In the UAE as well as Europe, the Damac is more than a real estate company. It is more of a luxury project brand known for its glitzy properties and attention-grabbing marketing stunts. The company was founded by Hussain Sajwani in 2002. This was soon after the decree by the Dubai government allowing foreigners to own property in the country.
Sajwani began by modestly buying land in the underdeveloped parts of town. He targeted non-Emiratis as his primary clients. Less than six months before Sajwani started construction, Damac had sold units on the first 38-story building. Although he had developed hotels in Diera, his family dabbled the property in Dubai. Since then, he has been a significant player in making the country’s image as dazzling as it is at present.
The over $4.9 billion worth Sajwani started out in the food business of the Hussain Sajwani family. He cultivated good skills during this time. His business attracted clients such as the U.S. military and Bechel (a construction company). The friends he made in high places were instrumental in raising his family name to its current status.
The DAMAC Owner is married with four children. He has a degree from the University of Washington. Apart from being the CEO of Damac, he sits on the board of several companies including Al Jazeera Services. All this attests to his exemplary leadership and business skills. He even foresaw the 2008 economic crisis.
According to Sajwani, he was told it was because of the summer that sales suddenly dropped dramatically. However, he knew this explanation could not account for the phenomenon, and more had to be transpiring. True to this, he instructed Damac to take fast action to cut costs and preserve cash. By the following year, the company was safe as they had a cash floor for protection.
The Damac Group is supported by three underlying principles put in place by Sajwani. First, they have a no debt policy. They buy land by paying 100% of the asked price upfront. Second, the company lets escrow accounts be independent. Third, Damac always keeps a cash reserve inform of either fixed deposits or government bonds in case the market collapses.
To learn more, visit http://hussainsajwani.com/.