2019 CW Power 100: Danube Group chief Rizwan Sajan lands #49 spot
Construction conglomerate's founder and chairman breaks into the top 50 of the Construction Week Power 100 list
The founder and chairman of Danube Group, Rizwan Sajan, has charted the success of his multibillion-dollar conglomerate, which began as a building materials company and later diversified into real estate development and home décor retail.
The property arm of the group, Danube Properties, recorded completion on its residential developments Glitz, Starz, and Glamz, and launched seven new Danube Building Materials stores and six Danube Home stores in the past year.
Sajan predicts the group’s 2019 revenues will surge 34% to record $1.75bn (AED6.2bn) this year, up from $1.3bn (AED4.8bn) in 2018.
Despite witnessing an increase in demand for its residential units, as well as for its home décor and building materials, the chairman says that “collections from customers is one of the firm’s biggest challenges”.
Commenting in April 2019 on Danube Properties’ sales in 2018, Sajan said: “Despite strong headwinds affecting growth of the global economy, the UAE economy remains an oasis for growth.
“We see strong growth opportunities, and we remain fully committed to the local economy and the real estate sector, with more project launches as we move forward.”
Notable highlights during the past 12 months include a $51.7m (AED190m) contract that Danube Properties awarded to RAQ Construction in December 2018 for main construction works on the Bayz Development in Dubai’s Business Bay.
Check out the 2019 Construction Week Power 100 magazine issue here.