Hussain Sajwani is the founder and owner of DAMAC Properties, Inc., a Dubai real estate development and management company. He credits his early experience working for his father as a schoolboy as a primary reason for his success. There he learned that long hours and working with people were a valuable experience and that it carried over into his current success.
Even though young Hussain did not like the long hours, he always said that it was the best education he could have ever had. He had claimed that he would do better as a professional with a degree because he would be able to work regular hours. Even though he earned degrees in Economics and Engineering, he wound up as a businessman when he founded a catering company that sold meals to the US Army during the Gulf War. The company was a huge success and is still part of the Sajwani business empire.
In 2002 the United Arab Emirates allowed people who were non-citizens of the UAE to purchase property and to take up residence there. Sajwani formed DAMAC Properties, Inc., in anticipation of the real estate boom that actually did occur shortly thereafter. He began to purchase land in strategic locations and to promote his apartment projects. He knew that people would be looking for living accommodations and that there would be a great need for high-end properties.
Sajwani correctly surmised that people of means would be looking for high-end, luxury accommodations and he geared his approach to this end. He was a promotional genius and soon everyone in the UAE knew about DAMAC and the fine, luxurious apartments that were available. His ad byline of, “A Bently With Each Luxury Apartment” was a real attention-getter.
The DAMAC Owner believed in good business practices too. He always pays cash for land. That ensures that no one will be able to foreclose on him. He also keeps separate accounting and banking records for each project so each one will stand on its own merit. If one goes bad, it won’t affect any of the rest of the properties.
Today, more family members are taking on significant roles in the business, leaving Sajwani free to expand the business and become involved in local and regional affairs. Check this video featuring Sajwani and DAMAC Properties.