Today, the city of Dubai in the United Arab Emirates (UAE)is one of the most enterprising cities in the world. The business climate there is good. Hussain Sajwani had a lot to do with the occurrence of that environment.
In 2002, Sajwani formed DAMAC, a real estate development and management company with the anticipation of a real estate boom. The UAE had decided that they were going to allow foreign nationals to purchase real estate and live in the Emirates. Sajwani felt that not only would there be a boom in the real estate market, but that there would be a considerable demand for luxury accommodations as well.
Sajwani began to purchase land and he promoted his luxury apartments all over the land. Sajwani is a great marketer and it was not long before everyone in the UAE knew about DAMAC and the luxury properties that were available. When you promote a property and offer a new Bently for each purchase of a luxury apartment, you get people’s attention. That is exactly what Sajwani did and people clamored for his luxury apartments.
Solid business principles such as paying only cash for land, financing very little of the construction, and setting up cash reserves in government bonds were the foundation of the financial end of the business. In addition, separate banking and accounting accounts were established in order to require each project to stand on its own. These principles were to be a bulwark against the hard-economic times that were to occur several years later.
No expense or amenity was spared when it came to the appointments in these apartments and the purchaser had many options as to how much of anything they desired. If they had the money to pay for it, Sajwani would find it for them and sell it to them at a profit.
Today, Hussain Sajwani and DAMAC are well-known throughout the middle east for their luxury accommodations and resorts. They even own properties in Paris and London. Sajwani has partnered with Donald Trump by placing Trump golf courses in several of his resorts. Sajwani is currently sought after for his expertise in real estate matters.