Damac boss unmoved by 30% slump in wealth due to shares slide
Hussain Sajwani says Damac keen to acquire sites in London for projects despite Brexit uncertainty. Dubai-based billionaire Hussain Sajwani, who has golf course deals with the Trump Organization, understands why the US president is taking a tough stance on trade with China.
Free trade shouldn’t be a luxury, the 65-year-old developer said in an interview, while stressing that he’s mostly focused on his real estate business, Damac Properties.
Poor trading conditions for Dubai property developers and a subsequent slump in Damac’s shares have slashed Sajwani’s fortune this year by more than a quarter to about $3.6 billion, according to media reports.
Yet the US college graduate is unfazed by these fluctuations and expects Dubai’s real estate market to rebound within the next three years.
Damac, founded by Sajwani in 2002, reported revenue last week of 1.5 billion dirhams ($408 million) for the three months through September, a 33 percent drop from the same period a year earlier.