When Hussain Sajwani was a boy growing up in Dubai, he worked very long hours in the family business. His father owned a variety shop that sold Chinese imports, consumer items, and office supplies, and Hussain spent lots of hours after school in the shop. Learn more about Damac Owner: https://www.instagram.com/hussainsajwani/ and http://relationshipscience.com/hussain-ali-habib-sajwani-p3928145
He told his father that he doubted if he would ever be self-employed as the hours were just too unreasonable. He thought that getting a degree and becoming a professional would be better because he would be able to work normal hours.
He did get degrees in engineering and economics from the University of Washington and then returned home to work in the Abu Dhabi Gas industry for a couple of years. Soon, however, he followed an opportunity of his own. Read more: The Rise and Rice of Damac and Hussain Sajwani | Instagram
He formed a catering company that sold food to the US Military during the Gulf War. This venture was a great success and the company still is in business.
In 2002, Hussain formed DAMAC Properties, a real estate development company. The UAE had just declared that the restrictions on foreign nationals moving to the country had been lifted, so Sajwani correctly predicted that there would be a real estate boom because of this.
Sajwani was very adept at promotion and marketing and he lost no time in getting started. His DAMAC name was soon all over the territory and people began to take notice. One of his favorite ads read: “A Bently With Each Apartment.” Of course, that certainly got people’s attention and it was very effective. The very first project was completely sold out before any construction had been started.
Sajwani has some very conservative business principles that were instrumental in making the Hussain Sajwani family very secure and wealthy. First of all, he always paid cash for his land. That way there could be no foreclosure.
He financed very little if any of the rest of the projects. This allowed strict control of funds. Separate accounting and bank accounts were allocated to each project so that there is never any co-mingling of funds.
In this way, the DAMAC owner has been able to control the growth and stability of projects from their very inception to their completion.