As a schoolboy growing up in Dubai, Hussain Sajwani worked many long hours after school helping his father in the family variety store. The store sold office supplies, Parker Pens, household goods and the like and an extended day was necessary in order to make a profit. Young Hussain told his father that he would never want to be a businessman when he grew up because the hours were just too long. It would be better to become a professional, according to Hussain, because then he would be able to work regular hours.
Hussain did attend the University of Washington where he studied Economics and Engineering, and after graduation, he returned back to Dubai. For a while, he worked for a gas company in Dubai, but he went after an opportunity that held great promise. He founded a catering company that sold meals to the United States Army during the Gulf War and he did very well. In fact, that company is still doing a good business today.
Eventually, the United Arab Emirates made it legal for foreign nationals to purchase property in the Emirates, and Sajwani saw an upcoming opportunity in the real estate market. He surmised that there would be a great need for living accommodations, and he intended to supply them.
It was then that DAMAC Properties, Inc. was formed, Sajwani’s real estate and development company. His objective was to build the most desirable and luxurious apartments in the land because he knew that many of the people coming into the country had a great deal of money. He was a great promoter and salesman, as one of his slogans, “New Bently For Each Apartment” got great results. And yes, a new Bently did go with each new apartment purchased.
DAMAC Owner Sajwani has good business principles too, as he only pays cash for the land and he finances very little of the building projects. By owning the properties outright with very little, to no debt, no one can foreclose on him. He also keeps separate accounting and bank accounts on each property so each one stands on its own.