Hussein Sajwani’s Background
Hussein is ranked #527 in Forbes’ Magazine list of world’s billionaires. In his native country, the UAE, he is ranked third. He is self-made, having amassed his fortune from businesses in the luxurious real estate and hospitality industry. Forbes values him at $3.6 billion.
Hussein was a brilliant scholar, and his efforts were rewarded when he received a scholarship to study in the USA. He attained a Bachelor’s degree in Economics and Industrial Engineering from the University of Washington, Seattle. He started engaging in trade while in campus, selling time-share apartments in the UAE on the side.
Early Business Ventures
Sajwani’s first occupation after graduation was in the finance department of Abu Dhabi Gas Industries, where he worked on contracts. Two years after taking the job, he resigned. He went on to start a catering business with savings from his college business.
The catering business flourished. Hussein was able to raise capital enough to start small hotels in Dubai. When the government allowed outsiders to acquire land in Dubai, Sajwani sold off a portion of his assets and used the funds to acquire an undeveloped piece of land in the Marina neighborhood.
In 2002, Hussein founded DAMAC properties. Since then, the Dubai-based company has grown into the largest real estate firm in the Middle East.
DAMAC predominantly centers on the development of deluxe residential and commercial buildings. So far, numerous properties have been put up, and others are in still in developmental stages. The company works hand-in-hand with renowned luxury brands to design the properties.
Relationship with Donald Trump.
Hussein and Trump are business partners. The two are currently funding a flagship project, named Akoya, which is worth over $6 billion and covers a vast 40 million square feet. The estate features lavish mansions and villas, with some costing as much as $9 million.
A golf course, designed by former world number one Tiger Woods, is in the works and is expected to open next year.
DAMAC continuously supports efforts to improve living standards around the world. They recently donated AED 2 million to a campaign to clothe impoverished children around the world. The grant is expected to clothe over 50,000 kids.