Damac boss Hussain Sajwani tells Guy Montague-Jones about his ambitions for growth in London and Europe
Sajwani’s connections with Trump – Damac has built villas and a golf course under the Trump brand – have earned him the nickname the ‘Donald of Dubai’. However, Sajwani has arguably been a more successful property developer than the US president, amassing a fortune estimated by Forbes at an eye-watering $4.1bn (£3.2bn).
Sajwani has not had everything his own way of late, though. Damac’s share price has fallen by about a third this year amid a slowdown in the Dubai property market and in London, where Damac is building a 50-storey residential tower in Nine Elms, the company is also up against a weak luxury housing market.
Sajwani appears relaxed about the challenges Damac is facing at home and abroad. Sitting in the firm’s plush offices overlooking Harrods, he gives an upbeat assessment of the company’s future prospects and insists that it is as ambitious as ever about London and other European cities.
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