When Hussain Sajwani was in school as a boy, he was forced to work long hours for his businessman father in Dubai. The family business was a variety store that sold Chinese imports, office supplies, and consumer products. He told his father that when he grew up he would rather be a professional with a degree because then he would be able to work normal hours.
Hussain was awarded a scholarship to college in the United States where he earned a degree in economics and engineering. He then traveled back to his native Dubai where he worked for a time as an engineer for an oil company.
Hussain’s employment didn’t persist as he discovered an opportunity of which he took advantage. He formed a catering firm that supplied the US Army with food during the two Gulf Wars in Kuwait and Iraq. This venture turned out to be a great success and it paved the way for future exploits. This company is still in business today.
In 2002, Hussain formed the company DAMAC Properties, a real estate investment, and development company. DAMAC would be the vehicle that would put the Hussain Sajwani family on the map for good and make him a household name in real estate. Sajwani had foreseen a real estate boom when the government of the UAE announced that it was relaxing the immigration regulations for foreign nationals to live in the country.
Hussain, the DAMAC owner, had been correct in his estimates on immigration and he was placed in the right location at the right time. His marketing and promotional skills came into play and the DAMAC brand was well-known very quickly all over the land. His first apartment project was completely sold out before any construction could take place.
Sajwani, not one to let any grass grow under his feet just repeated his successes and soon his apartments were very numerous. To date, DAMAC has completed over 19,000 apartments with more than 44,000 more in various stages of completion.
DAMAC holds the number one rank on the Forbes 2017 Global 2017 listing. This honor is predicated on the compounded growth annually from the years 2013 to 2016.
Connect with Hussain Sajwani on LinkedIn for more information.