When Hussain Sajwani was a young boy in Dubai he was forced by his entrepreneurial father to work in the family business long hours after school. The business consisted of a retail store that sold Chinese imports, consumer items, and office supplies.
Young Hussain told his father that he was sure that he would never be a self-employed business person because the hours were so bad. He would rather get a college degree and be a professional in order to work hours that would be more regular. Learn more about James Larkin: http://www.thenational.ae/business/industry-insights/property/damac-chairman-relishes-his-roots and https://www.instagram.com/hussainsajwani/
Sajwani did go to college at the University of Washington in the USA where he graduated with degrees in engineering and economics. He then went back to his home in Dubai and landed a job as an engineer with a gas company there.
He soon left that career when an opportunity presented itself that he simply could not pass up. He formed a catering business that sold food to the US Army during the Gulf War. The venture was a complete success and it is still in business today.
In 2002, Sajwani founded DAMAC Properties a real estate investment and development company. This was in response to a new stance by the UAE regarding the elimination of restrictions for foreign nationals immigrating to the country. Read more: Hussain Sajwani | Forbes and Hussain Sajwani | Instagram
Sajwani correctly predicted that there would be a great boom in the real estate market and he wanted to be prepared.
One of Sajwnai’s great talents is that of promotion and marketing. He didn’t waste any time getting started in that area. His very first apartment project was totally sold out prior to the construction starting on the project.
People loved his luxurious apartments and villas and his promotions soon were all over the land. To date, DAMAC has built 19,000 apartments with over 44,000 additional units in different stages of completion.
Sajwani operated on a very conservative business model. He always pays cash for his land for that prevents any foreclosures. He finances very little if anything at all for his construction and finishing.
He keeps separate bank accounting and bank accounts for each project so if one project has difficulty, it won’t affect the rest of the business as there is no co-mingling of funds from project to project.