Joseph Roberts of Analyst of Finance recently published an article titled, “How DAMAC Owner Hussain Sajwani Re-Built Dubai’s Real Estate Market”. The article reveals the typically reticent DAMAC owner, Hussain Sajwani and his insight into the success of the property development company.
The success of both the man and the company are astounding. The company has grown to become one of the largest companies traded in the Arab world. Sajwani himself is one of the richest men there, with a net worth of nearly $4 billion.
DAMAC wasn’t Sajwani’s first company however. His first company was Global Logistics Services, a catering company he still owns. He began it only two years after he graduated from the University of Washington. More than a decade later, Sajwani started another venture, property development. His first project was building hotels in Dubai and in 2002 Sajwani began DAMAC properties.
In the early years of the company, the DAMAC owner saw the company rise to great success. They were able to land a variety of different luxury real estate development projects in Dubai. As Dubai became known as an international hotspot for travelers, people began to appreciate the forward-thinking aspects of the architecture. A large part of that repuration in architecture is thanks to DAMAC’s influence. In 2005, the company began to take its developments outside the country. They had projects in Saudi Arabia, Lebanon, Jordan and even Egypt.
When the 2008 real estate market crashed and the world was in turmoil, Sajwani was able to make decisions quickly. The CEO was able to see the crisis was coming and quickly took action to prevent the worst of the damage. Luckily, he understood the assets of the company. He had a variety of buildings in the business area of Dubai and they refused to sell.
The company revealed that it was one to last in 2013 when it was listed on the Stock Exchange. It had an impressive IPO which raised nearly $379 million. From there, the company went on to improve Dubai’s reputation as a glamorous, luxury vacation spot. The modern architecture was further glamorized when DAMAC added two gated residences in Dubai, namely the DAMAC Hills and Akoya Oxygen.