Hussain Sajwani — Founder and Chairment of DAMAC Properties — was almost another career casualty of the 2008 property crash.
To get a clear picture of how the DAMAC owner recovered and rebuilt, let us explore the life and experiences of this real estate magnate.
Where did Hussain Sajwani‘s more-than $4 billion come from?
Sajwani attributes at least part of his success to the upbringing his father (a shop owner in Deira, gave him.
“It’s the commercial way of thinking that stuck with me… My father knew his customer…I can adapt to the market very quickly.”
The Life Of Hussain Sajwani: 1982-2002
Sajwani was gaining experience fresh out of college: exactly when he started the catering company, which he still owns today, Global Logistics Services.
Sajwani broke ground on his first development project in Dubai in 1996, founding DAMAC Properties in 2002.
Between 2002 and 2005, DAMAC’s commitment to luxury real estate projects in Dubai was proving to be quite fruitful for Sajwani, whose other businesses and investing prowess funded the expansion.
2005-2008: The Crash
The real estate crash of 2008 almost took down Sajwani and his empire. Onbe reason for the DAMAC leader‘s survival, and subsequent flourishing, is that fast-acting nature his father instilled in him.
“…We took action very quickly, letting a lot of people go, cutting our overheads, consolidating lands and projects. And we were hit very badly by the press, because we were the first ones to do that.”, recalls Sajwani.
Sajwani also states that the company had liquid funds at the time of the crash and made a commitment to hold onto their most valuable assets. This, he maintains, helped the company survive that difficult chapter in real estate history.
2013-present: The Rebirth and Rise
After surviving the crash of 2008, DAMAC and the leader it has in Sajwani increased their holdings in the Middle East and World-wide; in 2013 the company offered an IPO on the London Stock Exchange.
With the myriad of Trump-branded projects and other billion-dollar assets in the works, it is hard to imagine DAMAC or its leader — Hussain Sajwani — have any plans of slowing down.