular sector. Sajwani terms the property market as being remarkably stable as opposed to it heading to an inevitable crash like in late ’08 or in 2013. Moving forward, the property baron expects his company to make more gains in the European and the US property niches.
About Hussain Sajwani
Born in 1952, Hussain Saajwani is a classic epitome of a rags to wealth story. As of 2017, the influential real estate maestro and businessman ranked as the top ten richest Arabs on Forbes. The United Arab Emirates citizen worked as a caterer serving US Special Forces and troops based in his nation in the eighties as the 1st Gulf war raged.
Hussain, a father of four, enrolled for his Industrial Engineering and Economics degree at the highly acclaimed Washington University. DAMAC actively sponsors a myriad of philanthropic causes designed to uplift and empower the lives of poor Middle Eastern families.