When Hussain Sajwani was a boy in Dubai, his father would make him work extra hours after school in the family clock business. The work was so difficult for Sajwani that he swore that he would never become a businessman. He claimed that it would be better for him to just get a degree and become a professional so that the could work regular hours.
However, when he discovered a great wholesale price on candy, he bought a good amount of inventory and began selling it to his classmates at school. This experience gave him a different experience in regard to entrepreneurship.
After graduating with an engineering degree from the University of Washington in the US, Sajwani went home to Dubai and worked for an oil company. During the Gulf War he started a company that served as a major catering outlet for the US Army and other major contractors.
Sajwani formed Damac Properties in 2002 when Dubai passed a decree that allowed foreigners to come into the country and become permanent residents. This was a fantastic opportunity and Sajwani capitalized in a big way. He purchased undeveloped property and focused on building high-dollar residential properties. He utilized very innovative marketing and promotional techniques and his first property, a 38 story residential apartment complex sold out in less than six months. Everyone still remembers his “Bentley for Every Apartment” promotion.
Sajwani pays cash for all land, and finances the rest at no more than 20 percent. Each individual property has its own bank account and accounting. That way no money gets mixed up and each property stands on it own. Sufficient reserves are held so that each property can continue construction even if the economy goes flat.
The Damac owner is worth billions today and has properties in place all over the UAE and other countries in the region as well. The Hussain Sajwani family is also involved in the expansion, as members step up both in education and ability to take positions throughout the company.
Sajwani is a close friend of Donald Trump and there are Trump golf courses on two of the Damac properties. The golf courses are designed by Tiger Woods and add a great deal to the enjoyment of the residents and guests of these developments.
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