Forbes magazine has named Hussain Sajwani as the tenth richest man in the world. His business DAMAC properties have dramatically contributed to his good name all over the world. However, the good name and riches did not come easy. Hussain had to overcome failures, economic regression but has managed to emerge a success.
Hussain Sajwani studied economics and industrial engineering, this has helped in managing his business, but he mostly attributed his skills to his family background. Hussain’s father was a business and Hussain would help to sell in the shop. While at the shop he observed some of the things his father implemented and used them in his business/
For instance, at one time while at the shop a customer bought ten vests at ten dirhams when a second customer came to buy the same vests his father had increased the price to eleven dirhams. Hussain Sajwani asked his father why he had raised the price. According to Hussain‘s father, the first customer who was new to his shop did not question the price, and he also bought many vests, this meant that there was a shortage of this product and it would be wise to increase the amount. This is one of the business skill Hussain learned from his father.
The market is always changing, and it is essential to be on the lookout for what brings most benefits to you, observe the trends and let them work to your advantage. This skill has helped Hussain in the successful running of his business. For instance n 2008 there was a fall out in the real estate industry, after the fallout and few losses. Hussain was able to enter the market again with a storm.
Hussain has changed the look of Dubai with his real estate business. Hussain has invested his money in created luxurious and unique hotels, residential houses as well as business areas. Working with prominent business people and designers such as Donald Trump and Tiger woods has dramatically shaped Dubai’s real estate market.
DAMAC properties is a globally recognised company, and has proven to not only be the best but have managed to withstand harsh economic changes.
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