Hussain Sajwani got his start in business as a student selling candy to his fellow classmates. He originally decided that he did not want to be a businessman because he was forced to work long hours after school in his father’s clock business. His ideas changed when he made good profits selling the candy.
After graduating from the University of Washington in the United States with a degree in engineering, Sajwani worked for awhile as an oil company executive. During the Gulf War he formed a catering company that served the US Army and was very successful at that.
In 2002 he initiated Damac properties which became his primary company, although the catering branch still is very much alive and well in the Middle East. Sajwani took advantage of a rare opportunity when Dubai passed a decree allowing foreigners to become permanent residents in the country. He bought some land in an area of the city that at the time was undeveloped.
The Damac owner utilized what were then revolutionary marketing tactics to sell out his initial 38 story project withing six months, even before construction had begun. His offering of a Bently to be included for every apartment sold was a big hit and got everyone’s attention.
Sajwani always pays cash for the land for his real estate projects so that there is never any question about the location and its solidarity. All developments have their own separate bank accounts so that there is no transfer of funds which makes each project stand on its own. A cash reserve is placed into effect for each property in case the market takes a dive. There will always be money available for construction in that case.
The Hussain Sajwani family is also very involved in the business as plans are to involve any of the members who wish to take part in some manner as time passes. Sajwani is also very good friends with Donald Trump who has partnered with Damac in the building of luxurious Donald Trump golf courses located at two properties, designed by Tiger Woods.
Today there are Damac properties all over the Middle East and there is hardly a section where Damac promotional activity is now a visible part of the landscape.
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