The business acumen of Hussain Sajwani. In his youth he told everyone that he did not ever want to become a businessman due to his father’s insistence on him working long hours in the family clock shop. However, when Hussain found a source of candy at a good price and made a handsome profit selling it to his schoolmates, he discovered a new view of being in business.
After getting his degree in engineering at the University of Washington in the US, Sajwani went back to his native Dubai and worked as an executive for an oil company. When the Gulf War occurred, he formed a company to supply catering services to the US Army.
In 2002, Sajwani established Damac Properties to take advantage of an unprecedented opportunity. The UAE had just set forth a decree that allowed foreign nationals to take up permanent residence in the country. Sajwani purchased land in an undeveloped area and sold out his first project, a 38 story apartment complex in just under six months. The construction had not yet begun and he was on his way.
The Damac owner uses a combination of expert and flamboyant promotion, savvy business practices, and sound planning to accomplish his real estate objectives. These strategies have propelled his net with from millions in the food business to billions in the real estate business.
Sajwani always pays cash for land. All land is owned outright which establishes a permanent position. Separate accounts are kept for each property as well as separate bank accounts, ensuring that no money is comingled. Sufficient cash reserves are kept so that all construction continues even if there is a bad economy. There is never more than 20 percent of any project that is financed.
The Hussain Sajwani family is also very involved in the business with younger members taking part in various positions. Sajwani is planning for the legacy of the company beyond his years and the company is large enough now to require this.
Sajwani and Donald Trump are good friends and business partners. There are Donald Trump luxury golf courses located on two of Damac’s properties and more on the drawing board.
Visit http://hussainsajwani.com/ to learn more.