The success story of Hussain Sajwani, the boy who worked too many hours in his father’s Dubai variety store. While he learned to work very hard as well as honing his organizational skills, young Hussain told his father that he would probably never go into business for himself because of the long hours. He favored becoming a degreed professional where at least he would be able to work normal hours.
While still a student, Hussain came across a way to buy candy and a very low wholesale price which he then sold to his fellow classmates. That touch of self-sustained business gave him justs enough experience to carry him forward later in his career.
After attending college and graduating, Hussain worked in Dubai for a gas company, and he started a food service company that eventually worked for American companies in Somalia, Bosnia, and for the US Army during the Gulf War. This experience was very successful and helped him in learning to organize and develop a larger company successfully.
In 2002, Sajwani established DAMAC, a real estate development and management company. He was positioned just right to capitalize on an influx of immigrants coming into the Emirates as immigration restrictions had been relaxed. He had correctly forecasted the need and purchased some property in a vacant section of Dubai in order to launch his new company.
He got right to work and due to his natural ability to promote and market his new company, he experienced success right away. He used eye-catching and innovative methods to capture the imagination of prospective buyers and it worked exceptionally well. Such slogans as, “A Free Bently For Every Apartment” got everyone’s attention. DAMAC started out in a very successful manner and has continued to set records for growth.
Sajwani manages his business very closely by paying for land in full and leaving very little debt if any as far as the rest of the construction is concerned. He keeps cash reserves in government bonds and other safe, but liquid instruments. He keeps separate accounting and banking arrangements for each project so it stands on its own.
DAMAC has built over 19,000 apartments and has over 44,000 other projects still in various stages of completion. His luxurious and plush apartments are very popular with people and the future looks bright indeed for DAMAC.
Connect with Hussain Sajwani on LinkedIn.