In 2002 Hussain Ali Habib Sajwani decided the United Arab Emirates property market was ripe for expansion, so he founded Damac Properties, a division of Damac Holdings.
Now, he gets a lot of attention for this. Dubai has become a prime luxury destination for the wealthy of the world thanks in part to his company’s real estate development projects. The Hussain Sajwani family is close friends with the Donald Trump family. The Trump International Golf Course Dubai opened its doors in February 2017. Another Trump golf course, designed by Tiger Woods, is scheduled to open at the end of 2018.
All this is likely to bring him much more attention from the U.S. and world media than the largest developer of luxury real estate in the Middle East would normally expect to get. Hussain Sajwani and Trump first planned the two golf courses in 2013, years before Trump’s successful electoral campaign. Read more: DAMAC Chairman Relishes His Roots | The National
But back in 2002 when Hussain Sajwana founded Damac Properties, he was already making money in the food service industry. He takes great pride in a plaque the United States Army gave him for his service in supplying U.S. troops with meals during Operation Desert Storm.
He and his company worked with the US military in Somalia and Bosnia as well as the Gulf. Also, he has worked with such major companies as Bechtel.
Hussain Sajwani started that business in the 1980s. He catered food to workers in Abu Dhabi’s energy industry before obtaining contracts with the U.S. military. Still, he says now, food service is too small to make billions of dollars. And its margins are too thin. That’s why he looked for a new business to get into, and founded the Damac Properties. Learn more about DAMAC owner: http://www.albawaba.com/business/pr/damac-needy-children-518106
The food service company is still part of the Damac group. Now the Damac owner is considering making an International Public Offering (IPO), possibly on the London Stock Exchange. He is still seeking the proper investment bank to assist the firm in making the necessary decisions.
The hypothetical IPO would raise cash with which to expand. Damac Properties has interests and projects in Qatar, Jordan, North Africa, Lebanan and Saudi Arabia.
In a recent interview Hussain Sajwani said Damac had a good amount of cash and bonds, and their debt to equity ratio is only 10%, so they are not highly leveraged.