Hussain Sajwani Rebuilt After The 2008 Property Crash And Damac Properties Is Stronger Than Ever

Hussain Sajwani has built a career as the Damac owner. He founded one of the largest real estate companies in the world. Even the 2008 crash did not deter him. The lessons he learned during his childhood have made him the tenth richest Arab with a total worth of $3.7 billion. He was the largest private developer in Dubai when the property crash of 2008 occured. He survived the difficult times, rebuilt his fortune and got back on track. His career began with a catering business called Global Logistics Services. He made the business a success and still owns the company today.

 

In 2001 the government of Dubai made some new decrees. Hussain Sajwani saw an incredible opportunity and created Damac Properties. This decision placed him firmly on the path to a successful future as the Damac owner. Marina Terrace was his first project. In May of 2002 he purchased the land. This was followed by the Waves at Dubai Marina, then the Park Towers in 2004. Hussain Sajwani began new developments in Saudi Arabia, Lebanon, Jordan and Egypt in 2005. His capital came from his catering business, properties, investments in the stock markets, a ceramics factory in Oman and an insurance firm in Bahrain.

 

DAMAC owner Hussain Sajwani did see some positives resulting from the property crash. He made good decisions including not selling or consolidating his best assets. The Damac owner also has escrow funds which protected not only Damac Properties but their customers. Some clients cancelled projects. Since cash was not available during this time they were provided with inventory. Approximately 95 percent of his customers were happy with the deal. Hussain Sajwani did have to pay cash to some customers in accordance with the DLD ruling.

 

Damac Properties were the first Middle Eastern real estate business to be listed on the London Stock Exchange in 2013. The Damac owner is still launching new projects and streamlining his business. Hussain Sajwani believes the property market cycles. He sees growth for three to five years before there is a reverse for about the same period of time. His sales in 2017 increased from 2016. Sometimes he delivers smaller, higher quality units because they cost nearly the same to construct.