Many people never stop to wonder how the son of a middle-class businessman could rise to become the fourth richest person in the Arab world. The recent report by the Forbes shows that Hussain Sajwani is the fourth richest person in the Middle East. His company, DAMAC Properties was also ranked the fourth largest real estate companies in the Middle East. So, how did the DAMAC owner manage to accumulate such wealth in about three-decade?
Hussain Sajwani is the eldest son of Ali Sijwani, a renowned businessman in Deira. Hussain Sajwani attributes a part of his current success to his father, who played a huge role in nurturing his entrepreneurial spirit. Hussain recalls how his father used to take him to his shop every afternoon after school. The early entrepreneurial lessons that Hussain learned from his father have helped him greatly in his current business.
The DAMAC owner studied Economics and Industrial Engineering at the University of Washington. After his graduation, Hussain returned home and started working for an Oil and gas company as a project manager. He, however, quit the job to pursue his dream of becoming an entrepreneur.
Starting his first business venture
Hussain Sajwani stepped his foot into the world of business in 1982 when he established a catering business known as Global Logistics Services. The company became very popular and within a few years, it was serving more than 150,000 meals in markets in Africa and the Middle East.
All along, Hussain had a strong passion for venturing into real estate. In 1996, he built his first five three-star hotels in Dubai. He leased and then sold them at a profit. He undertook several other projects which earned him a name in the real estate industry. In 2002, the government changed a law that changed the Dubai property market. The government allowed expatriates to acquire a 99-year property lease in Dubai.
Hussain Sajwani saw the opportunity and grabbed it with both hands. He established his current company, DAMAC Properties that has developed numerous luxurious properties in Dubai, Jordan, Qatar and the Middle East countries. DAMAC Properties is the developer of some of the iconic properties such as Trump golf course, AKOYA Oxygen, and DAMAC Hills. Interested to know about Jobs at DAMAC? Click here.