In the third quarter for the year, Damac properties revenue slumped, an economic tumble that saw the multinational company shares take a hit. This, according to Husain Sajwani, has no bearing on the company’s future or its current plans. It explains why the Damac owner continues planning new plans and executing existing ones both in Dubai and such other regions as Europe where the Damac owner hopes to help his luxury real estate company establish a solid foothold. But why is the entrepreneur unshaken by the recent economic downturn?
Eye on longer-term company goals
According to the recent earnings call by Hussain Sjawani’s Damac properties, the profits took a nosedive dragging with them the share price. This would see the billionaire real estate industry player’s net worth reduce by over 25 percent, settling at $3.6 billion. This resulted from increased political and economic tensions in its major markets like the Brexit in Europe and U.S-China trade war in the United States.
The hostile markets currently available here, as well as the uncertainty on their end, however, didn’t stop Hussain Sajwani from launching new projects and completing existing ones. For instance, his company has currently embarked kicked off ambitious developments in Europe and is currently eying entry into the Chinese markets. The realtor argues that he refuses to be swayed by the current market conditions but maintains focus on the long-term goals.
Welcomed market shifts
The Damac owner further mentions that he has been in the real estate industry for close to four decades. He has faced even worse market conditions like the recent financial crisis that rocked the real estate market in 2008. Hussain, therefore, holds the opinion that the recent changes witnessed in the market are normal dynamics are normal and expected.
More about Hussain Sajwani
Hussain is the founder and current Chief Executive officer of one of the most successful luxury real estate companies in the world, Damac Properties. He is also a major player in the global hospitality industry. Here, he supplies meals to the different U.S military bases in the Middle Eastern countries like Lebanon and UAE and also invests heavily in hotels and restaurants both in the Middles East and Africa.