DAMAC Owner Hussain Sajwani Says Dubai Benefits From Regional Turmoil

DAMAC Properties owner Hussain Sajwani’s start as an entrepreneur came in 1982 when he formed a catering venture now called Global Logistics Services. He founded DAMAC Properties in 2002 and built a real estate empire. In 2013 DAMAC Properties became the first company from the Middle East to be listed on the London Stock Exchange.Today, Hussain Sajwani is the fifth richest Arab in the world according to Forbes’ rankings.
DAMAC Properties has completed many different projects such as AKOYA Oxygen, a luxury residential development, and DAMAC Hills, a golf community development center built around the Trump International Golf Course. DAMAC Properties was ranked the fastest growing global company by Forbes in 2017.

DAMAC owner Hussain Sajwani spoke with CNBC about how he believes Dubai actually benefits from the regional turmoil of the Middle East. He argues that when there is unrest in neighboring countries people move to Dubai for safety. Dubai has been ranked as the fifth safest city in the world according to the global Smart City Performance Index. He says that during the Iraq-Iran war Dubai benefited from increased trade with Iran. He also argues that the city benefited from refugees who came during the Iraq invasion of Kuwait and the collapse of Somalia.

Dubai is becoming one of the most technologically advanced cities in the world. It is planning on using blockchain technology to create the world’s first passport free airport. The city has launched one of the first government backed cryptocurrencies. Dubai is also an investment hub and has strong relations with its oil-producing neighbors.

Dubai has grown in international stature and become a technologically advanced, global city. It has become a financial and communications hub for the Middle East region. DAMAC Owner Hussain Sajwani argues that Dubai’s success has been partly due to the city’s safety in an otherwise tumultuous region.

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