Hussein Sajwani’s Background
With a net worth of $3.6 billion, Hussein Sajwani is currently ranked as the 527th richest man in the world. He is also 3rd in the United Arab Emirates. Most of his wealth has been accrued from businesses in the luxurious real estate and hospitality industry.
He was brought up in a business oriented setup, with his father being a shopkeeper, and his mother a hawker. He would go to the shop during weekends to lend a hand.
Hussein was excellent in school, and the government acknowledged this by providing him with a scholarship to study in the USA. He graduated with an undergraduate degree in economics, and industrial engineering from the University of Washington, Seattle. He started engaging in business while in college, selling time-share apartments in the UAE on the side.
Early Business Ventures
Sajwani’s first job after graduation was at the finance department of Abu Dhabi Gas Industries, where he worked on contracts. He worked for only two years after which, he resigned. He used his savings from the time-share sales as capital to start up a catering business.
The catering business prospered. Hussein was able to raise money which enabled him to start small hotels in Dubai. When the government allowed foreigners to acquire land in Dubai, Sajwani sold off a portion of his assets and used the funds to buy an undeveloped piece of land in the Marina neighborhood. He managed to sell a 38-story building six months before its construction started.
In 2002, Hussein founded DAMAC properties. It is the largest private real estate venture in the Middle East. The company operates in the Middle East, and its current headquarters are in Dubai, UAE.
DAMAC primarily focuses on the development of luxurious, high-end residential and commercial buildings. Up to date, tens of thousands of lavish apartments have been constructed and more are in various stages of development. The company has teamed up with global luxury brands to design the properties. They even issue posh cars such as BMWs and Lamborghinis as a marketing incentive!
Relationship with Donald Trump
Hussein and Trump are business partners. Together, they are currently developing a $6 billion venture, named Akoya, covering over 42 million square feet. The property features cozy apartment buildings and villas, with some going for as much as $9 million.
A golf course designed by Tiger Woods is also under construction and is expected to open next year.
DAMAC continuously supports efforts to improve living standards around the world. They handed a check worth AED 2 million to a campaign to provide clothes to destitute children around the world. The contribution is projected to clothe over 50,000 children.