Husain Sajwani is the founder and owner of DAMAC, Inc., a real management and development company in Dubai. His properties are not only located in the United Arab Emirates but until in London, on and management of luxury apartments and resorts. Paris and other Arab locations. Sajwani has concentrated the bulk of his efforts in the areas of luxury apartments and resorts.
Sajwani gained a wealth of business experience as a schoolboy working for his father after school in the family variety store business. The hours were long, and he complained, but he learned that one has to work hard in order to become successful.
As per CNBC, after graduating from college in the United States, Sajwani returned to the Middle East and started a catering company that sold meals to the United States Army during the Gulf Wars. This venture was very successful, and the catering company is still in business and is a strategic part of DAMAC.
In the early 2000s, the UAE allowed foreign nationals to purchase properties in the UAE and to live there. Sajwani saw a great opportunity. He began to purchase land while promoting the luxury apartments that would be built there.
Sajwani is a master promoter and he began a vigorous campaign to market his accommodations as he knew there would be a great influx of people looking for a place to live. He was especially promoting higher-end, luxury apartments as he also was aware that there would be lots of people with the means to afford them coming to the country.
The very first project that was promoted to the public was completely sold out before any construction was even begun. The apartments offered every amenity and luxury add-ons that the people wanted and DAMAC had a very successful beginning. According to zawya.com, Sajwani always pays cash for the land and finances very little of the construction. This practice prevents foreclosure for the most part, in case a project should have problems. He also keeps a cash reserve that is set aside in case of economic issues.
Today, Sajwani has many family members who are active in the management of DAMAC as he is looking toward the future and the stability of the company.
See this latest blogpost: https://www.thenational.ae/business/damac-chairman-relishes-his-roots-1.478924