On Sunday, November 27th, 2022, the Fonds Souverain de Djibouti welcomed the DICO/DAMAC Conglomerate founder: Mr. Hussain SAJWANI, the 6th wealthiest man in the Middle East.

The Fonds Souverain de Djibouti (FSD) welcomed this Sunday, November 27, 2022, a distinguished guest: Mr. Hussain SAJWANI, who is one of the wealthiest personalities in the Arab world whose personal wealth is estimated at $2.7 billion, ranking him first in the United Arab Emirates and sixth in the Middle East according to the latest Forbes 2022 ranking.

He is the head of the DICO/DAMAC conglomerate, which includes several companies active in many sectors, including real estate (through the giant DAMAC Group), finance, tourism, digital, retail and industry.

In real estate, DAMAC Properties is one of the international leaders. Since its inception in 1982, DAMAC Properties has delivered more than 42,000 residential units and has more than 28,000 units in various stages of completion, as well as almost 2,000 hotel rooms.

DAMAC Properties has completed several prestigious projects around the world – Dubai, Jeddah, Riyadh, Toronto, the Maldives, and the iconic Nine Elms Tower in London. DAMAC Properties also has operations in Qatar, Jordan, Lebanon, and the United States.

In the digital sector, the conglomerate, through its company EDGNEX, is building data centers ranging from 1 to 40 MW in the least served countries. Its flagship projects are the construction of a Data Center in Ryad with a minimum capacity of 25MW and in Dublin with a capacity of 70MW.

Mr. Hussain SAJWANI arrived in Djibouti on November 27th, 2022, accompanied by three senior executives of his group: Ms. Anastasia KOZYRAK, Senior Vice President – Investments and Acquisitions; Mr. Milan RADIA, Senior Vice President – of Africa; and Mr. Aqil JAFFER ALI, Senior Vice President.

He was first received by the President of the Republic, His Excellency Ismail OMAR GUELLEH.

The CEO of the Fonds Souverain de Djibouti, Dr. Slim Feriani, also held several meetings with members of the government: H.E. Mrs. Mariam HAMADOU ALI, Minister of MENI, and H.E. Mrs. Amina ABDI ADEN, Minister of City and Urban Planning.

He was invited to meet with the CEO of Djibouti Télécom, a public limited company and a subsidiary 100% owned by the FSD according to the law creating the FSD: Mr. Mohamed Assoweh BOUH. The DAMAC team also met with a representative of the Djibouti real estate private sector.

Discussions at the FSD headquarters focused on strengthening cooperation between the two institutions and the ideal conditions that would make it possible for the FSD’s potential partner to invest in Djibouti.

The young Sovereign Wealth Fund of Djibouti, created barely 2 years ago, can be inspired by its UAE Sovereign Wealth Fund homologs, who have succeeded in twenty years to transform the economy of their country and constitute a level of savings higher than their GDP, thus becoming a strategic financial resource for future generations by investing in their country but also and especially beyond their border.

This meeting aims to identify the strategic sectors in which the giant DICO/DAMAC could operate.

After the partnership with the UAE company AMEA Power for the project of a solar power plant in “Grand Bara”, the visit of this other UAE heavyweight DICO/DAMAC is welcomed,” said Dr. Slim FERIANI.

“The visit of Mr. Hussain SAJWANI to Djibouti sends a clear and positive message to the international business community: it demonstrates Djibouti’s commitment to attracting investors, especially those with equity. As a financial partner of the private sector, the FSD is the link between local Djiboutian actors and international partners in many sectors, whether in the hotel industry, real estate, industry or digital infrastructure in which the DICO/DAMAC Group is a leader,” concluded, Dr. Slim FERIANI.

After having left its mark on many countries around the world, the Group aims to explore new investment opportunities on the African continent considering Djibouti as an ideal gateway given its political and monetary stability, the free flow of capital, and its strategic location.

In this regard, the young FSD, created barely 2 years ago and whose current CEO and his team took office a year ago, is already playing its role to make Djibouti shine on the scene of international finance by attracting SAJWANI: this very influential businessman with an important strike force and an exceptional address book. By associating with an entrepreneur of this stature and all the other international partners received during the year of 2022, the FSD engages the credibility of Djibouti and its willingness to implement the Law creating the FSD carried by his Excellency the President Mr. Ismail OMAR GUELLEH as part of the execution of his Vision 2035.