The founder of DAMAC, Hussain Sajwani who acts as the chairman of the organization was left smiling in Dubai real estate market. The focus real estate for over 18 months has become slumping or stagnant residential property rents or prices.
Looking at the historic win of United States presidential, Trump had the surge in the organization’s shares and that made Sajwani to be ranked as the richest billionaire living in the United Arabs Emirates last year.
The fortunes that are behind DAMAC have risen steadily since that company was able to partner with Trump’s organization to open its first golf club and it was their mega project. The company is able to share the price on Dubai Financial Market that has increased from the start of January with Dhs2.69 and by around November, it was Dhs3.4. this has also increased the net worth of Sajwani significantly in the last six months where it was $3.7 billion and it is now $4.3 billion which is a report according to Forbes.
When Sajwani, the DAMAC owner, was speaking from the headquarters of the company in Barsha, he described 2017 as a good and stable year as they had expectations that will exceed the target sales which will be handed over by December 31. he said that they were forecasting Dhs7 billion of the sales of which he thought that there will be an extension of that. He said that that they are already on target with their profitability as well as their handover target.
He is optimized and indicative of the dramatic turnaround of DAMAC. The firm was founded in 2002 when an opportunity in real estate market of Dubai came to the foreign investors. It was later laid low such that even the prices due to the bursting of developers in 2008 real estate and the prices declined up to 60 %.
Among the key things that makes him and the company to be different which has also made contributions to the heavy success is due to the abilities they have when they see changes and start reacting on the changes very quickly. They are able to accept the realities in the market and then deal with it.
Get more details: https://www.albayan.ae/economy/local-market/2016-04-27-1.2627119