Hussain Sanjawi grew up with a father who was in business for himself and who made young Hussain work long hours after school in his father’s shop. The Damac owner swore that he would never be in business, but would be satisfied to go to university and get a degree to become a professional and work regular hours.
So Hussain attended the University of Washington in the United States, far away from the UAE and received a degree in engineering. After graduation, he went back to Abu Dhabi to go into the oil and gas business. Two years later, in spite of his childhood promise to himself, he started a catering company which wound up being the primary caterer during the Gulf Wars to the US Army in the Middle East. The catering operation is still in existence under the name of Global Logistics Services.
In 2002 Sajwani started DAMAC Properties as he saw the need for accommodations for people coming into his country for business and for professional people. His first project, an apartment building catering to the higher income types, was sold out before the construction was even begun. Sajwani always devotes his cash to the major portion of the investments he makes with only a small portion financed.
Sajwani’s outrageous advertising tactics were the reason for the immediate success, and he became known for his raucous and engaging ads such as, “A Bently Free For Every Apartment Purchased.” His business has developed close to 19,000 apartments since the beginning of the company and has over 44,000 units under various stages of construction.
Sajwani operates under very strict principles such as the purchase of the land by paying cash. Once you own the land, no one can kick you out. Then the construction itself has separate accounting and bank accounts for each property so that each one stands on it own. This is very smart business tactics because if one property has financial trouble, it doesn’t affect the rest of the business. Currently the rest of the Hussain Sajwani family is also involved in his far-reaching enterprises.
Follow Hussain Sajwani on twitter.
Recently some of the projects featured a Donald Trump golf course designed by Tiger Woods. There are currently two such courses on a couple of his more elegant properties.
Switzerland is one of the technologically advanced countries in the world. This scenario is attributed the high number of tech startups that are coming up every day in the country. The government has also made it easy for businesses to be operational by creating a favorable business environment. Switzerland has for a very long time enjoyed stable political and governance environment.
Governance has been a key factor in the growth of the country. The government in Switzerland has set a culture of investing heavily in the economy. There has been a huge investment in the supporting structures of the economy mainly in the transportation and educational facilities. These structures are supposed to boost productivity for all the people in society. They create a level playing ground fie anyone interested in utilizing them.
An improved educational system means that there is a huge number of skilled citizens who can be very productive to the economy. The educated population is also the one that is coming with the innovative ideas that we see today. The population which mainly comprises of the young people is coming up with new ideas which are creating solutions to some of the problems that affect the local people. Most big corporations do not have the basic needs of the end user; however, a startup can be able to address the needs of the people in a more customized manner.
The government has also invested in creating a minimum wage that assures every person in the country is able to live comfortably. This creates a situation where the people are able to concentrate on productivity without worrying much about how they will feed their families.
According to reports by world transparency international, Switzerland is among the least corrupt countries in the country. With low corruption, the government is able to direct its resources into projects that are more important to the country. While other corrupt countries drain their resources on corruption deals, Switzerland is investing heavily in projects that matter. It also makes the people believe their government is dedicated to improving their welfare.
About Mike Baur
Mike Baur is an experienced tech investor in Switzerland. He is the executive chairman of a startup factory he co-founded alongside his college friend Max Meister. The startup factory is known as Swiss Startup Factory. He founded the company in 2014 after leaving the banking sector.
He was working with UBS and Clariden Leu. He was in the banking sector for about 25 years.