Hussain Sajwani, the founder and CEO of Damac Properties, is acclaimed to be a key player in the Emirates real estate industry. As an investor and influencer of the industry, he has gone through high and low that have significantly affected his business. For instance, the 2008 economic recess severely affected the real estate industry. Despite these challenges, Sajwani has been able to build an empire that is influencing the industry in the region and across the world. In a recent interview with the Arabian Business, he illustrates his success story of how his business rose, fell, revived and the future.
The first questions revolved around his childhood. He contemplated that he started working at a very young age at his father’s shop. Although the shop may have been small, the experiences imbued ambitions in Hussain Sajwani. After spending time studying in the US, he returned to the Emirates in 1982 where he started his career in the gas industry. After two years, he ventured into businesses by establishing a catering company. In 1996, he started the Sajwani properties which constructed the first three-star hotel in Deira. The name of the company was later changed to Damac properties and continued to soar to greater heights until the 2008 economic crush.
Damac Properties had grown exponentially and dominated the market during the crash. It was apparent that the company would suffer immensely. The Damac owner indicated that he saw the crisis coming and immediately put measures to mitigate the situation. Although the measures slightly cushioned the business, it was very difficult that it took several months to get back.
Revival and the future
After the crisis, Damac Properties made a stunning comeback by raising an IPO in the London Stock Exchange. It was the first real estate company from the Middle East to list in the London Stock Market. The IPO raised over three hundred million dollars that helped the company get back to business. According to Sajwani, the company is looking at investing Aggressively overseas especially in Europe. His dream is to spread Damac properties across the world.