Hussain Sajwani made an investment in 2002 to start DAMAC Properties, a company that has now put his name on global visibility. So reputable is he that he was honorably mentioned by the president of the United States Donald Trump during the New Years’ Eve party as a close business ally.
The DAMAC Properties Dubai is a company that engages in developing residential, commercial and leisure properties in Dubai and the Middle East. The company also has investments in the real estate sector. The company headquarters is in Dubai.
Mr. Hussain Sajwani started off small in the food business in the 1980s where he was involved in the supply of catering services to workers of the energy sector in Abu Dhabi. For Hussain Sajwani, the business margins were too small despite having a US Army contract to supply the catering services. Read more: Hussain Sajwani Family | Celeb Family
Hussain Sajwani continued with the firm until in the year 2002, when Dubai was just starting to experience its real estate boom; that is when he decided that real estate was then a better investment opportunity. The Hussain Sajwani family had previously tried out their hands on the property business.
He had prior experience in the real estate when he constructed some hotels in Deira after the collapse of the Soviet Union. The failure led to an influx of visitors who were getting away from the volatile political climate.
DAMAC Properties was thus born in 2002, and this time it was involved in the construction of some of the state of the art establishments. The properties were marketed aggressively as off-plan sales were the fundamental component of this business model.
However, in July 2008 sales experienced a dramatic decline, and Hussain Sajwani sensing that the worst was to come, he quickly took steps to cut costs and preserve the cash that they had made. That is how he managed to survive the real estate crash.
Hussain Sajwani has gained a reputation globally because of his DAMAC Properties Company. Hussain Sajwani contributes generously to community initiatives such as local and regional charities which support local communities. The Damac owner takes a particular interest in entrepreneurship initiatives for the youth.