The Success of Hussain Sajwani as DAMAC owner

It’s not easy managing a company that was ranked number one by Forbes 2017 Global 2000. To reach the top level, you need dedication and focus on actualizing a dream company. Hussain Sajwani has managed to develop an empire through these values. He is the founder of Damac Properties, a real estate development company.

Hussain studied at The University of Washington. After completing his studies, he took up a job as a Contract Manager in GASCO. GASCO is a subsidiary of the Abu Dhabi National Oil Company. After working there for a while, Hussain Sajwani created his venture. He started out in the catering industry with the Draieh Management Services. In 2002 he discovered a niche in the real estate market in Dubai. His business prospects have made Mr. Hussain the fourth richest man in the United Arab Emirates.

Damac Properties is a company on the rise. At the end of the year 2017, Damac’s share price had risen from Dhs 2.69 to around Dhs 3.4. This was good news to Hussain whose net worth had increased from 3.7 billion to 4.3 billion according to Forbes magazine. Damac hands 50 % more units than any other company. Asked about sales, Hussain Sajwani, the DAMAC owner, believes that the company will exceed its targets. The target was 1.9 billion in sales. Damac’s growth saw it create Akoya, later renamed Damac Hills. The property is 42 million square foot. It featured Villas, apartments and branded mansions. A golf course was also put up after a partnership with the Trump Organisation. Damac Hills project was launched in 2013. In 2014, a larger plan, The Akoya Oxygen, which covers fifty-five million square foot, was unveiled.

Hussain has attributed the success at Damac Properties to the company’s ability to evolve with changes. In real estate, you need to change quickly with circumstances and accept market realities. How you deal with these changes also matters. For example, in 2012 Hussain observed that the market was moving and during the Arab spring there was a large number of people coming to Dubai. He then decided to set up the two projects, Damac Hills and Akoya Oxygen.

Find out more: https://al-ain.com/article/damac-chief-sell-15-stake

Leave a Reply

Your email address will not be published. Required fields are marked *