Glamorous property developments and Damac Properties have become synonymous. This is due to the passion and vision of the Chairman and founder of the company, Hussain Sajwani. Despite his notable success in property development, he began his career in food services. He has served Americans throughout the world including Bosnia, Somalia, the Gulf and the first Iraq war in addition to large American companies. Hussain Sajwani entered the food sector towards the end of the 1980’s. The margins were too low, and he decided to enter the business of real estate. In addition to Damac Properties, he remains active in the food service industry.
Hussain Sajwani, the DAMAC owner, comes from a family that was involved with real estate to a slighter degree. This was partially why he chose to start Damac Properties. He has developed hotels in Deira, marketed top of the line developments and found a business model that is extremely effective. Most people in the industry never saw the crash of 2008 until it was too late. Hussain Sajwani was one of the exceptions and knew what was happening was much more than the typical summer lull. His actions ensured Damac Properties would whether the storm. This was accomplished by taking the utmost care with his available cash, setting limits on his costs and using strict measures regarding potential buyers. His understanding and perceptions of the Dubai real estate market have made his company both strong and successful.
Hussain Sajwani has experienced some difficulties in both Egypt and Syria. A large part of this was due to the governments and current political situations. He has said he does not believe he will be making any investments in either country at this time due to the current volatility of both regions. Hussain Sajwani has a son currently being educated in the United States. This means he is considering the future succession of his business. At this time his son is too young to become seriously involved with Damac Properties, but he is part of the reason for Hussain Sajwani’s IPO speculation. There is no doubt he has built a highly successful business while establishing himself as a leader in property development.