Hussain Sajwani worked very long hours for his entrepreneurial father in Dubai for the family business. As a student, he spent his after-school hours working with little time for anything else. He told his father that when he decided on a career, it would not be as a self-employed businessman, but as a professional with a degree, because at least then he could work normal hours.
Hussain did attend college in the USA at The University of Washington where he earned degrees in economics and in engineering. He then went back to Dubai and worked in the gas industry.
His employment did not last too long, however, because soon he uncovered an opportunity and he established a catering company that sold food to the US Military. The Gulf War was on by then and his company did very well and is still in business. Read more: Hussain Sajwani | Instagram and The Rise and Rice of Damac
In the year of 2002, Sajwani formed DAMAC Properties which was a real estate development company based on a new development in the country. The UAE had decreed that the restrictions regarding the immigration of foreign nationals would be lifted, and Sajwani wanted to be prepared.
He correctly estimated that there would be a real estate demand that would be significant and he was poised to take advantage of that fact.
The Hussain Sajwani family would eventually reap the rewards of Sajwani’s ability to see trends that were about to occur. He was also a master of promotion and marketing and he wasted no time in getting started. His very first real estate project was sold out totally before any construction was started.
Sajwani has some very firm conservative values when it came to running his business. He always paid cash for his land. That way no one could foreclose on him. He financed very little of the rest of the process such as construction, amenities, and so forth.
He always keeps separate accounting and bank accounts on each property, as there is then no co-mingling of funds. If one project is unsuccessful, then the rest of the business is not affected.
The DAMAC owner has built 19,000 apartments to date with over 44,000 others that are in various levels of completion.