Throughout the last fifty years, the Middle East has been home to countess wars, political struggles, military conflicts, and other types of unrest. These issues have created havoc for many nations in the Middle East including Afghanistan, Iraq, Kuwait, Syria, and others. Wars such as the Iran-Iraq War, the Syrian Civil War, The US-Iraq War, and others have devastated many regions in the Middle East.
However, despite the fact that the Middle East has been plagued by awful wars for many years, the nation of the United Arab Emirates has long been viewed as a safe haven in the violent and dangerous Middle East.
When asked to comment about how Dubai has been affected by all of the unrest in the Middle East, Damac Chairman, Hussain Sajwani had some interesting things to say:
“Dubai always benefited from the instability, I remember eight years of Iraq-Iran war and Dubai benefited from that. The trade with Iran increased and then we saw the Iraqi invasion of Kuwait, and Dubai benefited from a lot of Kuwaitis (that) came here and stayed here.”
According to Sajwani, by being a safe, stable city in a dangerous region, Dubai has become a magnet for both people and businesses. This has helped the largest city in the UAE to grow and to thrive.
Dubai has become something of an oasis for people in the Middle East who are fleeing their wartorn homelands looking for a peaceful place to live and do business. The United Arab Emirates also benefited from its alliances with the United States following the 9/11 attacks.
So, despite the fact that many nations in the Middle East have suffered tremendously in the past few decades, the United Arab Emirates, and in particular, Dubai has experienced the exact opposite fate. Dubai is now one of the most advanced, safest, and wealthiest cities in the entire world.
Damac properties and Hussain Sajwani have been primary beneficiaries of the safe and stable conditions existing in Dubai. Through the past few decades, Damac Properties has been able to create many incredible buildings in Dubai and elsewhere in the UAE.
There has been some recent turmoil in the Middle East leading many to wonder whether or not it will have a negative impact on Dubai. This turmoil revolves around the murder of Saudi journalist and US resident, Jamal Khashoggi in Saudi Arabia. The fallout from this event has had a negative impact on Saudi Arabia’s economy.
However, Sajwani is not worried that this fallout is going to spill over into the United Arab Emirates. Instead, Sajwani had this to say about this incident,
“Dubai always benefits from good and bad news of the region because it is a hub, It’s a free trade center. So I’m not worried, I’m not concerned about things. I wish the region can be better you know and lower risk, but the region has been volatile for the last 50 years since I’ve seen it.”
So despite the fact that many people are pessimistic about the Middle East and believe that the constant unrest that seems to go on there will harm Dubai, Sajwani believes that Dubai will continue to prosper and thrive.
This is very inspiring considering that Hussain Sajwani has been one of the wealthiest Arabs and greatest business leaders in the UAE for many years. Hajwani has built a number of tremendously successful companies in addition to being the Damac owner and was recently interviewed by CNBC at its new studio in Dubai to provide business insights about Dubai.
Sajwani’s optimism and positivity is symbolic of the spirit of Dubai. The people of Dubai and the United Arab Emirates have found a way to endure and to prosper despite the constant violence and chaos around them. This is in part because people like Hussain Sajwani are focusing on creating jobs and prosperity instead of warfare.
Sajwani, Damac, and the UAE are all setting an excellent example in the Middle East. Hopefully one day, there will be less strife in the Middle East and more nations in the region can thrive. However, until all of the religious and political disputes are resolved, Sajwani believes that Dubai will continue to prosper, no matter what is happening with its neighbors.
Hopefully is right, and hopefully many business owners follow in his footsteps and build successful companies that help to create jobs for people in the nation. Hussain’s company Damac Properties is set to continue its expansion into Europe. The company already has a number of properties there and is set to build more in the near future. Damac Properties is now also listed on the London Stock Exchange. So, members of the public who would like to buy shares of Damac Properties on the LSE can now do so.