How Hussain Sajwani Grew DAMAC Properties to Become a World Leader in the Property Development Sector

Hussain Sajwani is the founder and CEO of DAMAC Properties, a global property development firm. Hussain graduated from the University of Washington. His career began at GASCO, where he worked as a contract manager. He later started his business in the catering industry in 1982.

 

Sajwani has made his name as one of the pioneers of the Dubai real estate. Sajwani took advantage of a decision by the government of Dubai to allow foreigners to invest in the real estate industry. In the 90’s he developed hotels to accommodate the increasing expatriates in the country. In 2002, he founded DAMAC Properties, which has grown to have projects in global cities such as London, Dubai, Abu Dhabi and Doha.

 

Relationship with Trump

 

Amid speculations that President Trump will not be transacting business deals while in the Whitehouse, Hussain Sajwani is keen to extend his business ties with the president. This might happen since Hussain Sajwani family has close ties with President Trump’s family. The close friendship means that even Ivanka, Eric and Donald Jr. can handle business in the absence of their father. The duo has partnered in several property developments, with the recent one being the development of the Trump International Golf Club. The two real estate moguls are also in the process of developing another golf club, which will be launched in 2018.

 

About DAMAC Properties

 

DAMAC Properties is a real estate development company based in Dubai. The firm specializes in the development of high-end residential, commercial and leisure properties in Dubai and the Middle East. In 2011, the business decided to join the hospitality division. It launched DAMAC Maison, which offers excellent services in 7,957 hotel apartments. DAMAC laid down plans to serve an additional 2,810 hotel apartments. With this achievement, the Hussain Sajwani-led company became the largest hotel service provider and developer across the globe.

 

Hussain Sajwani in Philanthropy

 

The DAMAC owner has been involved in several philanthropic activities. Recently, he donated AED two million to a campaign aimed at clothing a million disadvantaged children across the globe. This was part of his continued support for the Ramadan initiative that was launched by His Highness Sheikh Mohammed, the prime minister of UAE and ruler of Dubai.

 

Follow Hussain Sajwani on Instagram.

Devco, a solution to urban real estate development

In January 2016, Middlesex County Improvement Authority failed to pay a loan. It had received $20million from Casino Reinvestment Development Authority and had failed to pay $1 million. This Improvement Authority had been in arrears for five years and had accumulated a total of $7 million in missed payments. The loan which was acquired in 2005 funded the construction of a New Brunswick hotel and conference center (The Heldrich). This was developed by a non-profit organization known as the New Brunswick Development Corporation. On the corporation, State senate president Stephen Sweeny said that the loan issue portrays what happens when public funds are used by private firms to execute large scale constructions.

Both CRDA and MCIA are headed by Christopher Paladino, the Attorney who arranged the $20 million Heldrich loan. He stated that CRDA will be paid the full amount but that may take a number of years. The Heldrich has 235 rooms but it has struggled to lure guests in the recent past having a 63.5% occupancy rate. The hotel is reported to be undergoing a financial crisis as they had to use their own money (around $776000) to cater for basic commodities such as mattresses and the replacement of carpets according to Mr. Paldino. More information can be found here on Press of Atlantic city website.

The New Brunswick Development Corporation (Devco) is a private non-profit urban real estate development company. It was founded in the 1970s for the purpose of revitalizing the city. Their philosophy is that the building of a city is never completed. They have experts who are involved in creating private-public partnerships, innovating project financing solutions and mutual alliances. Devco’s unique approach to redevelopment has enabled them rack around $1.6 billion in investments in New Brunswick.