When Hussain Sajwani formed Damac Properties in 2002, a revolution in real estate in the Middle East began. For a man who in his youth swore that he would never become a businessman due to the long hours his father made him work in the family clock shop after school, Sajwani has done very well.
The Dubai billionaire has a flair for smart business decisions and has shown the ability to be decisive and take action when the opportunity presents itself. In 2002 when he formed Damac Properties to take advantage of a UAE decree to allow foreigners to take up permanent residence in the area, Sajwani has been the master of real estate development in the Middle East.
His earlier venture of being the primary catering company for the US Army during the Gulf Wars set the stage for his further real estate exploits and gave him the experience in organization and promotion that would serve him well. His initial purchase of some land in an undeveloped section of Dubai paid off handsomely when he sold out his first project, a 38 story apartment complex in six months. Using exciting and eye-catching promotions like promising a Bentley for each apartment set the stage for massive growth very quickly.
The Damac owner always pays cash for land, which establishes his location permanently. He always keeps a separate bank account for each property so that no money is exchanged between properties. He keeps a large cash reserve for each development which ensures that construction will be completed even if there is a downside to the economy. None of his properties are ever financed beyond 20 percent.
Sajwani is a close friend of Donald Trump and there are two very fine Donald Trump golf courses luxuriously placed on Damac properties. The Tiger Woods designed courses are very popular additions to the Damac brand.
There are several Hussain Sajwani family members involved in the business as he is planning for his future legacy of keeping the business in the family. The business is large enough to require this, and who better to carry on the legacy than family members themselves.