Hussain Sajwani is the owner and founder of DAMAC Properties, Inc., a Middle Eastern Real Estate development and management company. He started the company in 2002 when the UAE decided to allow foreigners to purchase property and live in the Emirates. he foresaw a real estate boom and began to promote luxury apartments which he knew would be in great demand.
For example, he would state, “A New Bently With Each Luxury Apartment.” He delivered on the promise too, and his first project was totally sold out before any construction had even started. He was rigid in his business practices too, paying cash only for land. He also placed a cash reserve behind each property and kept separate accounting and bank accounts for each individual property. These practices held him in good stead several years later when an economic downturn occurred.
In an article published at CNBC, Sajwani had learned early in life that it takes hard work and dedication to become successful. He worked for his father after school in the family business, a variety store that required long hours. Working in the retail field gave young Hussain experience in working with people and solving their individual problems. He stated to his father that he would never be a businessman due to the long hours.
It worked out, however, that a businessman is what he became when he started a catering business which sold meals to the US Army during the Gulf War in the Middle East. It was a very profitable venture and remains so to this day. When he began DAMAC the experience he gained with the catering venture helped him to build a very large organization.
Today DAMAC owns luxury properties all over the Middle East, as well as in London and Paris. All of his holdings are top-end, luxury facilities. He even has partnered with Donald Trump by constructing Trump golf courses at some of his resort properties. Sajwani is sought after for his practical and sensible advice when it comes to business and even city planning.
According to Albawaba, Sajwani has placed family members in several key management positions in order to secure the future and give family members the opportunity to grow with the company.
More info: forbesmiddleeast.com/en/tag/hussain-sajwani/