The Rise of DAMAC Properties

Hussain Sajwani is a prominent entrepreneur, developer and a billionaire. He attended University of Washington where he studied economics and Industrial Engineering. After his studies, he started working with Abu Dhabi Gas industries, but after a period of time, he established his company Global Logistics Services.

In 2002, Hussain Sajwani founded his other company DAMAC Properties which turned out to be the most significant property development company. DAMAC Properties is known for developing the most eye-catching buildings in the Middle East.

According to Forbes, Hussain Sajwani says that he saw an opportunity when the decree allowed foreigners to buy and own land in 2002 in Dubai. He obtained his first piece of land in May 2002 and developed Marina Terrace which was to be his first project. In 2004, Hussain developed a bigger one with one million square ft; this was one of a kind at the time, beautiful and with a spectacular design.

DAMAC Properties expanded beyond borders, and in 2005 Hussain Sajwani had developed various properties in different countries including Egypt, Lebanon and Saudi Arabia. Hussain says he had a lot of money to invest from his other businesses and as a result, DAMAC was debt free.

The 2008 property crash in Dubai affected the DAMAC Property the most, Sajwani recalls the crash during an interview. He says that during his time in business he has never experienced such a time again. It was the hardest period ever. Hussain says that he took quick measures including cost-cutting, consolidating lands as well as letting people.

After the company survived the crash, it got another breakthrough in 2013 as it was listed on the London Stock Exchange. He also revived the consolidated projects and used EAD 1biliion to complete all the projects. The IOP $379M Hussain used that money to reinvest.

Since then, DAMAC Properties has continued to thrive and develop breathtaking properties. The company also worked with various prominent people such as Bugatti and Cavalli. Currently, Hussain Sajwani has a close business relationship with Donald Trump, and his company worked with Trumps Organization to develop Trump international Golf club and luxury villas in Dubai.

Sajwani and how he started: http://www.thenational.ae/business/industry-insights/property/damac-chairman-relishes-his-roots