Hussain Sajwani is a highly respected businessman not only in the Arab world but also in the world in general. As the 4th richest Arab in the world, Hussain rising to prominence had quite a humble beginning. He was born in 1952 to a middle-class Arab family. His father was an entrepreneur who ran a small watch shop while his mother would purchase fabric in wholesale and later resale it to Arab women. Watching and helping his parents while growing up, it helped in equipping him with entrepreneurship skills.
From the word go, Hussain Sajwani was meant for greatness and the universe collaborated to ensure that he achieved it. After high school, Hussain got a government scholarship to study at the University of Washington where he pursued his economics and engineering degree. He was in the list of the first group of students who got UAE government sponsorship to study in the US. Instead of relying on government funds or his parents while he was studying, Hussain would sell timeshare apartments and get funds to keep him going.
After graduating, Hussain Sajwani understood that for one to establish and run a business successfully, he/she requires skills. It is in respect to this that he first worked for Abu Dhabi’s gas industries finance department. His role here gave him exposure to managing the finances of the big business. After two years, time was ripe to start a catering business in 1982. Armed with two years of skills and experience, Sajwani had what it takes to propel a business to greater heights, and within a short period, his business had gone beyond the expectations of many and got clients all over the world, including Africa and the Middle East.
However, in 2001 after Dubai allowed foreigners to set up real estate businesses within its soil, Hussain saw this as an opportunity to establish classy hotels which would help house investors who came in search of investment opportunities. Sajwani began with small hotels, laying the foundation, for now, the mighty Damac properties. In less than a year, he became part of great projects such as developing towers and luxury apartments. In 2002, he officially established DAMAC, and since then, he has never looked back. Using Damac as his stepping stone, Sajwani has established and partnered up with many businesses such as Nine Elms property limited, Dico Investments, Akyon Maldives resorts, and Al Anwar Ceramic tiles Co, among many others. He was indeed destined for greatness
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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.
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Hussain Sajwani is noted as one of the most influential Arabs across the globe. His company Damac has made him a billionaire with his wealth not slowing down any time soon. At a young age, he worked with his family’s business which taught him how to be a successful entrepreneur. He moved on to graduate from the University of Washington majoring in Economic and Industrial Engineering. However, during his school days, Hussain Sajwani, worked hard as a time-share sales person. This set the tone for him on whether he could make money for himself so he opened a business in 1982. He started his catering company only two years after graduating. It was a total success as he gathered up nearly 200 projects and landed as a leader in the market on a regional level. He began servicing areas like Africa and the Middle East.
He then set his sights on an opportunity many didn’t see in Dubai. It was the real estate market that was beginning to take off in the area. Hussain Sajwani decided to formed Damac Properties. Many note that it was the quick thinking of Sajwani that has made the company successful and making him a pioneer. He is credited with his strong leadership and entrepreneurial insights that helped the business turn ideas into realities. Damac Properties now has its footprint in locations such as London, Abu Dhabi, Dubai, and even Beirut. As of this date, they have 44,000 units in planning and have delivered over 17,900 homes. There portfolio continues to grow and makes them a serious contender in the global markets.
Hussain Sajwani also has a well known track record when it comes to investing in markets on the equity or capital side. His portfolio of investments include global and regional markets. A typical work day for Hussain Sajwani begins with meeting various members of his management and getting vital updates. He will also spend time with other business partners and the surrounding community. He believes its important to keep expanding and nurturing one’s network to be successful in business. Hussain Sajwani (@hussainsajwani) also makes an effort to stay balanced and spend time with family.
The real estate market in New York City is envied by all other cities in the world because there is nearly infinite demand for the houses, apartments, and any other types of living spaces in New York City. The rooms in NYC are generally very small, but people will pay thousands of dollars a month for a tiny studio apartment, which is something that most people in all other areas would not be willing to fork over.
The status of the real estate sector in New York City has recently been discussed by many of the leading real estate market professionals at a real estate exposition in an undisclosed location in New York City just three weeks ago. Many of the most important players in real estate were there, such as David Schechtman, Spencer Levy, and Larry Silverstein.
Town Residential helps people find homes in New York City — luxury homes, that is. It should not come as a surprise to anyone that any sort of housing in New York City is extremely expensive, especially for an actual home that is not in an apartment building, a penthouse, or a large living space would usually cost millions of dollars to purchase and an equally as alarming amount to rent the space. Town was incorporated by business partners Mr. Andrew Heiberger and Mr. Joseph Sitt.
Tim Wang spoke at the recent real estate exposition and noted that investors are forced “to work twice as hard” to make the same amount of money that they would say just ten or even as few as five years ago. Because New York City is so popular and is continuing to grow at an exponential rate, more and more investors have been drawn to the city, which has effectively started to cut back on the profits that investors would have normally been able to earn.
Interest rates are expected to start to rise in the near future which is going to increase the amount of money that consumers will have to pay for a mortgage or other type of loan, which might cut back even more on the money that could be earned by investors. All in all, the status of the market will be great enough to be able to earn a substantial profit for a number of years to come.