Talking to CNBC, Hussain Sajwani explained why Dubai is benefiting from the Middle East turmoil. While many others see the chaos as an adverse event, Sajwani is not worried. Dubai ranks #5 among the safest cities according to Global Smart City Performance Index. The city is reputable for security/ safety. Due to these Dubai usually experiences an influx of people when there are disturbances in regional countries.
Sajwani remembers how Dubai benefited in 1990. Following Iraq’s invasion of Kuwait, many Kuwaitis moved to Dubai. The war forced 70,000 civilians to head to the UAE (United Arab Emirates). Due to the exodus, UAE and Kuwait are friendly, even strengthening their economic and political relations. These events have been awesome to Dubai. The influx of people boosted Dubai’s property market, businesses, and the economy.
According to Hussain Sajwani, another time Dubai profited was during the collapse of Somalia. Major economic activities that took place in Somalia moved to Dubai. A choice arrived at because of the city’s economic prowess, security, and favourable geographical position. Current estimates show over 35,000 Somalis are living in Dubai. Many of these people are in the import/ export business. However, there is Somalian immigration restriction in the UAE because the two countries recently soured their relationship.
Hussain is famous in the Gulf. The DAMAC owner founded the real estate giant in 2002. His business journey started in 1982 when he opened his own catering venture. DAMAC Properties is responsible for several luxury residential, commercial, and mixed properties. Its famous projects include DAMAC Hills and AKOYA Oxygen. DAMAC hills is a development centre in Dubai land for the gold community. It is a 42 million sq. FT. of villas, mansions, apartments, and townhouses.
Hussain was successful in building the most prominent Middle Eastern real estate development firm. His recent remarks about turmoil in the Middle East depict a man very much aware of real estate market forces. Many view the immigrant situation as a negative issue, but not the DAMAC owner. Hussain Sajwani’s company is currently expanding to the Chinese market.
Recommended site: https://arabi21.com/