Hussain Sajwani said in an interview that his success came from his father Mr. Sajwani. He says that he learnt business skills from his father’s medium-sized shops where he spent a lot of time after school. He went a head and said that those small skills made him be in a more dominant position to manage his real estate empire.
According to Forbes, Hussain Sajwani is the tenth richest individual in the world with a net-worth of $3.7 billion. Moreover, Damac company was ranked as the fourth largest public company in the world. It has only a far single competitor. Damac is the largest private developer in the United Arab Emirates. The consistency of the firm has made it acquire the country’s biggest development contracts.
The success of the firm comes after the financial market crash in 2008. As a real estate developer, the firm was heavily hit. However, Hussain Sajwani, the CEO and chairman of Damac, found a way to make his firm one of the biggest real estate empires in the world.
Mr. Sajwani attended the University of Washington where he pursued financial engineering and Economics. He states that the huge development gap between the two countries made him have the desire to develop the Arab Emirates. He gave one instance between a shopping mall in the United States compared to the one in the UAE while he was studying. With this motivation, he has been able to develop some of the world’s largest and luxurious buildings in the UAE.
After he returned to the UAE he was able to secure a job at Abu Dhabi Gas Industries. Two years later, he found a way to venture in the food and accommodation industry. Here he was able to supply food and commodities to the U.S army. Through this, he developed a brand known as Global Logistics Services which is still the largest in the region.
He opted for real estate in 1996 when he constructed one of the three five-stars hotel in Dubai. In 2001, the government legalized foreigners to buy property in the UAE. He sold many units just within six months. This was the beginning of his rise in the real estate business.