Damac Properties reported dwindling profits during its most recent quarterly earnings call. As expected, this was followed by a declining company share price that in effect affected the real estate industry player’s net worth. Currently considered the third richest individual in the Middle East by Forbes, Hussain Sajwani’s net worth staggered and settled at $3.6 billion. It is therefore interesting to note how Sajwani Reacted to the news of the declining profits and net worth.
Support for some of the issues fueling the economic standoff
The real estate industry, in which Damac Properties operates, remains one of the most volatile markets in the world. It, therefore, could be affected by a host of social, economic, political and even environmental factors. but Hussain Sajwani believes he understands the cause of this market turbulence. He attributes the recent it to the continuing economic tensions in Europe and North America, most of which have time and again received his blessings.
Key among these factors include the heightened political and economic tensions between China and the United States about free trade. In such a case, the Damac owner’s close acquaintance Donald Trump has launched a series of economic sanctions against China’s perceived closed market. While acknowledging such tensions hurt his company, Hussain is in support of the move as believes it may end up opening China to the global free trade, a beneficial move to his company.
Business more than profit
Hussain Sajwani also argues that there is more to his business empire than just short-term profits and net worth. This was in response to why he continues to launch new projects and even push for the completion of existing one despite the market uncertainties. The real estate trader mentioned that his company is a source of livelihood to thousands of individuals and their families all across the world.
Halting its operations in a bid to salvage his company profits or personal net worth would, therefore, impact these lives negatively. The Damac owner further adds that he is on the verge of creating one of the most successful real estate companies in the world and won’t let short-term losses blur this vision.
Find out more about HSDO: https://hussainsajwani.com/ar/profile/