DAMAC is one of the main companies in the high-end real estate development sector of the UAE. It is well known for its tantalizing stunts such as offering a free Bentley for each luxury apartment purchase. The company is also associated with the magnificent golf courses that Trump has built in the Middle East.
Hussain is Proud of His Roots
Hussain Sajwani still maintains a plaque that praises his businesses’ involvement in the first Iraq war of 1991. At the time, his company was mainly a food service company, which helped to deliver food to the US military. Learn more about Hussain Sajwani Family: http://blog.raynatours.com/top-10-richest-men-uae/
Besides Iraq, Hussain says his company served the Americans in Somalia, the Gulf, and in Bosnia. Up to this date, the company is still involved in the food business. He mainly maintains the service as a reminder of his humble beginnings and his ability to make friends in high places.
DAMAC is planning an IPO
DAMAC is gearing up for an initial public offering with the London Stock Exchange being considered as a possible venue. Although he cannot say much about the IPO, he concedes that he has talked to several banks but has not hired any for the IPO. Read more: The Donald of Dubai, Hussain Sjawani Interveiw | Forbes
The main reason why his company is not is a rush for the IPO is that they still have bonds and cash as a cushion. Their debt to equity ratio of 10 percent also means that they are not strapped for cash. However, Hussain says that an IPO would provide his firm with enough cash for an expansion. Hussain Sajwani has refused to speculate on the IPO’s value. However, financial experts claim that the company could have a market capitalization of single-digit billions.
The Company Has Come a Long Way
The billions it is worth today is a far cry from the initial food business that Hussain started in the 80s. Despite the company being successful, the margins were too low.
In 2002, Hussain decided to take advantage of the Dubai real estate sector, which was in the lift-off stage. He was among the few that saw the property market crash of 2008. As a result, his company took measures to ensure that it would ride out the storm.