The fourth-richest Arabian on Earth (according to Forbes), Hussain Sajwani, who is also the founder and owner of DAMAC Properties, recounts a time back when the company he built from the ground up was in jeopardy. When the 2008 crash of the global real estate market occurred, he foresaw the impending drop and jumped into crisis mode, cutting jobs, expenses, and consolidating land and projects while his company received bad press because of it. It was a rough six months, states the DAMAC owner.
1996 was the first time Hussain Sajwani ventured into real estate development, building hotels in Dubai, and he went on to found DAMAC in 2002. In 1982, just two years after graduating from the University of Washington, he started a catering business, which continues to operate to this day. He learned his entrepreneurial skills from his father, who was a successful shop owner, in-tuned with his client base.
The DAMAC owner was able to keep his company afloat by making smart business decisions, including not consolidating or selling ten buildings in Business Bay, and he also kept business going in the Marina. Hussain Sajwani also adds that escrow funds helped keep DAMAC Properties alive. It’s a time in his thirty five years of business experience that he doesn’t like talking about, according to Arabian Business.
DAMAC Properties is responsible for building several luxury real estate projects in Dubai from 2002 to 2005, thus leading to the city attracting growing attention from around the world, from numerous media sources to curious investors, though the DAMAC owner did not take any money from investors, funding his company through his profitable side businesses and his regional stock investments. They went global and started projects in other countries like Egypt and Lebanon, and their reputation grew in tandem. Their prosperity came to a halt when the 2008 crisis occurred, but they rebounded with an IPO worth $379 million on the London Stock Exchange as of late 2013.
DAMAC Properties has a 2016 revenue of nearly $2 billion and Hussain Sajwani has a net worth of $4.2 billion as of 2017.