According to the Forbes net worth ranking in 2018, Hussain Sajwani is now worth 3.7 billion dollars. Despite that, the Chief Executive Officer and DAMAC Properties owner has never had such a smooth ride. Hussain Sajwani is from a very humble beginning, raising his empire to prominence, then again see it fall and be restructured back up even stronger than ever.
Hussain Sajwani’s rough journey
Hussain Sajwani reflects a lot of his current success from every lesson that he took when he was still with his father who used to own a shop where he sold watches, pens, and other valuables. The DAMAC owner has a memory of his journey to create DAMAC properties. In an interview, he recalls that he had started off with a simple catering venture which is now one of his largest investments. In 1996, he then began property ventures where he recalls that he had constructed a 3-star hotel. With a favorable economic climate in Dubai in 2002, Hussain Sajwani saw the opportunity in real estate and immediately founded DAMAC properties.
The journey did not end from here; Hussain Sajwani recalls that the company was struck by the depression that had hit the market in 2002. The company experienced depreciation in its revenues year after year. The sales reports showed that it experienced a drop in revenue by 60%. But due to his determination, Hussain Sajwani pointed out that he never gave up, Since the company had saved up to AED 1 billion in an escrow fund, he decided to take the risk of investing it in the building. From the current success, it is obvious that the DAMAC owner did not make a wrong choice.
More about Husain Sajwani
After his stint at the University of Washington, where he studied Engineering and Economics, Hussain Sajwani went back to Dubai in 1982, with a lot of entrepreneurial skills and was eager to pursue new ventures. Although he started his career at Abu Dhabi Gas Industry, it did not take long for him to start his own business, a step that resulted in the establishment of one of the world’s recognized real estate companies.