Hussain Sajwani,
Chairman, Damac Properties
We are open to any project in London if it makes sense. We’re keen to do business in London and keen to acquire sites in the city
london — Dubai-based billionaire Hussain Sajwani, who has golf course deals with the Trump Organization, understands why the US president is taking a tough stance on trade with China.
Free trade shouldn’t be a luxury, the 65-year-old developer said in an interview, while stressing that he’s mostly focused on his real estate business, Damac Properties. Sajwani spoke with Bloomberg at Damac’s London offices.
Is your association with Trump more a help or a hindrance?
We have signed an agreement with the Trump Organization. We’re very, very happy with them — their service and their quality. Without the organisation, we would never have been able to build our golf courses. Mr Trump is the president of the US, and that’s a different story.
Have you tried to bend his ear about issues like trade policy?
I’m not a politician. I’m busy 24 hours a day, seven days a week, looking after my business. The world needs free trade. It isn’t a luxury — it’s a necessity. In any trade relation, the two parties involved have to be happy and feel equally treated.
Any update on your willingness to sell a stake in Damac?
The question asked last time was ‘Would you be willing to sell some stake in the company if it was at the right time and right price?’ And I said yes. But we have no interest in selling a stake at this stage. We haven’t hired any advisers for a sale. It was a hypothetical question. We’re happy the way we are.
Do you have a family office?
Yes, where we invest my dividends. It’s been around for about 15 years. We mostly park the dividends with fund managers with different products. Philanthropy is important, too. We’re sponsoring a programme to train one million young Arabs to learn computer coding. We just had the first anniversary for that, and we’ve had about 400,000 kids on the initiative so far.
Is Brexit affecting your UK investment outlook?
We are open to any project in London if it makes sense. We’re keen to do business in London and keen to acquire sites in the city. We have come here for the longterm — not for a building or two. For most of 2017, we didn’t want to make any decisions until things became clearer for the UK. We’re coming to an end of that uncertainty, and we’ll have a full picture in the next few months.
How do you relax when not in the office?
Mostly with my family. Outside of Dubai, I have a place in London, and in Newport Beach, and we spend a couple of weeks a year in the US. The best time I have is with my kids and family. —
Philanthropy is important, too. We’re sponsoring a programme to train one million young Arabs to learn computer coding
Hussain Sajwani, Chairman of Damac Properties