Hussain Sajwani, the billionaire whose Damac Properties Dubai is developing Donald Trump-branded golf courses in Dubai, would be "more than happy" to sell as much as 15 per cent of his majority stake in the company to boost the trading in its shares.
"The intention is there," the Damac chairman said in an interview. "As an owner who built the company with all the effort and hard work, I am not willing to sell it when I see my stock is undervalued," he said. He declined to say what he considers a fair price.
Mr Sajwani owns 72 per cent of Damac, the company he founded in 2002 and grew to become one of the biggest developers in the Middle East, known for projects designed by Versace and offers of luxury cars such as BMWs, Lamborghinis and Teslas to buyers during Dubai’s shopping festival. Mr Sajwani has a net worth of US$5.2 billion, according to the Bloomberg Billionaires Index.
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“For me, liquidity in the stock is important,” Mr Sajwani said. “At the same time, I love what I do and I see big potential in the company and I want to stay majority shareholder.”
No advisers have been hired to oversee a possible sale, he said.
Damac has two golf-course development deals with Mr Trump's family company. The tie-up has propelled Mr Sajwani from a developer little known beyond the Middle East into someone often referred to as Trump's main business partner in the region. No more deals were being explored with the US president's organisation, he said.
Sales are forecast to grow about 7 per cent in 2017, Mr Sajwani said, matching analysts’ estimates compiled by Bloomberg. Damac shares have climbed 32 per cent over the past 12 months, beating Dubai’s real-estate stock index, helped by its inclusion in MSCI global indexes.
The company is weighing opportunities in cities such as Berlin, Istanbul and London, where he thinks the UK’s planned exit from the European Union is offering a possibility to expand, Mr Sajwani said.
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
