Hussain Sajwani was born into entrepreneurship as his father owned a shop selling products imported from China. Before attending college, he obtained a government scholarship and moved to Washington State where he attended the University of Washington and earned a Bachelor’s in Industrial Engineering and Economics. Later starting a career in the United Arab Emirates in the oil industry.
Within a few years, Sajwani changed course and started a business, catering to customer’s like the United States Military and Bechtel, one of the largest construction companies in the United States. His business grew into a behemoth and still operates to this day, serving customers all around the world in various industries like education and hospitality in addition to some of its primary clientele.
In 2002, Hussain Sawjani left catering and founded DAMAC Properties, which quickly became one of the largest developers in the Middle East. It has amassed some 19,000 apartment buildings, including an upwards of 44,000 units all in multiple stages of development. Thirteen years later DAMAC went public on the Dubai Financial Market, adding to its success.
More recently, DAMAC continues to see success on a global scale with properties throughout the Middle East and Europe with plans to expand in the United Kingdom and the United States. They have entered into partnerships with notable developers like the Trump Organization in a deal that will see a total of two Tiger Woods-designed golf courses erected in the UAE. With this deal and Trump’s presidency, Hussain Sajwani sees continued success in the first. So much so that depending on coming market trends, there are plans to potentially sell a stake in the company to create more liquidity for assumed further growth.
Hussain Sajwani’s outlook for the first is also high as they have yet to reach supply and demand equilibrium in the last three years. For example, demand calls for a minimum of 15,000 units a year, but in the previous three, DAMAC has produced less than 10,000 units a year. With future opportunities, Sajwani sees out increasing to more than 10,000 to 12,000, still below demand but a sure indication of a table market moving forward.