DAMAC Properties is usually associated with eye-catching ads, luxurious property developments, and golf course projects in the UAE. Behind DAMAC’s success is Hussain Sajwani, an ambitious entrepreneur and an investor from Dubai. Besides being the founder of the successful property development company, Sajwani also serves as the chair of its board.
Sajwani’s Success Story
According to Roayah News, Hussain Sajwani believes that a city is defined by plaque markings that signify its origins. Before DAMAC Properties was instituted, Sajwani pursued other ventures outside the real estate business. He owned a catering company whose primary clients were the US armed forces. The company is recognized for availing food stuff for the armed forces in 1991 amidst the first Iraqi war.
In 2002, investors and entrepreneurs like Sajwani got relief when the Dubai government decided to permit foreigners to invest in the UAE state. The Hussain Sajwani family also owns several high-end properties in Dubai. DAMAC Properties came into reality after Sajwani decided to utilize the lucrative opportunity that emerged in the Dubai’s real estate sector. Besides his family’s assets in the UAE state, he also owned hotels in Diera.
Today, Sajwani’s food business is a subsidiary of DAMAC Group. The DAMAC owner decided to integrate the business with his property development company to remind him of his past entrepreneurial journey. He borrows most of the business models and strategies he used in the past to increase DAMAC’s profits.
The Future of DAMAC Properties
It is safe to say that DAMAC is gaining from Sajwani’s entrepreneurship and investing expertise. This is because the firm is gearing up for its first initial public offering of shares to be traded on the London Stock Exchange. Based on his thoughts on the upcoming IPO, Sajwani said that his firm is ready to utilize all the available options depending on the advice it gets from banks.
As DAMAC’s board chairperson, Sajwani ensures that the firm’s business model encompasses three principles. First, DAMAC’s developments are undertaken on land that has been fully bought. Second, each development has its account. Third, cash reserves are retained in government bonds or fixed deposits for the firm to continue with construction projects in case of market turns.
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