DAMAC Owner Husain Sajwani, A Middle Eastern Phenomenon
Hussain Sajwani has accomplished what few individuals have been able to achieve. He is the founder of DAMAC Properties, Inc., a Dubai real estate development and management company in Dubai. DAMAC oversees the operation of properties from Paris and London, and throughout the Middle East.
Husain got his start as a schoolboy, working for his father in the family variety store where he put in exceptionally long hours. This caused him to state that he would never want to become a businessman, but that he would rather be a degreed professional so he would be able to work normal hours.
Even though he earned degrees in engineering and economics, Sajwani’s first real opportunity occurred during the Gulf War when he founded a catering company that sold meals to the United States Army. Since this venture was a huge success, becoming a professional was not going to happen. The catering company is still doing business today and is a part of Sanjawi’s business operations.
In 2002, the United Arab Emirates passed a law that allowed foreign nationals to purchase property in the Emirates and to emigrate there. Sajwani correctly predicted a real estate boom and he began to purchase property in and around Dubai. He formed DAMAC Properties, Inc., a real estate management and development company to handle the business.
His early efforts paid off, as he was a master promoter who what able to motivate potential buyers with his well-placed ads. For example, his slogan of “A New Bently With Each Luxury Apartment” was a real attention-getter.
DAMAC Owner Sajwani knew that many foreigners who would be purchasing property would be people with money so he geared his properties and promotional activities accordingly. His first project was completely sold out before any construction began. This became the norm rather than the exception and DAMAC enjoyed early success.
According to alhayat.com, Sajwani’s practices of paying cash for land, designating separate accounting and bank accounts for each property, and judicious attention to location paid off handsomely. This was especially true during an economic downturn a few years later.
Today, Sajwani is well sought-after for his advice and outlook in many subject areas. His properties, some of which include Donald Trump golf courses, continue to be in demand and there are always new projects on the drawing boards.
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