Damac Properties, Inc. is a real estate development company owned by the Hussain Sajwani family in Dubai, United Arab Emirates. It founded in 2002 when Hussain Sajwani saw a real estate boom getting ready to occur when the UAE decided to allow foreign nationals the ability to purchase property in the Emirates and live there.
Damac owner, Hussain Sajwani is a very good promoter and it was not long before just about everyone knew about his high-end, luxury apartments. One of his favorite slogans for marketing was, “A New Bently for Each Luxury Apartment.” The properties were of very high quality because Sajwani knew that many people looking to settle in the UAE were people of high net worth.
As a schoolboy, working after school with is entrepreneur father in the family variety store, young Hussain learned the value of hard work. His hours were exceptionally long for a young lad still in school and he was not quiet about it. He repeatedly told his father that he would never become a businessman because of the long hours. Perhaps he would become a professional, so his hours would be more regular.
While in school, according to awaan.ae, Sajwani found a source for a great amount of candy, and he wound up selling it to his schoolmates, for a large profit. He knew then that working longer hours wasn’t so bad if you are making money. After graduating from college, he started a catering company that sold meals to the United States Army during Operation Desert Storm. He did very well with this venture and the catering company is still a profitable part of his companies.
In 2002 when the UAE declared that foreign nationals would be allowed to buy real estate inside of the Emirates and live there as well, Sajwani founded DAMAC Properties, Inc. As the DAMAC owner, Sajwani began to purchase properties in order to build living accommodations for the flood of buyers that would be coming into the country.
The DAMAC owner judiciously pays only cash for land and keeps separate accounting and banking for each property. This makes each property stand on its own through good and bad times. The DAMAC owner also keeps a cash reserve equal to property values in bonds as a safeguard against downturns in the market.