During the 2018 World Economic Forum, reporters sat down with Hussain Sajwani, founder of DAMAC Properties, to talk about the future of the real estate market in Dubai, and Sajwani’s vision for the future. Hussain Sajwani was in on the ground floor of the real estate and luxury boom in Dubai, which makes him imminently qualified to speak on the future of the market, as well as his dominant company.
Sajwani recently hired the Trump companies to create and manage two high-end golf courses. When asked if he is concerned about a loss of reputation stemming from some of the crises facing the Trump Presidency, Hussain Sajwani replied that he appreciated the quality of the first course, and looked forward to the implementation of the second. He said he was impressed with the quality of the Trump company’s work, and felt that it stood independently from the President’s political choices and media coverage. He also announced a small increase in company profits since the implementation of the golf course plan.
There have been predictions by some analysts that the real estate market in Dubai and the greater UAE has become saturated. Sajwani attempted to alleviate these fears, using salient data to show that the demand for Dubai real estate is less than what was suggested, and does not outstrip supply. He also outlined a plan for his company to turn its eyes away from the Arabian peninsula. Citing Europe and North America as areas ripe for expansion, Hussain Sajwani envisions bringing his luxury living to areas beyond the Middle East and London, where he currently operates.
These exciting glimpses into the mind of a leading Middle Eastern developer are valuable for those who regularly analyze the Middle Eastern real estate market. To see the entire interview, conducted by three reporters from CNBC, can be found on their website here.