Hussain Sajwani, DAMAC owner is very perceptive when it comes to business. Damac is a very successful real estate firm, known for its unusual and very effective promotional tactics such as a “Free Bently for every Luxurious Apartment.” Sajwani has built a steadily growing empire of real estate holding based on a sound foundation of solid business principles.
Sajwani’s initial business foray of any magnitude was during Desert Storm when his Damac company supplied the food service for the US troops who were engaged in the war. This business venture proved to be quite profitable. As the business progressed, the food service was offered in Bosnia, Somalia, and the Persian Gulf. Hussain learned how to prioritize and meet daily deadlines with this business. Learn more about DAMAC owner: http://www.gulfconstructiononline.com/news/story/4267
Although the food business is still a part of Damac, Hussain Sajwani is better known today for his magnificent and opulent real estate ventures. He is known for his glamorous and exciting promotions, such as “A New Bently for Each New Luxurious Apartment.”
The economy of Dubai has its ups and downs as does other areas of the Middle East so the strategy that Sajwani has devised accounts for both the ups and the downs of the marketplace. When Sajwani decided to concentrate on real estate, he had a certain plan of action that he has stayed with all throughout his career. While the food business is still a part of Damac, it has a relatively small profit margin compared to real estate, even though real estate would seem to have more risk.
The sure-fire method that is used is to buy the land 100% with cash and to have no mortgage at all on the land. That way you are set at your location and there is no moving you out. Secondly, all escrow accounts are held independently.
There is no switching around of cash between accounts and in that way each project pays for itself. Thirdly cash reserves are retained in fixed investments or government bonds. Here Sajwani is protected if the market goes down so that the construction schedule can still be supported.
At this time in history, the entire Hussain Sajwani family is involved in the business, as the next generation is learning how to continue to run the business.