When Hussain Sajwani was a student growing up he used to dread working for his father. His dad owned a watch shop and Hussain had to work long hours after school, so he swore that he would never go into business for himself because of that. He said that he would go to university and learn a profession so he could work normal hours.
Then Sajwani discovered a source for cheap candy and he sold a bunch of it to his fellow students and the entrepreneurial bug bit him for good. Hussain went on to the United States from his Dubai home to graduate from the University of Washington with a degree in Economics and Industrial Engineering.
Upon his return to Dubai he went to work in the oil industry, and then founded a catering company that served the US Army during the first Gulf War. DAMAC Properties was founded by Hussain in 2002 in a section of Dubai that was very sparsely populated, but that all changed in a hurry. The DAMAC owner promoted his real estate ventures quite heavily and all of the apartments in the first project were sold out before construction had even begun.
A primary strategy that Sajwani adheres to is that the land for his real estate projects must be purchased in cash, therefore there is already a solid base for further development and investment. In all, only about 20% of any of the Sajwani projects are financed at all. He keeps a heavy cash reserve on each project for contingencies and each project has a separate bank account and financial structure.
One of his well-known promotions is to provide a “Bently for Every Apartment” which testifies to the opulence and style of his luxurious quarters that sell out quickly. With interiors by Italian Fashion designers and Bugatti styled luxury villas, Sajwani has set the tone for building luxury in Dubai
The Hussain Sajwani family also participate in the business with him and structures have been established to further the growth of the real estate empire through careful planning and a willing family to help carry the responsibilities.
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