The billionaire behind one of the UAE’s biggest property developers is taking the company he founded private, saying Dubai’s nascent real estate rebound is here to stay.
“Amazing,” Damac Properties founder Hussain Sajwani said on Monday when asked to describe the recovery in Dubai’s bust-to-boom property sector, which is on an upswing after years of price declines and rampant oversupply.
“I’ve seen Dubai over the last 20 years, and it’s gone through cycles,” said Sajwani, a veteran of the sector known for his brash marketing campaigns and luxury-on-a-budget developments that have shaped the Dubai skyline.
“I don’t think this is something temporary. This is something long term,” the realtor…