Hussain Sajwani worked lots of long hours for his father when he was a schoolboy in Dubai. His dad owned a variety store that sold Parker Pens, office supplies, and general merchandise. Sajwani told his father that being a self-employed businessman was not what he wanted to be when he grew up because it would be better to get a degree and become a professional. That way he could work regular hours.
It worked out that he did go to college on a scholarship to The University of Washington in the USA. He earned a degree in engineering and went back to his home city of Dubai and worked for an oil company. That did not last too long because he saw an opportunity and formed a catering company that furnished meals to the US Army during the Gulf War.
In 2002, Sajwani put together DAMAC, a real estate development company that would serve the Hussain Sajwani family very well in the coming years. The UAE had just made the announcement that the restriction of foreign nationals coming to live in the UAE was being lifted.
Sajwani correctly predicted that there would be a real estate boom and he wanted to be in a position to take advantage of the opportunity. One of Sajwani’s many talents turned out to be in the marketing and promotion areas. He had his first project of apartments completely sold out before any construction had even begun.
One of Sajwani’s favorite promotions was advertised as, “A New Bently With Every Apartment.” That would certainly get the attention of anyone. There were DAMAC signs all over Dubai and the DAMAC owner became well-known in a hurry. Known for the absolute, top-of-the-line, luxurious apartments, the sales were very good.
Sajwani owes his success to his conservative business practices as well. He always pays cash for land purchases. In addition, he only finances a small portion of the construction and the finishing of his apartments. He keeps separate bank accounts and accounting for each project. Even if a project or two goes bad, the rest of the overall business will not be affected.
For more information, connect with Hussain Sajwani on LinkedIn.