Hussain Sajwani, Chairman of DAMAC Properties, said the company prefers to remain private but emphasized that any businessman keeps his doors open to opportunities.
Speaking on Rotana's Al Liwan talk show, Sajwani said the Kingdom boasts abundant wealth and offers investment opportunities across all sectors. He stressed that comparing Dubai’s investment potential to Saudi Arabia’s is misleading, as Dubai is a small city while Saudi Arabia is a large country with enormous prospects.
He praised Crown Prince Mohammed bin Salman, describing him as an extraordinary leader with a remarkable vision and work ethic. Sajwani credited him with spearheading an unprecedented transformation in the Kingdom.
Addressing the challenges faced by some high-rise projects in Saudi Arabia, particularly in Jeddah, he attributed the deterioration of certain buildings to the absence of regulations at the time requiring maintenance fees and service charges.
Sajwani also highlighted his ambitious plans in the data center sector, aiming to reach 4,000 megawatts of capacity within the next two years. He noted that he currently holds land across Asia, Europe, and the Middle East with a combined potential of 1,200 megawatts, stating: “My dream today is to become one of the world’s leading players in data.”
He further noted that Saudi Arabia and the UAE are now ahead of Europe in the data center sector, thanks to substantial investments and streamlined regulatory approvals for companies.
Sajwani stated that DAMAC is open to investing anywhere and with any partner, depending on market conditions. He added that the company’s plan to invest $20 billion in the US data center sector aims to position it among the world’s leading players in the industry.
He went on to say that company delisted from the Dubai Financial Market (DFM) due to market difficulties during the COVID-19 period, when the stock price fell to 40 fils. This resulted in the decision to take the company private.
Reflecting on the impact of the 2008 financial crisis, Sajwani said DAMAC’s sales plunged by 98% during that period, falling from AED 1 billion annually to just AED 20 million.
He noted that between October 2008 and May 2009, the company was forced to lay off a significant number of employees, reducing its workforce from 1,800 to 450.
On competition with Emaar Properties, Sajwani said both companies focus on high-quality developments, describing the rivalry as positive for both firms.
He praised Emaar’s Chairman, Mohamed Alabbar, for his vision, saying he had learned a lot from him. Sajwani also acknowledged Emaar as one of the strongest and most prominent companies in the Middle East and globally, noting that each firm has its own customers and investment strategies shaped by its shareholders.
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