Hussain Sajwani: Founder and DAMAC Owner of the DAMAC Group

Hussain Sajwani founded Damac Properties where he is the CEO. His plans helped shape the most prominent real estate boom in the world and also achieved the same feat after the 2008 crash. In the interview, Sajwani attributes his success to the time when he was creative. He starts by explaining that when a customer would buy a pack of vests costing ten dirhams and when the customer left, his father would then raise the price to eleven dirhams. The reason his father gave was that the customer never bought anything from his shop and that he had bought a more significant quantity without any questions. The price implied that there was a shortage of the product in the market. Sajwani explains that his father had identified his customers and that he always had a way of analyzing the market and adapted to changes.

At the time of the interview, Forbes had rated Hussain Sajwani as the tenth richest Arab in the world with assets worth $3.7 billion. In 2017, Damac properties were the fourth largest public company in the Arab world and its only competitor, Emaar operating on a larger scale.

Sajwani further explains that while undertaking his industrial engineering and economics in the University of Washington, he was amazed by the size of the Walt-Mart and decided that he was also going to build something similar when he got back to Dubai property market. On coming back home in 1982, he started his catering service, the Global Logistics Service, which he still owns. He developed the company to become one of the unique and most significant companies in the region. Sajwani further implies that his grandfather also traveled to India and Pakistan for his trade activities, and believes that trade exists in their family blood.

Sajwani’s involvement in real estate began in 1996 when he first constructed five three-star hotels in the city of Deira. His model of business is building new properties then leasing or selling them. He further argues that he used funds from other investments to boost his real estate business.

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