Hussain Sajwani (Arabic: حسين سجواني; born 1952–1953) is an Emirati billionaire businessman and the founder of the property development company, DAMAC Properties,[2][3][4] and his private investment company, DAMAC Group.[5]
Hussain Sajwani | |
|---|---|
حسين سجواني | |
 | |
| Born | 1952 or 1953 (age 71–72)[1] |
| Nationality | Emirati |
| Education | University of Washington |
| Occupation | Businessman |
| Known for | Real estate development |
| Title | Founder and chairman, DAMAC Properties |
| Children | 4 including Ali Sajwani |
| Website | hussainsajwani |
According to Forbes, as of August 2024, Hussain Sajwani is ranked among the top richest Arabs with a net worth of US$5.1 billion.[6] Sajwani is a close friend and associate of American president Donald Trump.[7]
Early life
editHussain Sajwani was born in 1952–1953 and is the eldest of five children. Both of his parents were entrepreneurs. His father was a trader with a shop at the local souk, selling watches, Parker pens, shirts, and goods imported from China.[8] Sajwani obtained a government scholarship and attended a medical college in Baghdad. After his first year, he left for the US and attended the University of Washington, where he studied industrial engineering.[9]
Career
editSajwani started his career in 1981 in the finance department at Abu Dhabi Gas Industries. Two years later, he started a catering venture, with customers including the U.S. military and Bechtel. The venture is still operational and is now called Global Logistics Services.[10]
In 2002, Sajwani established DAMAC Properties, one of the largest property development companies in the Middle East. The company has delivered around 27,400 homes since its inception and has over 35,000 units under various stages of development.[11]
An Egyptian court found Sajwani guilty of corruption in connection with a 2006 land deal in Gamsha Bay on the Red Sea. He was sentenced to 5 years in prison but reached a settlement with the Egyptian government through an Investor-state dispute settlement arbitration and received no punishment.[12]
In October 2011, DAMAC Properties launched its hospitality division, 'DAMAC Maison Hotels & Resorts'.[13] In 2015, the company was publicly listed on the Dubai Financial Market.[14]
Some of the projects developed by DAMAC Properties include a golf course designed by Tiger Woods and managed by The Trump Organization,[15] luxury apartments with interiors by Italian fashion-houses Versace, Fendi, and Roberto Cavalli[5] as well as brands such as Paramount Hotels and Resorts in partnership with Paramount Pictures.[16]
In 2019, Sajwani's private investment firm completed the acquisition of Italian fashion group, Roberto Cavalli.[17] Sajwani invested £600 million in London, UK, through its Versace-branded DAMAC Tower London in Nine Elms.[18][19]
In June 2021, Sajwani resigned as the chairman of Damac Properties and offered to take the company private.[20] In 2022, Sajwani acquired the jeweler, De Grisogono, and announced two collaborative development projects in Dubai.[21][22] In addition, Hussain Sajwani began spearheading a new major venture through Edgnex, focusing on developing data centers across regions from Ireland to Tokyo. This strategic expansion includes a $1 billion investment aimed at meeting the growing global demand for data infrastructure.[23][24]
In September 2023, Hussain Sajwani officially opened DAMAC Mall, which attracted an annual footfall of approximately 1.3 million visitors.[25]
On January 7, 2025, Sajwani alongside President-elect Donald Trump at a press conference announced a US$20 billion investment to build new data centers across the US.[26]
Personal life
editSajwani is married, has four children, and lives in Dubai.[1]
His son, Ali Sajwani, is an economics graduate from Northeastern University in Boston, US, and the Managing Director of Operations at DAMAC Group. He was named one of the Middle East's future stars by the Arabian Business Achievement Awards 2017, organized by Arabian Business.[27]
His daughter, Amira Sajwani, is a graduate of University College London (UCL), where she majored in Project Management for Construction, and has a Master's in Finance from the London School of Economics (LSE).[28] She serves as DAMAC's Managing Director of Sales and Development.[29][30]
Recognition
edit- Ranked Number 15 on Hotelier Power 50 - CEO Middle East Awards 2017[31]
- Property CEO of the Year – CEO Middle East Awards 2017[32]
- Real Estate Legend 2018 - Arabian Business Real Estate Awards[33]
- Real Estate Business Leader of the Year 2018 - Gulf Business Awards 2018[34]
- Ranked 26th on Construction Week's Power 100 list in 2019[35]
- In 2020, Sajwani appeared in Cityscape Intelligence's most influential people in the MENA real estate industry.[36][37]
- The 100 Most Powerful People in Global Hospitality, as recognized by the International Hospitality Institute's Global 100 in June 2022.[38]
- Gulf Business Lifetime Achievement Award 2023[39]
- 100 Power hour'24, Construction Business News[40]
References
edit- ^ a b "Forbes profile: Hussain Sajwani". Forbes. Retrieved 30 June 2021.
- ^ Moukheiber, Zina; Dolan, Kerry A. "How The Donald of Dubai Used Outrageous Marketing To Score A $3 Billion Real Estate Fortune". Forbes.
- ^ "Trump's sons in Dubai to open Trump International Golf Club". The National. 18 February 2017. Retrieved 11 November 2017.
- ^ "Damac Maison Hotels & Resorts to add 6,050 keys in ME". Trade Arabia. Retrieved 11 November 2017.
