Who is Hussain Sajwani, the billionaire founder of DAMAC group?

The name DAMAC Group has become synonymous with luxury real estate and large-scale residential communities in the UAE. Founded in 1982 by Emirati businessman Hussain Sajwani, the group has expanded its operations into multiple sectors and countries over the decades. Sajwani identified a market opportunity in the early 2000s and established DAMAC Properties, growing it into one of the largest real estate development companies in the Middle East.

The self-made businessman initially ventured into the catering and logistics sectors, establishing a company called Global Logistics Services, the group's first company in the UAE. Sajwani has a proven track record in global equity and capital markets, demonstrating his capabilities as a credible and experienced businessman and investor across multiple sectors. He quickly recognized the economic potential of Dubai and built several hotels in the mid-90s to accommodate the influx of people arriving in the emirate for business and trade.

Over the years, DAMAC Group has expanded into countries such as Qatar, Kuwait, Saudi Arabia, Oman, Turkmenistan, Jordan, Azerbaijan, and Uzbekistan. As the group has expanded, so too have its commercial interests in regional and global markets. Hussain Sajwani and DAMAC Properties manage majority and minority stakes in several publicly traded companies, enhancing their business operations across multiple sectors. Strategic land acquisitions and investments in a broad portfolio of companies ensure the group is always buffered against any global economic uncertainties.

In 2002, Dubai opened its real estate market to international investors by allowing freehold ownership. DAMAC Properties was established in the same year and purchased its first plot of land in the Dubai Marina area to develop its first project. The company has since grown rapidly. Projects such as Marina Terrace and Park Towers in the Dubai International Financial Centre (DIFC), and Executive Heights, the first freehold office building in TECOM, have shown the world that DAMAC would establish itself in major global cities such as Dubai, Jeddah, and London.

To date, DAMAC has delivered approximately 47,000 homes, with approximately 33,000 more under construction. DAMAC Properties is one of the largest real estate development companies, with projects spanning multiple countries, including cities such as Dubai, Jeddah, Riyadh, Beirut, Amman, Doha, Baghdad, the Maldives, Toronto, Miami, and London. DAMAC Group has achieved some significant milestones over the years, such as the launch of the Marina Bay project in Abu Dhabi in 2006, the launch of its first Saudi Arabian project in Jeddah in 2007, and the launch of co-branded projects with global fashion brands such as Versace.

Hussain Sajwani lives in Dubai with his wife and four children – Ali, Amira, Abbas, and Mehdi Sajwani. Ali and Amira are Managing Directors at DAMAC Group, while Abbas is a board member. Abbas is also the founder and CEO of AHS Properties. The Hussain Sajwani – DAMAC Foundation is a philanthropic initiative jointly launched by DAMAC Group and Hussain Sajwani, aimed at improving the lives of people in the communities where DAMAC operates through foundational learning and skills development programs.

The foundation focuses on education and youth empowerment, while also engaging in charitable activities to provide broad-based assistance to underserved and marginalized groups in society. To date, the foundation has pledged AED 5 million to the ‘1 Billion Meals’ campaign that began in Ramadan 2022, which aims to provide food parcels to vulnerable individuals and families in 50 countries. Furthermore, the foundation has partnered with the Dubai Future Foundation to support the ‘One Million Arab Coders’ initiative, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which provides software development training to one million people in the Arab world.

Other humanitarian causes supported by the foundation include providing support for Al Hadaf Center for People of Determination, the Dubai Autism Center, and the Al-Tariq Rehabilitation Centre, as well as the Arab Hope Makers initiative. The foundation also partners with the Knowledge Foundation to support the Dubai Schools Project. Under the agreement, DAMAC Group will provide scholarships worth AED 20 million for UAE students’ tuition fees starting from the 2022-23 academic year. Additionally, the foundation has partnered with the Dubai Police General Command on the ‘New Beginning’ initiative, which aims to help individuals detained in Dubai’s correctional and penal institutions for minor offenses. The initiative will cover the detainees’ financial obligations to ensure their release and safe return to their families, providing them with new opportunities to become productive members of society.

Stories on our website are provided for informational purposes only. Those containing financial, investment, tax or legal content should not be considered as financial advice or recommendations. Please refer to our full disclaimer policy.