The arrival of Hussain Sajwani in the luxury real estate industry has been one of the reasons to be happy for the leaders of the United Arab Emirates as the former food services executive has become one of the most influential philanthropists in the Middle East over the 15 years. Sajwani was already a well-known business leader for his work in various industries before he entered the luxury real estate sector in 2002 with the launch of DAMAC Properties and took his career to the top levels of success within the global luxury real estate industry.
The first property created by DAMAC Properties was something of a long shot in the eyes of many who felt Hussain Sajwani could not achieve success building a luxury apartment block in an undeveloped area of Dubai; Sajwani proved his doubters wrong in spectacular fashion by selling all the units in the 38-story block prior to construction beginning on the project.
Success was achieved by Hussain Sajwani through a positive and unique way of doing business which included the need for separate accounts and funding to be secured for an entire project before it begins. By setting out on a successful career as a business leader, Hussain Sajwani found himself at the heart of the luxury real estate industry in Dubai in 2008 when the global crush forced the majority of his competitors out of business. DAMAC Properties has continued to flourish over the last few years and was listed on the London Stock Exchange in 2013 before moving to the Dubai market in 2016.
At the heart of the work of DAMAC Properties and Hussain Sajwani is an understanding of the largest real estate markets attracting investors from various parts of the world. In Dubai, Sajwani began his career with a decision to market his luxury apartments towards international buyers. The same marketing approach has proven successful in many areas of the world DAMAC Properties has moved into from Jordan and Lebanon in the Middle East to the London capital of the U.K.
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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.