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Hussain Sajwani

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Hussain Sajwani (Arabic: حسين سجواني; born 1953) is an Emirati billionaire businessman and the founder of the property development company, DAMAC Properties,[2][3][4] and his private investment company, DAMAC Group.[5]

Hussain Sajwani
Born
حسين سجواني

1952 or 1953 (age 70–71)[1]
NationalityEmirati
EducationUniversity of Washington
OccupationBusinessman
Known forReal estate development
TitleFounder and chairman, DAMAC Properties
Children4 including Ali Sajwani
Websitehussainsajwani.com

According to Forbes, as of August 2024, Hussain Sajwani is ranked among the top richest Arabs with a net worth of US$5.1 billion.[6] Sajwani is a close friend and associate of former American president Donald Trump.[7]

Early life

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Hussain Sajwani was born in 1952 and is the eldest of five children. Both of his parents were entrepreneurs. His father was a trader with a shop at the local souk, selling watches, Parker pens, shirts, and goods imported from China.[8] Sajwani obtained a government scholarship and attended a medical college in Baghdad. After his first year, he left for the US and attended the University of Washington, where he studied industrial engineering.[9]

Career

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Sajwani started his career in 1981 in the finance department at Abu Dhabi Gas Industries. Two years later, he started a catering venture, with customers including the U.S. military and Bechtel. The venture is still operational and is now called Global Logistics Services.[10]

In 2002, Sajwani established DAMAC Properties, one of the largest property development companies in the Middle East. The company has delivered around 27,400 homes since its inception and has over 35,000 units under various stages of development.[11]

An Egyptian court found Sajwani guilty of corruption in connection with a 2006 land deal in Gamsha Bay on the Red Sea. He was sentenced to 5 years in prison but reached a settlement with the Egyptian government through an Investor-state dispute settlement arbitration and received no punishment.[12]

In October 2011, DAMAC Properties launched its hospitality division, 'DAMAC Maison Hotels & Resorts'.[13] In 2015, the company was publicly listed on the Dubai Financial Market.[14]

Some of the projects developed by DAMAC Properties include a golf course designed by Tiger Woods and managed by The Trump Organization,[15] luxury apartments with interiors by Italian fashion-houses Versace, Fendi, and Roberto Cavalli[5] as well as brands such as Paramount Hotels and Resorts in partnership with Paramount Pictures.[16]

In 2019, Sajwani's private investment firm completed the acquisition of Italian fashion group, Roberto Cavalli.[17]

Sajwani invested £600 million in London, UK, through its Versace-branded DAMAC Tower London in Nine Elms.[18][19]

In June 2021, Sajwani resigned as the chairman of Damac Properties and offered to take the company private.[20]

Sajwani planned to launch Cavalli residences on a $120 million plot located in Miami on the site of the collapsed Surfside condominium.[21][22]

In 2022, Sajwani acquired the jeweler, De Grisogono, and announced two collaborative development projects in Dubai.[23][24]

Personal life

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Sajwani is married, has four children, and lives in Dubai.[1]

His son, Ali Sajwani, is an economics graduate from Northeastern University in Boston, US, and the Managing Director of Operations at DAMAC Group. He was named one of the Middle East's future stars by the Arabian Business Achievement Awards 2017, organized by Arabian Business.[25]

His daughter, Amira Sajwani, is a graduate of University College London (UCL), where she majored in Project Management for Construction, and has a Masters in Finance from the London School of Economics (LSE).[26] She is DAMAC's Senior Vice President – Operations.[27][28]

Recognition

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  • Ranked Number 15 on Hotelier Power 50 - CEO Middle East Awards 2017[29]
  • Property CEO of the Year – CEO Middle East Awards 2017[30]
  • Real Estate Legend 2018 - Arabian Business Real Estate Awards[31]
  • Real Estate Business Leader of the Year 2018 - Gulf Business Awards 2018[32]
  • Ranked 26th on Construction Week's Power 100 list in 2019[33]
  • In 2020, Sajwani appeared in Cityscape Intelligence's most influential people in the MENA real estate industry.[34][35]
  • The 100 Most Powerful People in Global Hospitality, as recognized by the International Hospitality Institute's Global 100 in June 2022.[36]

