In 2002 Hussain Sajwani made one of the most important decisions of his career. He decided the future of Dubai was in property. Most people have become familiar with the glitzy marketing stunts such as purchase a luxury apartment and receive a free Bentley or the Donald Trump golf courses. Some people remain aware Hussain Sajwani did not begin his career as the Damac owner but in the industry of food service. He worked throughout the world including performing an important service for the United States.
The Damac Owner Hussain Sajwani still incorporates the industry of food service into his operations. This was Hussain Sajwani’s first experience in the business world. He skills are important because the Damac owner is taking advantage of the property prices recovering in the UAE. He is considering the possibilities available now that the IPO process has begun. Although Hussain Sajwani will not speculate on IPO values he is keeping his options open.
The Damac owner has come a long way from the food industry. Hussain Sajwani developed Deira midmarket hotels when the Soviet Union collapsed with aggressive marketing for top developments. He knew the 2008 crash was coming and took the proper precautions to survive the crises. There is current speculation of another property bubble in Dubai. Husain Sajwani admits things are tough but believes this is good for Dubai. The Damac owner uses three principles as the basis for his property business model. He does not hold debts for land and pays 100 percent at the start, keeps all escrow accounts independent and always has cash reserves of government bonds or fixed deposits.
As Dubai recovers economically, Hussain Sajwani is considering further expansion in Jeddah, Riyadh and Turkey. The Damac owner is not ready to invest in Egypt due to the ugly dispute in the last stages of settling. He also believes the political situation in Syria is too difficult to consider an investment. Although his son is still too young to become involved in his business he has already considered the succession aspect. His son is currently studying in the United States. Whatever happens, Hussain Sajwani has ensured his corporate structure remains modern.
More on the DAMAC Owner Hussain Sajwani: https://www.elwatannews.com/news/details/2973567