The owner of DAMAC Properties, Hussain Sajwani is a happy man in Dubai despite the stagnant and slumping of real estate prices in the Middle East and the world by extension. In the last 18 months, the real estate business has experienced economic shocks leading to tremendous fall in demand for the properties in the market. However, for DAMAC properties and Hussain Sajwani, they are smiling all the way to the bank because of an increase in the share price of company stock. The upward surge of the stock prices is attributed to the historic win of US president Donald J Trump. Notably, Trump through his Trump Organization partnered with the DAMAC Properties to open the company first golf club in February at DAMAC Hills mega project. Thus the business relationship between Hussain Sajwani and the US president has triggered the increase of share price of the company from Dhs 2.69 from January to Dhs 3.4 in June. Therefore the increase in the price of share only means Sajwahi net worth follows the same trend and according to the Forbes magazine for the last six months his net worth has skyrocketed from $3.7bn to 4.3bn.
In a recent interview held at the company’s Barsha Heights headquarters, his description of 2017 illustrates an excellent and stable year for the DAMAC Properties since it projects to meet its sales targets. DAMAC is a relatively young company since it was founded back in 2002 after Hussain, the DAMAC owner, identified a niche in the real estate properties when he was previously engaged in the catering business in his Draieh Company. However, as result of his success, he has also tasted failure in the real estate business. In the year 2008 when the global financial crises occurred leading to declining of prices by more than 50%.Hussain attributes the success of DAMAC Properties to the management being proactive rather than reactive and acting to fix situations before they occur. For instance, before the occurring of the global financial crises, DAMAC management was able to take some drastic measures to help the organization survive. Besides on the first quarter of the year 2011, the company was able to put up measures to tap the high influx of people because of Arab spring.
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