Hussain Sajwani is a billionaire and he earned every penny of it. His real estate empire extends all throughout the Middle East and Beyond. As a schoolboy he vowed to never become a businessman because his father made him work very long hours after school in the clock business owned by the family.
However, he had a change of heart when he found a great wholesale source for candy which he then proceeded to sell to his classmates at school for a nice profit. He discovered his own talents for making money with that venture.
He received a degree in engineering from the University of Washington in Seattle, and then returned home to Dubai to work as an executive in an oil firm. When the Gulf Wars broke out, he formed a company to provide catering to the US Army and other major contractors. That business is still a part of his overall business empire and is still very profitable.
In 2002, Sajwani founded Damac Properties which was put in place to take advantage of a ruling from the government that allowed foreigners to take up permanent residence in the UAE. He used his experience and capital from the catering ventures to purchase land in an undeveloped area and start his first project. That development sold out withing six months. The construction of the 38 story apartment complex had not even begun yet, buy Sajwani’s explosive promotional abilities were responsible for the creation of a huge demand that carries over even unto today.
The Damac owner always pays cash for his land and never finances any portion of the rest of the projects more that a 20 percent total. Each project has a separate accounting and bank account, so that each development stands on its own. There is always sufficient reserves set aside for each project so that construction will continue even if the economy goes south.
The Hussain Sajwani family is also involved in various aspects of the business where their individual talents can be applied. Sajwani is aware of the need for passing on the legacy to family members who are involved and capable of running the business.
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