I was amused to read this article in the the UK’s Daily Mail today. Billionaire? When I interviewed Hussein Sajwani a few years ago, he was still CEO of Damac, the Middle East’s largest private developer, but certainly not a billionaire. I also understand that at that time, the property developer had had some financial problems, and the Dubai Government helped out. Damac has always been a property developer that was too big to fail. Imagine what damage could be done to Dubai’s reputation.
When I was back in Dubai recently, Damac was advertising Trump villas, as well as his golf course. Clearly, local investors are not investing as Damac would have hoped so it is now looking further afield for investors.