Hussain Sajwani is the beacon of real estate development in the middle east. Ever since he formed Damac Properties in 2002, he has been the leader of new innovations in the development of real estate properties in the area, starting in Dubai and spreading to other countries in the area.
As a youth he swore that he would never be a businessman because his father had made him work long hours after school in the family clock business. He wanted to just get a degree and work normal hours as a professional. His attitude changed, however, when he found an opportunity to purchase a large volume of candy which he then resold at a nice profit to his fellow classmates.
He received an engineering degree from the University of Washington in the US and then went back home to work as an executive in an oil company. When the Gulf Wars occurred, he was very successful at forming a company that provided catering services to the US Army. The catering division of his enterprises is still active today, and very profitable.
In 2002, Sajwani founded Damac Properties to take advantage of a government decree that allowed foreigners to take up permanent residence in his country. He moved quickly to establish himself, using the capital and experience gleaned from his catering experiences. By using innovative promotion and fundamental business sense, he was able to purchase property in an undeveloped area, and sell out his first project in six months, a 38 story apartment project.
The Damac owner always pays cash for his land. That way there is never a question as to him leaving or moving on. His projects each have their own bank account so that there is no transfers or mingling of funds. Abundant cash reserves are kept so that construction will continue, even if the economy goes bad. The real estate projects are never financed over a 20 percent limit.
The Hussain Sajwani family members are also involved in the business as much as they wish to be. Sajwani understands that family talent is essential to the long-term aspects of the business and he plans accordingly.
To learn more, visit http://hussainsajwani.com/.