Hussain Sajwani is one of the richest Arabs in the world. His real estate company, DAMAC, is one of the fourth-largest public companies. He has a net worth above $4 billion according to the Forbes 2018 rankings.
DAMAC wasn’t his first success, however. His first company was started after the DAMAC’s owner graduated from the University of Washington. The company was a catering service called Global Logistics Services. He currently still owns the company. More than a decade later he began his first real estate development, creating hotels in his hometown, Dubai. In 2002, DAMAC Properties was founded by Hussain Sajwani.
One of the keys to his current success is a lesson in business he learned from his father. The elder Sajwani had a small shop in the commercial center of Dubai when Hussain was growing up. The small shop was able to succeed precisely because Sajwani understood his market demographic and was able to adapt quickly to their needs. Sajwani feels that his current success is due to the similar ability to adapt to the needs of the market as quickly as possible.
The quick thinking is what enabled the company to survive the 2008 real estate market crash. Sajwani was able to perceive that the crises was coming. Even though DAMAC had gone international and had a variety of huge luxury real estate deals in Dubai, they were still in danger. With the quick decision making skills to cut overhead and let people go, Sajwani was able to save the company. However, he still perceives it as a very dark time in his career.
However, he understood the assets of the company and it quickly surpassed the previous levels of success. In 2013, the company went public on the London Stock Exchange. The company was the first real estate company in the middle east to be publicly traded. The IPO was astounding too, raising $379 million.
Since 2013, the company has only continued to improve. They are changing the skyline of Dubai with their glamorous residencies of DAMAC Hills and Akoya Oxygen. The company is also working on a variety of luxury real estate projects around the world, particularly in Qatar, Jordan and the U.K.