In 2002, DAMAC owner Hussain Sajwani was best known for his catering and hotel empire stretching across the Middle East. In 2002, the focus of Sajwani changed with a change in rules in the United Arab Emirates allowing foreign nationals to purchase property in the desert state. The University of Washington graduate quickly established DAMAC Properties and purchased a piece of land in an area of Dubai many felt would not be a success for a luxury real estate development. Hussain Sajwani proved his doubters wrong by selling every unit in the planned development before construction even began.
In 2018, DAMAC Properties employs more than 2,000 people around the world with the group now expanding its development plans across the Middle East and parts of Europe. The business portfolio of Hussain Sajwani now takes in various luxury real estate developments across global capitals and luxury destinations. One of the most impressive developments offered by the DAMAC owner is the AYKON Maldives Resort which is being constructed on a reclaimed island and will offer more than 100 luxury hotel suites.
AYKON developments are also planned in London where the first tower will be an impressive waterfront tower built on the River Thames which will be decorated by the experts at Versace Home. KNown as Nine Elms Property Limited, the company behind AYKON One is backed in part by DAMAC International and in a lesser way by DAMAC Dubai.
The DAMAC owner understands the need for a diverse set of companies to ensure he is always bringing in different streams of revenue. The DICO Investments group established by DAMAC Owner Hussain Sajwani now manages more than $3 billion in assets across sectors far from the luxury real estate sector. Maintaining links to the sectors which have proven a historic success for DAMAC and Hussain Sajwani is important to the backer of the One Million Arab Coders program who retains an interest in the catering industry he cut his entrepreneurial teeth in.