Hussain Sajwani, the founder of DAMAC Properties, Inc. in Dubai has some unique perspectives on the art of doing business. The billionaire Arab real estate mogul knows that there must be a demand as well as the wealth to pay for the real estate, and he is an expert in promoting that end.
When he formed DAMAC in 2002 due to the United Arab Emirates new law that allowed foreign nationals the right to buy land and live in the Emirates, he knew that this was the opportunity of a lifetime, and he exploited it to the fullest.
He knew that there would be a large real estate boom where monied people would be demanding luxury living accommodations all over the Emirates. He was a master at stirring the pot and helping to create the demand with ads stating, “A Free Bently With Each New Luxury Apartment.” His first project sold out even before construction had begun.
He always purchased land with cash and established separate accounting and bank accounts for each project. In this way, there would be little chance for foreclosure and each project would stand on its own without endangering other projects. He also established a cash reserve for each project, further ensuring fiscal safety. These and similar practices helped DAMAC not only weather the storm but thrive during an economic downturn around 2006.
Hussain Sajwani had worked hard for his father after school in the family variety store and the hours were very long. This prompted young Hussain to speak out saying that he would probably never become a businessman because the hours were too long. The lure of profits changed all of that when he started a catering company that sold meals to the US Army and other regional US-based companies during the Gulf Wars. It was a wild success and the venture taught Sajwani much about running a large, multi-faceted company. He was also able to forge international contacts that would serve him well in future endeavors.
Today DAMAC holds properties in London, Paris, The Emirates, and other Middle Eastern Locations. The properties are for the most part all luxury accommodations with Trump Golf Courses features at some of the resorts. Sajwani has brought many family members into key management positions as he thinks ahead about the future of the company.