The turn of the millennium has witnessed tremendous growth in real estate, with many companies venturing into property development. One such company that has taken center stage in property development is DAMAC properties, owned by Hussein Sajwani. Mr. Sajwani’s story is a real inspiration, having come from humble beginnings and risen over the decades to become a billionaire. More about the DAMAC owner is found in this piece.
Hussein Sajwani’s Early Life and Career
Hussein Sajwani is of Emirati origin, having been born in 1952 in Sharjah, United Arab Emirates. His birth to a Hindi father made him proficient in the language since he is mostly heard speaking in Hindi. His father was a trader and sold merchandise such as pens, clothes and other assorted goods that he sourced from China. Hussein Sajwani benefitted from a government scholarship that saw him fly to the U.S to study Industrial Engineering and Economics at the University of Washington.
After graduation, he joined the Abu Dhabi Gas Industries where he worked in the finance department. However, Sajwani had an entrepreneurial mind that led him to start his catering company. Some of his customers included Bechtel and the U.S military. The catering business rebranded and now bears a new name, Global Logistics Services.
The Origin of DAMAC Properties
Although Hussein Sajwani was trained in Industrial Engineering and Economics, he had a deep interest in property development. As a result, his passion for the real estate market drove him to become the DAMAC owner. It is one of the most successful real estate companies in Abu Dhabi, having completed over 19,000 units since it commenced its operations. The listing of their shares in the Dubai Financial Markets is a true reflection that DAMAC Properties is an industry leader and trend-setter.
Effects of the Tumbling Global financial markets on the DAMAC Owner
Despite the fall in international trade and the mini-recession that clouded the markets, Hussein Sajwani and his company were not cowed. They put up a spirited fight and revealed that they would still retain a high level of activity. The murky markets trimmed his fortune to $3.6 billion. After their partnership with the Trump Organization, DAMAC Properties is currently projecting to enter the European market as soon as possible.
The Bottom Line
Hussein Sajwani has been the DAMAC owner since its inception. His strategy of keeping the needs of clients first and global expansion has seen the company achieve unfathomable success in property development. He believes in having a big team, with everyone having their role that is in tandem with the company mission and vision.