For the last eighteen months, the real estate industry has not been doing so well in Dubai. It has not been the case for one man in the nation since things have been doing well on his side, unlike for his competitors. Damac owner, founder and president, Hussain Sajwani has been a happy man in his firm.
After the winning of President Donald Trump in the United States, the share price of the company experienced a high surge. However, last year, Sajwani was categorized as the wealthiest tycoon in the UAE.
According to the Roayah News, the fortunes of Hussain Sajwani and his firm have been rising steadily. It is after company collaborated with Trump Organization and opened a golf club. It happened at the Damac Hills mega project, in addition to a guide compiler MSCI’s UAE guide in June.
The share price of the firm on the Financial Market in Dubai has risen to Dhs3.4. Damac owner has had his net worth increase significantly for the last six months. According to Forbes, his net was $3.7bn, but currently, it has increased to $4.3bn.
Damac owner said that 2017 is a stable year for the company since they expect to exceed their set sales and anticipate to handover, as the year will be ending. Hussain said this while at their headquarters in Barsha Heights.
He continued to say that the company had aimed at making sales worth $1.9bn, and they think of exceeding that. They are aiming at their profitability and the handover.
The optimism of Hussain Sajwani is dedicated to the firm’s turnaround. He founded the company in the year 2002 after being into a catering business. His catering company, Draieh Organization Services Firm, was succeeded by the Dubai realtor business to foreign stakeholders. In 2008, the real estate prices went down by sixty per cent; the real estate firm almost collapsed because of this decline.
Since then, the firm has been focusing more on delivery, giving out more than fifty per cent of its units than its peers did in 2010-2011. It was its recovery period before they hurled their new project from December 2012. This energy was shown in 2013 by launching the 42 million worth square foot named as Akoya. Later it was called Damac Hills; this is a massive development with villas, apartments and mansions that are branded.
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