The Career And Unique Ingenuity Of Hussain Sajwani Made The Damac Owner A Success
The name Hussain Sajwani is closely associated with his numerous real estate projects, Dubai and Damac Properties and DAMAC foundation. He initiated two of the biggest booms in real estate, both before and after the crash of 2008. The Damac owner began his career going to his fathers shop every day after school. He accredits part of his success to the lessons he learned during these years. His father taught him the importance of adapting to a customer base. Eventually he was awarded a United States scholarship.
Forbes has stated the tenth richest Arab is the Damac owner, Hussain Sajwani. His net worth is estimated at $3.7 billion. In 2017, the fourth largest company in the Arab world was Damac Properties. As the biggest private developer in Dubai, the Damac owner was hit hard during the property crash of 2008. He battled his way through and restored his fortunes. Hussain Sajwani always had a lot of ambition. He studied in Baghdad and went to the University of Washington in Seattle to study economics and engineering. The gap the countries was immense including high rises, freeways and enormous retail and department stores. This was when the Damac owner realized what was actually possible.
Chairman of DAMAC group Hussain Sajwani went back home in 1982. He went out on his own two years later and founded Global Logistics Services to enter the world of catering. In 1996 the construction began in Deira for the first of five hotels. The government began allowing expats to hold property leases for 99 years in 2001. The decree of 2002 enabled freehold property ownership for foreigners. This was the year Hussain Sajwani decided the timing was right to found Damac Properties. He admits he did not know at the time this moment would completely change his life but he clearly saw the opportunity.
From 2004 until 2006, Hussain Sajwani made nearly five times the profit from investing in the stock market than in real estate. This money went right back into the land. Damac Properties grew quickly and it grew big. Hussain Sajwani saw the crash of 2018 coming and the measures he took saved his company.