Arab billionaire, Hussain Sajwani recently opened up to the Arabian business daily about how DAMAC Properties got affected when the real estate market around the world collapsed. The company that started in 2002 had been enjoying immeasurable success until 2008 when things started going downhill. The DAMAC owner, who says he saw this coming, let go off some people, consolidated some of the company’s assets and cut off overheads. He adds that it’s the decisions they made within those six months of difficulties that maintained the company and even allowed it to get back on its feet and recuperate its position as the top development property firm.
The tycoon says he started using skills he had learned from his father to build up his empire. Hussain Sajwani graduated in 1981 from the University of Washington and two years later started off his career in the department of finance in Abu Dhabi gas industries. He afterward started a catering company, Global Logistics Services, that has developed into a market leader serving over 150,000 meals daily. The DAMAC owner then ventured into real estate in 1996 building units for business people who came to the country and didn’t have a place to stay.
In 2005, The company had grown enough and spread to other countries both in the Middle East and beyond. Hussain Sajwani’s expertise in the industry has driven DAMAC Properties up the ladder to even gaining recognition in the London Stock Market as the only company from the Middle East to ever get to those levels. It has a clean record of delivering luxurious property and has had over 20000 successful home projects with development portfolios of close to 44000 units at different levels of planning. It has contributed to Dubai’s reputation of incredible modern dwelling places.
The company that has maintained business relations with Donald Trump regardless of mixed attention is aiming at opportunities outside the middle East and are primarily targeting the European Market. Under Hussain’s able leadership, they are collaborating with various brands and are currently working on a resort in the Maldives and redeveloping Oman’s Port Sultan Qaboos waterfront.