Damac is the company within the UAE associated most often with eye-catching marketing feats (“get your free Bentley after you get your luxury apartment“), glitzy property arrangements and captivating golf course projects with Donald Trump.
However, in the (somewhat) wild Dubai majlis of the chairman and founder, Hussain Sajwani, the pride of the building is placed in the plaque signifying its roots in an entirely separate business.
“In honor of excellent food service for the United States army throughout Operation Desert Storm,” it states. This references the work Mr. Sajwani’s organization carried out during the start of the Iraq war in 1991.
“We served for the Americans across the globe in Bosnia, Somalia and the Gulf and for big American business such as Bechtel as well,” mentions the 57-year-old. The food company remains as a part of Damac Group’s work and stands both as a remembrance of Mr. Sajwani’s (@hussainsajwani) business ability and of his expertise in cultivating friends in the places where it makes a difference on the global level.
He is allowing those skills to be put to good use once again. Now as Damac gets ready to capitalize on the recovery of UAE property rates, they’ll also consider initial public offerings of stocks with groups like the London Stock Exchange. They are one of many possible IPO venues.
In an interview with CNBC, Sajwani mentioned that with the beginning phases of the upcoming IPO process underway, he’s limited as to the things he’s able to say but reveals “as a firm of our scale and our design, each one of these choices is available. However, it rests on the suggestion of the banking firms. We’re speaking with various institutions but have not hired any of them concerning an IPO yet.”
On the reasons why an IPO is still thought of as a “hypothetical”, he mentions is that “we have bonds and cash as a safety net. We also only have a debt ratio of 10%. That’s why we aren’t in much need of the resources. But it can still provide room for growth. It can also be a means for us to take some funds from the company. Still, every option is open.” Follow Sajwani on Instagram.