Hussain Sajwani grew up learning the principles of hard work and long hours as a schoolboy working for his father. The family variety store business required all the family help it could muster, and young Hussain got his share, even though he complained that the hours were too much. He told his father that he would never be a businessman rather he wanted to get a degree and become a professional, so he could work regular hours.
That end was not to be, however, as after finishing college, Hussain founded a catering company that sold meals to the US Army during the Gulf war. That became a very successful business, as it is still today as a part of Sajwani’s other businesses. Sajwani is also the founder and owner of DAMAC Properties, Inc., a large real estate management and development concern located in the United Arab Emirates.
According to Forbes, in the early 2000s when Sajwani learned that the UAE was going to allow non-citizens to buy land and own property in the country, he began to purchase land in anticipation of a coming land boom. He promoted his idea of luxury apartments because he surmised that there would be many of the immigrants who would have money, and he was right. His promotional activities were so successful that his first project sold out completely before any construction had even begun.
Some of Sajwani’s (@hussainsajwani) business practices served him well in all kinds of different economic conditions, good and not so good. For example, he always paid cash for the land and financed very little of the construction costs. This made it difficult for anyone to foreclose if the situation were to arise. He also kept separate banking and accounting accounts for each property. This required each project to stand on its own without affecting any of the other real estate projects of the company.
Over the years, DAMAC has built and acquired property from Paris, London, and other parts of the middle east. Sajwani has even partnered with Donald Trump by placing Trump Golf Courses at some of his resorts. He has also made the company a family affair with several family members assuming active roles in the management of the company.