Hussain Sajwani (Arabic: حسين سجواني; born 1952–1953) is an Emiratibillionaire businessman and the founder of the property development company, DAMAC Properties,[2][3][4] and his private investment company, DAMAC Group.[5]
Sajwani bought land and property in Dubai in the 1990s, just as Dubai was developing into a regional hub.[6] He founded DAMAC Properties in 2002.[6]
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.[7] Sajwani is a close friend and associate of American president Donald Trump.[8]
Early life
Hussain 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.[9] 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.[10]
Career
Sajwani 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.[11]
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.[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 2022, Sajwani delisted DAMAC stock shares from the Dubai stock exchange.[6] This was controversial, as the company's fortunes were improving and investors were expecting to profit on their investment.[6]
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
Sajwani 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]
