Hussain Sajwani

Sajwani, Hussain
Personal details
Born 1956
Dubai, United Arab Emirates
Alma mater University of Washington
Occupation Chairman, DAMAC Group

Hussain Ali Sajwani (Arabic: حسين علي سجواني), (born 1956) is the UAE executive chairman, CEO and founder of the DAMAC Group.[1]

DAMAC Group

The DAMAC Group was started in 1992 as a specialist catering company.[2] Headquartered in Dubai, DAMAC has offices in The Middle East, North Africa, CIS States, Europe, Far East, and the Subcontinent.[3]

On 4 November 2013, DAMAC Properties announced it plans to raise around $500 million from a sale of global depository receipts on the London Stock Exchange.[4]

As of September 2014 the company is valued at over $4 billion. Hussain Sajwani owns approximately 85% of DAMAC properties post IPO, putting his net worth in excess of $3.5 billion.

Career

Studying at the University of Washington, Hussain Sajwani earned his undergraduate degree in Economics. Following a short period as a contracts manager in GASCO, a subsidiary of ADNOC (Abu Dhabi National Oil Company), in 1982 Hussain Sajwani established his own business under the name Draieh Management Services Co (DAMAC) LLC that eventually became DAMAC Group.

In 1992, Sajwani established an investment company, DICO Invest, which currently holds investment portfolios of securities in a number of companies traded on a variety of global markets. Sajwani also established Al Jazeira Services Co SAOG, a company listed on the Muscat Securities Market with a capitalisation of over US$125 million. Sajwani consolidated that company’s strengths in the financial services industry by making strategic investments in the insurance sector through the acquisition of a 40 per cent stake in the Bahrain-based, public-listed Al Ahlia Insurance Company in 2003.

A number of other ventures are associated with Sajwani including the Oman-based Al Anwar Ceramic Tiles Co SAOG, which was established in 1998 and is the first and only tile manufacturer in the nation. Sajwani first invested in this business and then helped to establish and build that company to its current size. Sajwani is currently chairman of Al Jazeira Services Co SAOG (which he established), Al Anwar Ceramics Co SAOG and Draieh Management Services Co LLC. He has shareholding interests in Taiba Kuwait Holding Company KSCC, Al Jazeira Services, Global Logistics Services Co. and Al Atilia Insurance Company.

Sajwani has also served as a member of the board of Majan University College in Muscat, Oman, JUNO Online in New York, the United States and Emirates Takaful Company in Abu Dhabi.

In 2011 an Egyptian court sentenced Sajwani and Mubarak's tourism minister Zuhair Garana to five years in prison over a land deal. Damak raised an arbitration dispute under the terms of the Egypt - United Arab Emirates Bilateral Investment Treaty, held under the rules of the International Centre for Settlement of Investment Disputes (ICSID) (part of the World Bank). It is claimed in a BuzzFeed article that this dispute was settled, and as part of the settlement Sajwani's prison sentence was waived.[5]

Personal life

Hussain Sajwani lives in Dubai.

See also

References

  1. ↑ "About DAMAC Properties Chairman".
  2. ↑ "DAMAC Chairman Relishes his Roots". The National. 2013-05-08.
  3. ↑ "About DAMAC Properties".
  4. ↑ "Dubai developer DAMAC plans $500 million London share listing". Reuters UK. 2013-11-04.
  5. ↑ https://www.buzzfeed.com/chrishamby/super-court
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