There are more than a few people who contribute to Dubai’s billionaire class. While the city itself was built with oil money, it is sustained through real estate development deals. There is not just real estate development from within the city, but there are also opportunities outside of the city, all over the world. One man in particular, Hussain Sajwani, has his eyes on expanding by developing properties outside of Dubai.
Hussain Sajwani does his real estate development through a company known as DAMAC, which is well-known for promoting their properties through the use of publicity stunts such as offering Bentleys to new apartment holders and building very ornate properties. Sajwani started DAMAC as a Food Service Company in the 80s, doing catering for large companies such as the US government. However, the profit margins in food service and catering were not large enough for Sajwani, so he decided to take his company into real estate.
With the growth of Dubai real estate in the early 2000s, Hussain Sajwani saw an opportunity to develop properties for the new customers that were arriving from different countries after the fall of the Soviet Union. DAMAC managed to weather the storm of the 2008 real estate crash by saving their money and investing in less property developments. Hussain Sajwani made DAMAC’s business model work through three different principles. First, they buy land outright without financing, they hold independent escrow accounts to support their own developments, and finally they always maintain cash reserves.
Hussain Sajwani, the DAMAC owner, is now setting his sights on his international projects. Since he has already done work in other countries through his food service business, he sees the value in worldwide expansion. He has even worked with President Trump and his family to build various real estate projects. Trump and his family have worked extensively with Sajwani, even going so far as to have Trump’s children working as brand ambassadors for DAMAC. The two men are close, and they have spent holidays together. Presently, Sajwani (@hussainsajwani) is making plans to expand his real estate company into Egypt and Saudi Arabia.