References

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  1. ^ a b "Forbes profile: Hussain Sajwani". Forbes. Retrieved 30 June 2021.
  2. ^ Moukheiber, Kerry A. Dolan, Zina. "How The Donald of Dubai Used Outrageous Marketing To Score A $3 Billion Real Estate Fortune". Forbes.{{cite web}}: CS1 maint: multiple names: authors list (link)
  3. ^ "Trump's sons in Dubai to open Trump International Golf Club". The National. 18 February 2017. Retrieved 11 November 2017.
  4. ^ "Damac Maison Hotels & Resorts to add 6,050 keys in ME". tradearabia.com. Retrieved 11 November 2017.
  5. ^ a b "Damac's Aykon Hotels to boast Roberto Cavalli interiors". www.arabianbusiness.com. 2 October 2018. Retrieved 2020-01-17.
  6. ^ "Hussain Sajwani". Forbes. Retrieved 2024-08-30.
  7. ^ Sweet, Jacqueline (2024-03-14). "US firm that paid indicted FBI informant tied to Trump associates, records reveal". The Guardian. ISSN 0261-3077.
  8. ^ "Hussain Sajwani: The Donald of Dubai". Forbes India. Retrieved 7 April 2019.
  9. ^ "High riser | Lifestyle – Gulf News". Gulfnews.com. 2007-07-20. Retrieved 2020-01-16.
  10. ^ "Hussain Sajwani: The Donald of Dubai - Forbes India". Forbes India.
  11. ^ "DAMAC brings back its popular DSF offers on five of its in-demand luxury projects". www.zawya.com. 26 December 2019. Retrieved 2020-01-19.
  12. ^ "Inside The Global "Club" That Helps Executives Escape Their Crimes". www.buzzfeednews.com. Retrieved 2021-06-28.
  13. ^ "Damac developing 8000 serviced hotel apartments". www.hoteliermiddleeast.com. 9 July 2013. Retrieved 2020-01-19.
  14. ^ "Dubai's Damac plans more London projects to follow launch of Versace-themed development". www.thenational.ae. 20 July 2015. Retrieved 2020-01-19.
  15. ^ "Second time lucky for Tiger Woods? Golfer completes designs for new Dubai course". ArabianBusiness.com. Retrieved 11 November 2017.
  16. ^ "Damac goes to Hollywood with Paramount partnership for hotel". www.thenational.ae. 6 March 2013. Retrieved 2020-01-19.
  17. ^ Warrier, Ranju (1 December 2019). "Damac chairman's investment firm acquires Italy's Roberto Cavalli". www.constructionweekonline.com. Retrieved 2020-01-17.
  18. ^ "Donald Trump's Dubai business partner targets fresh London push". London Evening Standard. 4 July 2017. Retrieved 11 November 2017.
  19. ^ "Over half of units in Damac Tower in London sold". www.arabianbusiness.com. 12 May 2019. Retrieved 2020-01-19.
  20. ^ John, Issac. "Sajwani resigns, offers $595m to take Damac private". Khaleej Times. Retrieved 2021-08-31.
  21. ^ "Damac's Hussain Sajwani takes 'Cavalli' luxury brand to Miami". gulfnews.com. Retrieved 2022-06-04.
  22. ^ "Dubai developer to buy Florida condo collapse site for $120M". Tampa Bay Times. Retrieved 2022-06-04.
  23. ^ "Dubai's DAMAC Group Acquires De Grisogono". nationaljeweler.com. Retrieved 2022-09-01.
  24. ^ "Damac's Hussain Sajwani has now bought a Swiss jewellery brand, de Grisogono". gulfnews.com. Retrieved 2022-09-01.
  25. ^ "Arabian Business announces 'Future Stars' at annual awards night". ArabianBusiness.com.
  26. ^ "Amira Sajwani, DAMAC Properties Dubai Co PJSC: Profile and Biography - Bloomberg Markets". Bloomberg.com. 2019-02-07. Retrieved 2020-01-16.
  27. ^ @AradaLiving (2019-12-10). "Cover Story: Amira Sajwani – Journey of an Emirati Role Model and Business Woman - Construction Business News Middle East". Cbnme.com. Retrieved 2020-01-16.
  28. ^ "Over half of units in Damac Tower in London sold". www.arabianbusiness.com. 8 April 2019. Retrieved 2020-01-19.
  29. ^ www.urrzaa.com, Urrzaa. "Hussain Sajwani - Chairman of Damac Properties / Damac Hotels & Resorts". hoteliermiddleeast.com. Retrieved 20 April 2018.
  30. ^ "UAE hoteliers win top accolades at CEO Middle East Awards". arabianindustry.com. Retrieved 20 April 2018.
  31. ^ "MAG, Wasl and Dubai Properties take top honours at Arabian Business Real Estate Awards". arabianbusiness.com. Retrieved 20 April 2018.
  32. ^ "Revealed: Winners at the Gulf Business Awards 2018". Gulf Business. 11 September 2018. Retrieved 19 September 2018.
  33. ^ "2019 CW Power 100: Hussain Sajwani of Dubai's Damac is #26". Construction Week Online Middle East.
  34. ^ "Sultan Bin Sulayem and CEO of Saudi Arabia's NEOM City in real estate 'power list'". gulfnews.com. Retrieved 2021-01-27.
  35. ^ "Revealed: Cityscape Intelligence's most influential people in the MENA real estate industry". Cityscape Intelligence | Real Estate Investment Trends & Insights. 2021-01-18. Retrieved 2021-01-27.
  36. ^ Mix, Pulse (2022-08-01). "Dr Jeffrey Obomeghie and Dupe Olusola among the 100 most powerful people in global hospitality". Pulse Nigeria. Retrieved 2022-08-02.
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