When Hussain Sajwani was growing up in Dubai, his father made him work after school in the family business which was a retail variety store. They sold office supplies, Parker Pens, personal items, and general merchandise. Hussain told his father that he would never become a self-employed businessman because the hours were just too long. The thought that he would be better suited to the life as a professional with a degree, as the hours would be more reasonable.
Hussain did earn an engineering degree from the University of Washington in the United States and he landed a position as an engineer with an oil and gas company in Dubai. That career was not long in ending when he came across an opportunity and took advantage of it. He formed a catering company that provided the food for the United States Army during the Gulf Wars in Kuwait and Iraq, and the company did exceptionally well. The company is still in business.
When the UAE did away with the restrictions on foreign nationals immigrating to the country, Sajwani predicted that there would be a real estate boom and he was correct. In 2002 he formed DAMAC Properties, a real estate development company that would form the basis of his future fortune and the foundation of the Hussain Sajwani family legacy.
It became readily apparent that Sajwany was a master promoter and marketer, as he soon had the DAMAC brand all over the countryside. In fact, his first apartment project was sold completely out before the construction had even begun to get started. People soon began to appreciate the DAMAC owner and his attention to detail. They knew that he build a high end, a high-quality accommodation that was luxurious but at the same time practical and with excellent materials.
Sajwani also used very conservative business practices as he always pays cash for the land purchased for his projects. That is because it is impossible to foreclose on property that is owned outright. He also keeps a separate bank account and separate accounting for each property so there is no co-mingling of funds.
To learn more, visit http://www.damac.com/.