The rise and fall of Damac Owner, Hussain Sajwani

DAMAC Owner, Hussain Sajwani recently narrated how he grew his multi-billion empire from scratch. His company that is known as DAMAC Properties survived a tragic crash twice and managed to emerge among the top in the Arabian world. Currently, DAMAC Properties is ranked the fourth largest real estate company in the Middle East. DAMAC Properties, through the leadership of Hussain Sajwani, has developed some of the most iconic properties that include the Trump golf course, DAMAC Hill and many other properties in Saudi Arabia, Qatar, Jordan, U.K and several other countries.

 

During the interview with the journalists, Hussain Sajwani highlighted how he grew in a middle-income family where his father ran a Deira-based family shop. While he was young, his father, Ali Sajwani used to take him to the shop every day after school. During that time, Ali Sajwani, Hussain’s father even went to China to trade.

Now, Hussain Sajwani attributes part of his success to the lessons that he learned while he was growing up with his father. The invaluable lessons that his father taught him at a tender age have brought a lot of fortune to his plate. Currently, Hussain Sajwani is ranked the 10th richest Arab. His fortune stands at $3.7 billion. His company, DAMAC Properties was ranked the 4th largest public company in the Middle East in 2017.

 

Rising to the top

After staying with his father for a couple of years, Hussain Sajwani went to Baghdad for further studies. While in Baghdad, he landed an opportunity to go to the University of Washington to study Economic and Industrial Engineering.

While studying at the University of Washington, Hussain Sajwani was fascinated by the mega buildings in Washington. During the interview, Hussain notes that developments in his home country were a shadow of what was in Washington at the time.

 

When he finished his studies, he went back to his country where he decided to establish his first business. He established a catering venture known as Global Logistics Services that he owns to date. He established DAMAC Properties in 1996 and undertook the first project, which was five three-star hotels in Deira.

More on Hussain Sajwani: http://uae.argaam.com/article/articledetail/625283

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