DAMAC Properties is one of the largest property development companies in the entire Middle East. It currently has plans for developing over 44,000 apartments, and it already holds over 20,000. It became one of the first publicly traded property development companies in the Middle East, and it is still run by the original founder Hussain Sajwani.
The company has managed to secure contracts from a number of high profile individuals including the current president of the United States Donald Trump. DAMAC Properties has been developing several golf courses that bear the Trump logo. The Trump name has long been a symbol of success in the Arab world. In response to the recent issues that have arisen between the two nations, Hussain Sajwani has stated that he focuses on business, not politics. This commitment to his business has allowed the DAMAC owner to generate $2.3 billion in revenues in 2015 which includes profit margins of more than 50%. The company was originally launched in 2002 and has been able to develop over 15,000 apartment complexes since that time. Not just within the United Arab Emirates but also in other locations including London.
The results that DAMAC Properties have produced has landed it on the list of the world’s billionaires that is created by Forbes for the first time this year. The Saints Advani holds a 72% stake in the company after it listed its chairs publicly for the first time in 2015. In total his net worth is greater than $3 billion. Hussain Sajwani credits both luck and division to his success. He recalls that whenever the government of Dubai allowed foreigners to own property in 2001, he immediately begins to look into selling the luxury real estate. One of the best tactics that he came across was offering a free car. For the last decade, anyone who purchased an apartment during the month of January was given either a free Lamborghini or BMW. DAMAC Properties has been known to throw in jet skis with purchases and last year people who purchased mansions were able to claim a free studio apartment as well. This extravagant marketing campaign has worked out tremendously well for the company.
Here’s the list of DAMAC’s Respected Board: https://www.damacproperties.com/en/investor-relations/corporate-governance/meet-our-board