The Astonishing Business Story Of Hussain Sajwani, The DAMAC Owner
The business story of Hussain Sajwani reveals that a man can have a modest beginning but, with determination and leadership skills, build it into a multibillion-dollar investment. He is currently the Chairman and owner of DAMAC Properties Dubai; a Dubai-based developer of luxury real estate, founded in 2002.
Hussain obtained a degree in Economics from the prestigious University of Washington after which he worked as Contracts Manager at GASCO; a subsidiary of the Abu Dhabi National Oil Company. After working for a few years, he left GASCO, and in 1983 he started his own modest catering company. Currently, the once modest catering company has grown to become a top player in the industry managing more than 200 projects and delivering over 150,000 meals each day in different markets, from Africa to The Middle East.
Aside from serving educational institutions, construction campsites, and army camps, the company provides subordinate services like human resource supply and camp maintenance.
In the mid-90s, Dubai experienced a huge in-flock of people coming to the Emirate to do business and trade. Hussain took advantage of this in-flock by building numerous hotels to accommodate the tourists.
In 2002, realizing the potential of the real estate industry, he founded DAMAC Properties. The DAMAC owner’s expertise and know-how in the property industry influenced the rapid rise and eventual success of the company. DAMAC Properties has since expanded into Jordan, Saudi Arabia, North Africa and Qatar. The company has a market capital valuation of $4.7 billion. It was the first Middle East real estate company to be listed on the London Stock Exchange. In January 2015, It was listed on the Dubai’s financial market. It has over 2000 employees.
The focus of the company is residential luxury property including commercial and mixed-use properties. They deliver to their clients branded and well-serviced apartments and villas. They also form partnerships with other premium brands such as Fendi Casa and Versace Home to deliver innovative and wonderful ideas to the market.
DAMAC Properties Dubai created its hospitality unit in 2011; DAMAC Maison. The division caters to the tenants in more than 13,000 well-serviced apartments and hotel rooms. DAMAC is currently one of the biggest hotel apartment developers in UAE. The astonishing success of DAMAC Properties can be attributed to Hussain’s entrepreneurial prowess and vision. He is listed as one of the 100 most influential Arabs in the world.
Aside from being the DAMAC Owner, Hussain has interest in other industry such as; Al Amana Building Material, Al Jazeera Services, and Al Anwar Ceramic Tiles. The DAMAC owner currently lives in Dubai with his wife and children.