Corporate governance

Hussain Sajwani

Mr Hussain Sajwani

CHAIRMAN

Hussain Sajwani, a UAE national, is the founder and Chairman of global property development company DAMAC Properties.

Hussain Sajwani, a UAE national, is the founder and Chairman of global property development company DAMAC Properties.

A graduate from the University of Washington, he started his career as a Contracts Manager in GASCO, a subsidiary of ADNOC (Abu Dhabi National Oil Company). After a short period, he established his own business and in 1982 started his own catering venture.

From modest beginnings, the catering division has grown from strength to strength and today is a market leader managing more than 200 projects and serving over 150,000 meals daily in a number of markets including the Middle East, Africa and the CIS. In addition to servicing construction campsites, army camps, educational institution, 5-star hotels and onshore/offshore locations, the division specialises in providing ancillary services like camp managements, maintenance and manpower supply.

Sajwani was also one of the pioneers of the property market expansion in Dubai. In the mid-90’s, he built several hotels to accommodate the growing influx of people coming to the emirate to do business and trade. In 2002, he identified the market opportunity and established DAMAC Properties, which was grown to be the one of the largest property development company in the Middle East.

Sajwani’s know-how and expertise in the field of property development from marketing, sales, legal, finance, and administration is one of the key drivers of the company’s success and today has several prestigious projects in key global cities like Dubai, Abu Dhabi, Doha, Amman, Beirut, Jeddah, Riyadh and London.

DAMAC Properties, which employs nearly 2000 employees, is a publicly-listed company with shares traded on the Dubai Financial Market. The company has one of the best track records in the luxury property development market and to date have delivered over 17,900 homes with a development portfolio of over 44,000 units at various stages of progress and planning.

As a leading brand in the market, DAMAC Properties has joined forces with some of the most recognisable fashion and lifestyle brands to bring new and exciting living concepts to the market. Projects include a Tiger Woods designed golf course which will be managed by The Trump Organization, luxury apartments with interiors by Italian fashion-houses Versace and Fendi, luxury villas styled by Bugatti, and uniquely conceptualised Paramount Hotels & Resorts to deliver serviced living at its most opulent.

In October 2011, DAMAC Properties launched its hospitality division ‘DAMAC Maison’ which will provide bespoke services to residents in more than 15,000 serviced hotel rooms and hotel apartments. This will position the company as one of the largest Hotel Apartment operators and developers in the region.

The extraordinary growth of DAMAC can be attributed to the vision and entrepreneurial skills of Sajwani. Listed among the 100 most globally influential Arabs, he has proven capability to transfer business vision into corporate reality and to provide leadership that is necessary to maintain continuity and growth.

As an astute businessman and investor, Sajwani also has a proven track record of successful forays in the global equity and capital markets. He currently holds investment portfolios of securities in a number of regional and global markets.

DICO Investments Co LLC is his flagship investment company. This company focuses on investments in private equities, mergers, and acquisitions and holds majority and minority holdings in publically traded companies and is always looking for value propositions in the global and regional investment sphere.

Other areas of business interests for Sajwani are in the world of trading such as Al Amana Building Materials, based in Oman that represents world-famous names like Villeroy & Boch, Grohe and Dorn Bracht, to name a few. Another business interest in this field in his portfolio is Al Anwar Ceramic Tiles Co. the first and one of only two tile manufacturer in the nation.

Another key investment initiative for Sajwani regionally is Al Jazeira Services, listed on the Muscat Securities Market with a capitalisation of over US$ 110 million. The company was listed in 1997 and since then has produced impressive results in changing market conditions.

Sajwani has also served as member of several boards including the Majan University College in Muscat Oman, JUNO Online in New York and Emirates Takaful Company in Abu Dhabi.

Sajwani lives in Dubai with his wife and four children.

For more information please visit www.hussainsajwani.com

Adil Taqi

Mr Adil Taqi

GROUP CHIEF FINANCE OFFICER

Mr Taqi graduated with a Bachelor of Science in Mathematics-with-Engineering in 1993 from the University of Nottingham in the UK and received an executive MBA in 2004 from IMD in Switzerland. He is also an associate and member of the Chartered Institute of Management Accountants in the UK. His experience covers both emerging and developed markets, including the MENA region and the United Kingdom.

Mr Taqi graduated with a Bachelor of Science in Mathematics-with-Engineering in 1993 from the University of Nottingham in the UK and received an executive MBA in 2004 from IMD in Switzerland. He is also an associate and member of the Chartered Institute of Management Accountants in the UK. His experience covers both emerging and developed markets, including the MENA region and the United Kingdom.

In addition to being the Group Chief Finance Officer, Mr Taqi heads up the Business Development Team managing all of DAMAC Properties’ real estate investments. Prior to joining the Company in 2006, he held various senior management roles in a number of Omani banks and financial institutions.

Mr Taqi is currently on the board of a number of high profile private and public companies in the MENA region, including Al Anwar Ceramics Tiles Company SAOG and Al Jazeira Services Co SAOG.

John Wright

Professor John Wright

Senior Independent Director

Professor Wright was educated at Daniel Stewarts College, Edinburgh. He is an associate and fellow of the Chartered Institute of Bankers in Scotland and a fellow of the Chartered Institute of Bankers in Ireland.

Professor Wright was educated at Daniel Stewarts College, Edinburgh. He is an associate and fellow of the Chartered Institute of Bankers in Scotland and a fellow of the Chartered Institute of Bankers in Ireland.

