Analyst of Finance recently published Joseph Robert’s article “How DAMAC Owner Hussain Sajwani Re-Built Dubai’s Real Estate Market”. The article discusses the CEO’s strategy in rebuilding the real estate market in Dubai after being hit hard by the crash in real estate in 2008.
Though Hussain Sajwani is typically quite quiet regarding the company’s success, he recently opened up in the Arabian Business Profile. The CEO and owner of DAMAC is one of the richest men in the Arabian world. His net worth is nearly $4 billion and his company is one of the largest public companies in the Arab world.
Sajwani’s education in the business world began with his father. He grew up in one of the business districts in Dubai where his father owned a small shop. One of the greatest pieces of information the elder Sajwani imparted to his son was the need to understand the customer base. By understanding one’s clients, he could adapt the goods he would import based on the needs of his customers. Sajwani feels that is one of the greatest insights into his current success, that he can change and adapt quickly based on the market’s demands.
Sajwani graduated from the University of Washington and began his entrepreneurial career quickly after that. His first business was a catering company he started in 1982 called Global Logistics Services. A mere fourteen years later, he began developing real estate. His first development was building hotels in Dubai. He began his company DAMAC properties in 2002.
In the early years, DAMAC was able to gain several projects quickly, creating a variety of luxury real estate developments. As Dubai began to grow into a travel destination, DAMAC became a necessity for its growth as a forerunner of architecture. In 2005, the company became international, spreading developments across the east in Jordan, Lebanon, Saudi Arabia and even Egypt. DAMAC’s owner was able to grow without taking money from investors because of Sajwani’s business savvy in the development of other side businesses and stock market investments.
After the financial crisis in 2008, the company began to grow. The company is recently involved in the development of Oman’s Port Sultan Qaboos waterfront. They are also working on a variety of collaborations around the world