Every success story has a beginning. For the business tycoon, Hussain Sajwani, his story is inspirational. His keenness to investment opportunities is what has set him apart from his competitors. His net worth is an estimated $4.8 billion. He is currently the chairman of DAMAC Properties.
Just like every successful entrepreneur, Hussain Sajwani has had vast experience which explains his enormous contribution towards DAMAC. He previously attended the University of Washington where he graduated with a BA. Afterwards, he got a job as a Contract Manager at Abu Dhabi National Oil Company.
Hussain Sajwani, later on, branched out to open up a business venture involved in catering. He was involved in providing catering services to the US Army during the Iraq War in 1991. The DAMAC owner then discovered a loophole in the real estate industry as more people came visited the Emirates but there were not enough apartments to their satisfaction. That’s when his journey in the real estate sector started.
In 2002, he bought land in an underdeveloped area in the Emirates and built a 38-story building. Even before he had started construction, the units were already sold out. His company has been able to develop different cities like Jeddah, Abu Dhabi, Dubai, London and so on.
The company’s business model works under three principles. The first one is that they don’t transfer money from one account to another. Therefore, each project is funded by its cash. Two, the company has no debts for land because they pay upfront upon purchasing. Lastly, the escrow accounts are all independent.
DAMAC’ headquarters are in Dubai, and the firm has been involved in numerous projects offering luxurious homes and apartments. Hussain Sajwani family has been in partnership with Donald Trump. They developed the Trump International Golf Course Dubai. Another Trump World Golf Course which was designed by Tiger Woods is set to be opened in 2018.
Sajwani believes that having the right environment for the younger generation helps in improving their lives for, the better. He has been involved in various philanthropic acts as he has donated cash for an initiative towards clothing needy children. It’s through all these actions that he has been able to differentiate himself from the rest.
Connect with Hussain Sajwani on LinkedIn.