When Hussain Sajwani was growing up his father made him work long hours after school working in the family business. He had mentioned to his father that he would never want to be in business for himself because the hours were too long. It would be much better to get a degree and be a professional so his hours would be more regular.
Then it came to pass that Hussain received a scholarship to the University of Washington in the United States, where he received an engineering degree. He then returned to Dubai where he worked as an engineer for an oil company. However, that was short-lived as he started his own company which served food to the United States. That business has been very successful and is still going strong today.
Hussain formed DAMAC in 2002 which is a real estate development company. When the United Arab Emeritz made the decision to allow foreigners to immigrate, he visualized a real estate boom, and he turned out to be right on the money. His first project of apartments was totally sold out even before the construction was started.
Advertising and promotion became the skill that Sajwani became very good at and the results speak for themselves. At this time, the DAMAC owner has built 19,000 apartments with another 44,000 in differing stages of completion. By now, other members of the Hussain Sajwani family are willing participants in other phases of management and other key roles.
The business tactics that Sajwani uses are very conservative. He always pays cash on the barrelhead. He never finances the rest of the build-out at only about 10 to 20 percent. He keeps a separate bank account for each project with a separate accounting system. That way even if one project has some difficulty, it won’t affect the rest of the business.
DAMAC is well-known for its luxurious facilities, and Hussain has even partnered with Donald Trump to build some of his luxury golf courses at some of the properties. Peoople like the idea of having all the conveniences, yet having all of the maintenance done by the properties.
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