Hussain Sajwani is the pioneer of Middle Eastern real estate development. As a youth he claimed that he would never be a businessman due to his long working hours after school in his father’s clock shop. He changed his attitude however, when he was able to buy a large quantity of candy which he resold at a nice profit to his fellow schoolmates.
After graduating from the University of Washington in Seattle, Sajwani worked as an executive in an oil company in Dubai, but when the Gulf War broke out, he was able to form a company that supplied catering facilities to the US Army and other major contractors.
In 2002, Sajwani launched Damac Properties to take advantage of an unprecedented opportunity. The United Arab Emirate announced that foreigners would be able to take up permanent residence in the area which opened the floodgates of immigration of wealthy prospective buyers of real estate. Through innovative marketing and promotion, Sajwani was able to sell out his first major project, a 38 story apartment complex in just six months. This had occurred before construction on the development had even begun.
The Damac owner has developed a formula that works very well and keeps all of his business affairs in order. First of all, he only pays cash for land so he owns it outright with no financing. He keeps a separate bank account for each property so that there is no co-mingling of funds. A large cash reserve is kept for each property in fixed investments, such as municipal bonds. This ensures that there is always money for construction even if the economy takes a downturn.
Several members of the Hussain Sajwani family are also involved in the business, as Sajwani has his eye on the future legacy of the family and the continuation of the business for future generations. The business is of such a size that there needs to be such involvement.
Sajwani is a very good friend of Donald Trump and there are two luxurious Donald Trump golf courses located at Damac properties. These Tiger Woods designed courses offers an extra mark of luxury and attractiveness to these developments.
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