When asked about his outlook on the Dubai property market, Hussain Sajwani holds no reservations in admitting that there is no risk of overcapacity when you look at the demand versus supply. In the last three years, DAMAC Properties has produced much less 10,000 units where the market demand is at a minimum, 15,000 units a year. Even in hindsight, he expects output to increase somewhere between 10,000 to 12,000, but no more than that. Overall he is very optimistic about an equilibrium in supply and demand that wouldn’t be affected by the of instability that occurred in 2008/2009 within the housing market.
With years of experience in property management and investment, Hussain Sajwani is no stranger to market trends. For example, he also sees potential in the United Kingdom in the aftermath of Brexit, which is still years away from finalization. The British pound, as a result, is viewed as more favorably priced when compared to even the US dollar from two years ago. This market shift makes for an additional area of growth as DAMAC looks to expand in Europe.
DAMAC currently has about half a million units in Dubai alone, with growth up to 4%. Last year in 2017, growth for the market in Dubai was at about 6%. Therefore there is growth across the board with interest seated in expanding into the United States as well.
Hussain Sajwani is an Emirati national whose father was a successful entrepreneur. He attended the University of Washington where he earned a degree in Industrial Engineering and Economics. After his career started in 1981, two years later he started his first company and in 2002 founded DAMAC Properties after building several hotels when he saw an opportunity in an emerging market within the UAE.
As Chairman of DAMAC Properties, Hussain Sajwani is a proven and successful businessman, ranked in the top ten of the wealthiest Arab billionaires by Forbes in 2017. He has worked alongside notable brands in addition to the Trump Organization like Versace, Bugatti and Paramount Pictures across several projects under DAMAC and its subsidiaries. Along with being based out of Dubai, he is married with four children.