Damac chief ready to sell 15% of his stake at right price
CEO Hussein Sajwani owns 72% of Damac, the company he founded in 2002 and grew to become one of the biggest developers in the Middle East
Published: 16:06 January 17, 2018 Gulf News
Hussein Sajwani, the billionaire whose Damac Properties Dubai Co. is developing Donald Trump-branded golf courses in Dubai, would be “more than happy” to sell as much as 15 per cent of his majority stake in the company to boost the trading in its shares. Shares rose.
“The intention is there,” the Damac chairman said in an interview at his seafront residence on The Palm, a man-made island off Dubai’s coast. “As an owner who built the company with all the effort and hard work, I am not willing to sell it when I see my stock is undervalued,” he said. He declined to say what he considers a fair price.
Sajwani owns 72 per cent of Damac, the company he founded in 2002 and grew to become one of the biggest developers in the Middle East, known for projects designed by Versace and offers of luxury cars such as BMWs, Lamborghinis and Teslas to buyers during Dubai’s shopping festival. Sajwani has a net worth of $5.2 billion, according to the Bloomberg Billionaires Index.
“For me, liquidity in the stock is important,” Sajwani said. “At the same time, I love what I do and I see big potential in the company and I want to stay majority shareholder.”
The company is weighing opportunities in cities such as Berlin, Istanbul and London, where he thinks the UK’s planned exit from the European Union is offering a possibility to expand, Sajwani said.