Damac Properties is usually associated with amazing marketing stunts, glitzy developments or golf course projects made with Donald Trump. Hussain Sajwani is the founder of Damac and lives in Dubai. He has a plaque that puts him under a different light. The plaque thanked the United States for the food service supplied to the United States Army for Desert Storm. This was in reference to work performed by Sajwani’s firm in the Iraq war in 1991.
The food business is still being served by Damac. This reminds Sajwani of the expertise he first acquired in business and his ability to cultivate friendships of importance on an international basis. These skills are once again being used as Damac takes advantage of UAE prices on property that is starting to recover. He is thinking about offering shares with the Stock Exchange in London with the IPO as a possible venue. Considering the structure and size of his company he has a lot of options available.
Sajwani has come quite a distance from the food business he originally embarked on in the 1980’s. He was responsible for catering services supplied to workers in Abu Dhabi. Even with contracts with the U.S. Army the food business was not large enough and the margins were too low. He wanted to make billions not millions.
By 2002 Dubai was starting a boom in real estate. This what made Sajwani realize real estate was the future. Damac began building developments that were top of the line and used sales as the key to having a working business model. He was one of few who saw a crash was eminent. He cut his costs and reserved his cash at this point. This was how he got Damac through the crisis.
Sajwani has proven he has the intelligence and practical knowledge required to be successful in the field of his choice. He understands the importance of cutting back when it becomes necessary.