In 2002 Hussain Sajwani made the decision Dubai’s future was in property. Since then numerous individuals have started associating glitzy property developments, glamorous golf courses and marketing stunts with Damac Properties. Hussain Sajwani established Damac Properties and the company has become extremely successful.
Prior to his involvement with real estate and Damac Properties Hussain Sajwani served the food services industry. During Desert Storm he provided food to the United States army. His work encompassed Americans in the Gulf, Bosnia and Somalia. This was when his abilities enabled him to cultivate important friendships internationally.
Hussain Sajwani is using his skills as the recovery of property prices in the UAE is being taken advantage of by Damac Properties. The structure and size of the business enables him to access all the available options. He has not yet made a concrete decision regarding IPO’s but is considering the option for a cash expansion. He currently has a cushion consisting of bonds and cash with a low debt ration.
Hussain Sajwani had impeccable timing when he entered the real estate market in 2002. This enabled Damac Properties to capitalize on a real estate boom that lasted for six years. The company aggressively marketed top of the line developments using off plan sales to unsure an effective business model. Hussain Sajwani knew the crash of 2008 was coming. He never believed the drop in sales was caused by a summer lull. His fast actions preserved his cash and cut costs. He was back on safe ground with a cash floor within a year.
The reason Damac Properties survived the crisis was due to the actions of Hussain Sajwani. He controlled the costs of the company, was extremely careful with the cash, reined in certain projects and used strict measures when a buyer was experiencing difficulties. He does not believe Dubai is experiencing a property bubble. He feels the situation in Dubai has changed partially due to the tough conditions imposed by the Dubai property regulator regarding escrow accounts and land sales. Hussain Sajwani stated this would remove the legacy of greed and leverage. There is no doubt Hussain Sajwani will continue to be successful.