- ^ a b "Damac's Aykon Hotels to boast Roberto Cavalli interiors". Arabian Business. 2 October 2018. Retrieved 2020-01-17.
- ^ "Hussain Sajwani". Forbes. Retrieved 2024-08-30.
- ^ Sweet, Jacqueline (2024-03-14). "US firm that paid indicted FBI informant tied to Trump associates, records reveal". The Guardian. ISSN 0261-3077.
- ^ "Hussain Sajwani: The Donald of Dubai". Forbes India. Retrieved 7 April 2019.
- ^ "High riser | Lifestyle – Gulf News". Gulf News. 2007-07-20. Retrieved 2020-01-16.
- ^ "Hussain Sajwani: The Donald of Dubai - Forbes India". Forbes India.
- ^ "DAMAC brings back its popular DSF offers on five of its in-demand luxury projects". Zawya. 26 December 2019. Retrieved 2020-01-19.
- ^ "Inside The Global "Club" That Helps Executives Escape Their Crimes". Buzzfeed News. Retrieved 2021-06-28.
- ^ "Damac developing 8000 serviced hotel apartments". Hotelier Middle East. 9 July 2013. Retrieved 2020-01-19.
- ^ "Dubai's Damac plans more London projects to follow launch of Versace-themed development". The National. 20 July 2015. Retrieved 2020-01-19.
- ^ "Second time lucky for Tiger Woods? Golfer completes designs for new Dubai course". Arabian Business. Retrieved 11 November 2017.
- ^ "Damac goes to Hollywood with Paramount partnership for hotel". The National. 6 March 2013. Retrieved 2020-01-19.
- ^ Warrier, Ranju (1 December 2019). "Damac chairman's investment firm acquires Italy's Roberto Cavalli". Construction Week Online. Retrieved 2020-01-17.
- ^ "Donald Trump's Dubai business partner targets fresh London push". London Evening Standard. 4 July 2017. Retrieved 11 November 2017.
- ^ "Over half of units in Damac Tower in London sold". Arabian Business. 12 May 2019. Retrieved 2020-01-19.
- ^ John, Issac. "Sajwani resigns, offers $595m to take Damac private". Khaleej Times. Retrieved 2021-08-31.
- ^ "Dubai's DAMAC Group Acquires De Grisogono". National Jeweler. Retrieved 2022-09-01.
- ^ "Damac's Hussain Sajwani has now bought a Swiss jewellery brand, de Grisogono". Gulf News. Retrieved 2022-09-01.
- ^ "Damac's Hussain Sajwani is all set for his next big business push - data centers". Gulf News. 2022-03-17. Retrieved 2024-11-11.
- ^ Turak, Natasha; Murphy, Dan; Muwahed, Joan (2022-03-17). "UAE property tycoon Sajwani makes $1 billion bet on data centers". CNBC. Retrieved 2024-11-11.
- ^ Salian, Neesha (2023-09-01). "Dubai: DAMAC Mall officially opens". Gulf Business. Retrieved 2024-11-11.
- ^ Breuninger, Kevin; Javers, Eamon (2025-01-07). "Trump announces $20 billion foreign investment to build new U.S. data centers". CNBC. Retrieved 2025-01-07.
- ^ "Arabian Business announces 'Future Stars' at annual awards night". Arabian Business.
- ^ "Amira Sajwani, DAMAC Properties Dubai Co PJSC: Profile and Biography". Bloomberg. 2019-02-07. Retrieved 2020-01-16.
- ^ @AradaLiving (2019-12-10). "Cover Story: Amira Sajwani – Journey of an Emirati Role Model and Business Woman". Construction Business News Middle East. Retrieved 2020-01-16.
- ^ "Over half of units in Damac Tower in London sold". Arabian Business. 8 April 2019. Retrieved 2020-01-19.
- ^ "Hussain Sajwani - Chairman of Damac Properties / Damac Hotels & Resorts". Hotelier Middle East. Retrieved 20 April 2018.
- ^ "UAE hoteliers win top accolades at CEO Middle East Awards". Arabian Industry. Retrieved 20 April 2018.
- ^ "MAG, Wasl and Dubai Properties take top honours at Arabian Business Real Estate Awards". Arabian Business. Retrieved 20 April 2018.
- ^ "Revealed: Winners at the Gulf Business Awards 2018". Gulf Business. 11 September 2018. Retrieved 19 September 2018.
- ^ "2019 CW Power 100: Hussain Sajwani of Dubai's Damac is #26". Construction Week Online Middle East.
- ^ "Sultan Bin Sulayem and CEO of Saudi Arabia's NEOM City in real estate 'power list'". Gulf News. Retrieved 2021-01-27.
- ^ "Revealed: Cityscape Intelligence's most influential people in the MENA real estate industry". Cityscape Intelligence. 2021-01-18. Retrieved 2021-01-27.
- ^ Mix, Pulse (2022-08-01). "Dr Jeffrey Obomeghie and Dupe Olusola among the 100 most powerful people in global hospitality". Pulse Nigeria. Retrieved 2022-08-02.
- ^ Muzoriwa, Kudakwashe (2023-11-29). "Revealed: Winners of the Gulf Business Awards 2023". Gulf Business. Retrieved 2024-11-11.
- ^ "9. Hussain Sajwani, Founder and Chairman, DAMAC Properties". Construction Business News Middle East. 2024-08-20. Retrieved 2024-11-11.