Hussain Sajwani is the owner of the Dubai real estate investment company DAMAC. He founded the company in 2002 after having a successful period with a catering company that he had previously formed to sell food to the US Army during the Gulf war as well as other American contractors and companies in the Middle East.
DAMAC has been listed as number one on the list of Forbes fastest growing Global companies in ranking the annual growth of revenues from 2013 to 2016. DAMAC specializes in high-end luxury apartments, hotels, and resorts in the Middle East. Sajwani is a very astute businessman and sees the trends and future possibilities of real estate as it is based on the world and regional events.
When the UAE originally relaxed the immigration restrictions for foreign nationals owning property in the Emirates, he correctly surmised that there would be a great need for additional living accommodations for a new population. No one guessed, however, that there would be such a demand for high-end living accommodations.
Sajwani is very good at marketing strategies and promotion, and his “A Free Bently for Each Apartment” was certainly a stroke of genius because it put DAMAC on the map as far as potential buyers were concerned. DAMAC has become one of the largest property development and management companies in the Middle East as they have built and sold over 19,000 apartments and there are over 44,000 others in some stage of development in addition.
Sajwani takes a very deliberate approach to the development and management of DAMAC as he strives to hire the very best architects, engineers, and property development specialists. His son, Ali Sajwani plays a major role, as he has a college degree in Economics and he is the General Manager of DAMAC properties. Other family members also have responsible positions within the company.
Sajwani has taken a very “common sense” approach to running the business end of DAMAC as he always makes certain that sufficient cash reserves are in place for each property to ensure continuity in case of adverse market or construction issues. DAMAC has gained a sterling reputation in regard to the quality and high standards of the product to the public.
It is important for Sajwani to also give back to the community at large because part of Sajwani’s mission is to improve the standard of living for all when possible. He gives regularly to local and regional charities such as the Ramadan initiative, sponsored by the Prime Minister of Dubai. The AED 2 million contribution recently given will clothe approximately 50,000 poor children in the region.
To learn more, visit http://www.damac.com.
Posted in: Real Estate Business