The DAMAC group was established in 1992 by Hussain Sajwani. He was first involved in the catering business which he still owns. It is, however, his work in the real estate market that defined his career.
DAMAC has its headquarters in Dubai, but they have offices in the Middle East, Europe, North Africa, CIS States and the Far East.
Hussain Sajwani earned his undergraduate degree in Economics from the University of Washington. After graduating, he got a job at the GASCO. In 1982, he established the Draieh Management Services Co which later became the DAMAC group.
In 2002 he formed the DAMAC properties. The goal of the company was to design and sell luxurious real estate properties. The company’s mission is to be the leading luxurious real estate developer in the Middle East.
Following the Dubai’s government declaration that they were allowing foreigners to own properties in Emirates, he bought a land that was in the underdeveloped part of the city. Even though it was underdeveloped, he managed to sell his first building within six months before he even began the construction.
DAMAC properties have expanded their territory, and they are now in Qatar, Saudi Arabia, North Africa, Jordan, and Lebanon.
His work in real estate attracted wealthy investors like Donald Trump. In 2013, Hussain Sajwani teamed up with Donald Trump to develop two golf courses that will bear the name of Donald Trump. The first golf course opened in February 2017. The other one will be designed by Tiger Woods and will be opened at the end of 2018.
In 2016, Hussain Sajwani offered Donald Trump a $2 billion deal which he declined. This was after the elections where he won the presidency. He said that he didn’t want to have the conflict of interest. The president may have declined, but they are still business partners. Hussain and his family attended Donald Trump’s New Year party that was held in Florida.
Hussain Sajwani is worth $3.6 billion. He has been ranked 527th billionaire in the world by Forbes and the 3rd richest man in the United Arab Emirates.