Professor Wright’s career in commercial banking spans over 43 years and includes assignments in the UK, India, Sri Lanka, West Africa, Canada, Hong Kong and the United States. Prior to his retirement in 2001, he held positions as: Chief Executive and Director of Clydesdale Bank PLC and Yorkshire Bank PLC; Chief Executive and Chief General Manager of Gulf Bank KSC, Kuwait; Chief Executive and Director of Northern Bank Limited, Belfast and Northern Bank Limited, Dublin, as well as a Director and Chief Executive Officer of the Oman International Bank.

Currently Professor Wright holds the position of a Non-Executive Director (including the roles of Chairman and Chair of the Audit Committee) across a number of industries, including banking, retail, manufacturing, information technology and trusts, including amongst others, roles with Butterfield UK Limited, Boomer Industries Limited, XM International Associates Limited, European Islamic Investment Bank Limited, Alsbridge plc, the Arab Financial Forum and Borders College. He is also a visiting professor at Glasgow University Business School.

Farooq Arjomand

Mr Farooq Arjomand

Non-Executive Director

Mr Arjomand received his Bachelor of Business Administration (BBA) from Seattle Pacific University in the United States in 1984. He began his career as a banker at HSBC in 1985 and gained extensive experience of private banking, corporate finance, trade services and investment banking.

Mr Arjomand received his Bachelor of Business Administration (BBA) from Seattle Pacific University in the United States in 1984. He began his career as a banker at HSBC in 1985 and gained extensive experience of private banking, corporate finance, trade services and investment banking.

Mr Arjomand founded the Arjomand Group of companies in 2000. The Group conducts various activities including real estate, manufacturing, trades, financial activities and aviation across the GCC, Asia, Europe and the US. Mr Arjomand is also a board member of Al Ahlia Insurance Company BSC, Bahrain.

Mr. Sofyan Al Khatib

Mr. Sofyan Al Khatib

NON-EXECUTIVE DIRECTOR

Mr. Al Khatib has over 37 years of experience in the catering and hospitality industry in the Middle East. He graduated with a Bachelor’s degree in Business Administration from the University of Jordan in 1980.

Mr. Al Khatib has over 37 years of experience in the catering and hospitality industry in the Middle East. He graduated with a Bachelor’s degree in Business Administration from the University of Jordan in 1980.

Mr. Al Khatib has been the Group Director of Global Logistic Services Company Co. LLC since 1989. The company specialises in comprehensive solutions for engineering, procurement and construction (EPC) and provision of catering and support services for clients in a number of industries including oil and gas, hospitality and educational institutions, amongst others. In his role, Mr. Al Khatib oversees the business development and operating strategies of the business, which spans the MENA region, and is responsible for its sustained profitability. 

Prior to this role, Mr. Al Khatib held several managerial positions with catering companies in Saudi Arabia, where he was charged with the sales and marketing efforts, sales network expansion, achieving sales revenues targets and control of operations of regional projects.

Mr. Al Khatib is currently on the board of a number of private and public companies in MENA, including Al Anwar Ceramics Tiles Company SAOG and Al Jazeira Services Co SAOG, and is Chairman of SAK Investments Limited. 

Yahya Nooruddin

Mr Yahya Nooruddin

Non-Executive Director

Mr Yahya Nooruddin has over 20 years’ experience in local and regional financial markets, with a proven track record of building organisations and leading them to the forefront of their respective industries. He holds academic and professional degrees in the areas of marine engineering, law and financial management, including a master’s degree in law from the Beirut Arab University.

Mr Yahya Nooruddin has over 20 years’ experience in local and regional financial markets, with a proven track record of building organisations and leading them to the forefront of their respective industries. He holds academic and professional degrees in the areas of marine engineering, law and financial management, including a master’s degree in law from the Beirut Arab University.

Mr Nooruddin is currently the Chief Executive of T’azur, which provides Family and General Takaful products for individuals and businesses. Prior to joining T’azur, hewas CEO of the Al Imtiaz Investment Company in Kuwait from 2008 to 2011, following 12 years at Al Ahlia Insurance Company.

Nabil Alyousuf

Mr Nabil Alyousuf

Non-Executive Director

Mr Nabil Alyousuf, an investor and entrepreneur, is the Chairman of Nabil Alyousuf & Associates, and a partner in Al Jal Capital, a UAE-based private equity firm. He is also the Chairman of Sadara, the largest real estate developer in southern Iraq, and Chief Executive Officer of the International Advisory Group (IAG). He sits on several NGO boards.

Mr Nabil Alyousuf, an investor and entrepreneur, is the Chairman of Nabil Alyousuf & Associates, and a partner in Al Jal Capital, a UAE-based private equity firm. He is also the Chairman of Sadara, the largest real estate developer in southern Iraq, and Chief Executive Officer of the International Advisory Group (IAG). He sits on several NGO boards.

Previously, Mr Alyousuf was Director General of The Executive Office of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai. He led the development of Dubai Strategy 2015; established the Dubai School of Government; and was in charge of the Dubai Government Excellence Program.

In 2010, Mr Alyousuf was chosen as a Young Global Leader by the World Economic Forum. He holds a Master of Business Administration degree from The University of Strathclyde, a Master of Science in Operations Research from Georgia Institute of Technology and a Bachelor of Science in Industrial Engineering from The University of Arizona.