2020 CW Power 100: DAMAC Properties' Hussain Sajwani at No. 27

Hussain Sajwani led the DFM-listed conglomerate through many major construction projects in the past year

Hussain Sajwani, Damac Properties
CW archives
Hussain Sajwani, Damac Properties

Hussain Sajwani has led the Dubai Financial Market-listed, multi-billion dollar conglomerate DAMAC Properties through a number of major construction projects in the region during the past year.

The real estate developer’s total revenue grew 80% year-on-year in Q4 2019, although the company recorded a net loss $10m (AED36.8m) for the first time in a decade for the financial year ending on 31 December, 2019.

The developer’s total assets for the same period stood at $6.5bn (AED23.8bn) having decreased by 6.2% from $6.9bn (AED25.2bn) in the year before.

Sajwani said that the developer “selectively launched fewer projects in softer market conditions to avoid adding new commitments” adding that it is focusing on selling the inventory that is either completed or is nearing completion.

DAMAC Properties, which topped out Tower A of Golf Vista at DAMAC Hills in December 2019, posted booked sales of $844m (AED3.1bn) in 2019.

Between June 2019 and May 2020, the real estate developer has also launched its ‘A La Carte Villas’ in the UAE for the first time in its 390ha master development DAMAC Hills.

To view the full 2020 Construction Week Power 100 ranking, click here.

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