Hussain Sajwani is a savvy businessman. The founder of DAMAC properties has made billions in the real-state world, hob-knobbed with important people, and given back to the community around him. He attributes his success to the friendships he makes, his outgoing personality, and a three-step strategy his business strictly follows.
The principles that DAMAC follows aided the company in getting through the 2008 crash. The first principle is to refrain from holding any debts for land. When dealing with DAMAC the land has to be 100% purchased at the onset of the project. Land is very important in business dealing, doing the wrong thing in regards the land can have dire consequences. Just ask the McDonald’s brothers.
The second principle is for all projects to support themselves. DAMAC does not borrow against other projects to facilitate the needs of their current project. They are not interested in recording losses. So, all of DAMAC’s escrow accounts are independent. No cash transfers allowed between the accounts, each one has to work to get is bread.
The third principle is to hold cash reserves. “We use government or fixed bonds,” Sajwani explains, “It is sufficient enough that it supports any market changes.” Each of these principles has helped DAMAC survive and rise to the top. Currently it is regarded as a top company by numerous sources including Forbes.
Sajwani, the DAMAC Owner, began his career in finance, working in the finance department of Abu Dhabi Gas Industry. He left the gas industry for the gastrointestinal industry, creating a catering venture serving both the U.S. and Bechtel. In 2001 the law confining foreigners from owning land lifted, and Sajwani carried his business into the real estate world. By 2002 he had founded DAMAC and was managing a slew of locations. The rest is simply history. Sajwani on IG: @hussainsajwani
Get more information: https://www.zawya.com/mena/en/company/DAMAC_Properties_Dubai_Co_PJSC-1003015/