Hussain Sajwani; the Chairman, founder, and Chief Executive officer of DAMAC Group and the Hussain Sajwani Family Organization, has cultivated more important friendships with high-ranking world leaders including the President of the United States, Donald Trump. This has helped him take his businesses to the international scene where he is competing favourably. Sajwani’s company is the UAE’s company most associated with eye-catching marketing stunts, glitzy property developments, and glamorous golf course projects where Donald Trump is involved.
During the first Iraq war in 1991, DAMAC supplied food to the United States’ army in the operation called Desert Storm. Additionally, this company has been serving the Americans across the world including in Bosnia, Somalia, and the Gulf, beating large companies with similar services in the United States. With the food business still part of DAMAC Group operations, it serves as a reminder of Hussain Sajwani’s initial business experience and his ability to make friends in high world places.
Sajwani applied these skills when his company was preparing to take advantage of the property prices in United Arab Emirates. He also considered the first public offering of shares with London Stock Exchange being one of his targets. Though there are constraints when entering new markets, Sajwani believes in the advice of the banks. He and his advisers do not want to speculate on the value of any property, but Dubai market professionals have started planning for market capitalization.
Despite the looming signs of possible fluctuation in property prices and increase in off-plan sales, DAMAC owner believes that this is a good situation for Dubai. The DAMAC property business model is based on three principles including holding no land debts, independence of escrow accounts, and retention of cash reserves in government bonds or fixed deposits. Like most family businesses in the Gulf, the issue of succession is also on Sajwani’s mind, but he is proud of their modern corporate structure.
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