Hussain Sajwani is the founder and Chief Executive Officer of DAMAC Properties, a real estate development company located in Dubai. Because he was always willing to take chances that others would never of, he was responsible for a real estate boom. After the market took a nose dive in 2008, he set his sights on repeating his success and achieved that goal.
Sajwani was interviewed recently and talked about his childhood and going to work with his father when he was quite young. He learned a lot about business by just being there and watching and listening to everything around him. His father took note of the products he sold and to whom. One incident in particular was when a customer bought ten vests without even blinking at the price. His father immediately raised the price of the vests and when Hussain Sajwani asked his father why he did that his father had a very pointed answer. That particular customer never buys anything from him and the fact that he bought so many without questioning the price led him to believe there is a shortage of that item. The lesson was to be adaptable to the market and situation at all times.
The DAMAC owner is proud of the fact that he was able to rebuild his business after the real estate crash and demise. The lessons he learned from his father were to never limit yourself or set boundaries. Sajwani began his studies in Baghdad and eventually travelled to the United States to study at the University in the state of Washington. He included economics and industrial engineering in his studies. He was mesmerized by the differences between what he saw in the United States and what was available at the time in his homeland. He returned home after college and founded a catering company following a short tenure with a utility company.
He went on to establish DAMAC Properties and became a major player in the world of real estate development. He saw an opportunity even though he did not know how his venture would play out. He expanded his horizons to include development in Lebanon, Saudi Arabia, Jordon and Egypt. He was able to fund his foray into real estate because of the success of several other business deals he had Even through volatility of the industry, Hussain Sajwani staved off crash and burn through conservative efforts. The DAMAC owner is always looking for different areas to develop and with his level of risk he is willing to take, he always lands on his feet.