Hussein Sajwani is open to selling 15% stake in Damac

dubai — Hussein Sajwani, the Dubai billionaire with links to US President Donald Trump, on Wednesday said he was ready to sell 15 per cent of his stake at real estate giant Damac Properties.

Established by Sajwani in 2002, Damac has become one of the leading real estate players in the Middle East and is known for its luxury developments.

The firm built the Trump International Golf Club, which was inaugurated in Dubai in February 2017 — a month after Trump became president.

Sajwani, who owns 72 per cent of Damac, is estimated to have a fortune of up to $5.2 billion.

In a bid to boost trading in the firm’s shares, he said in an interview with Bloomberg that he was “more than happy” to sell part of his stake.

“The intention is there,” for the sale but only at the right price, he said.

Damac was first listed on the Dubai Financial Market three years ago.

Sajwani insisted the company’s share price remains undervalued despite having increased by 27 per cent in 2017. Currently, a 15 per cent stake would be worth some $850 million.

The real estate tycoon said he is also eyeing expansion into markets beyond the UAE.

“I think the Dubai market still has a long way to go. Yes, it has matured, and I don’t expect the market or the company sales to grow like before — 100 per cent or 200 per cent,” Sajwani said.

The company also has operations in Saudi Arabia, Jordan, Lebanon, Qatar and the UK. — AFP