Hussain Sajwani started off as a student at the University of Washington. Eventually, in the 1980s, he started his own catering business, which served the likes of Bechtel and the United States Military. With the desire to earn “billions,” not “millions,” he decided to take a leap into the real estate business. The collapse of the Soviet Union led to an influx of people from that part of the planet into the United Arab Emirates. This provided a great opportunity for Hussain Sajwani. He built hotels in Deira that housed those people.
The Great Recession of 2008 provided a challenge to Damac. However, the Damac owner saw to it that his company would stay above water and remain successful. Hussain Sajwani implemented many policies in order to ensure this. For example he put strict measures up against purchasers in difficulties, husbanded money and controlled costs.
Now, Damac is following a certain business model to ensure future financial stability. Land must be paid for in whole; Damac will not let people who cannot pay the entire price of properties be in debt. So that each development supports itself, Damac refuses to transfer money from one account to another. Also, Damac retains cash reserves. This is done so that if the economy takes a downward turn, there will still be enough money to complete construction projects. The cash reserves exist in the form of government bonds and fixed deposits.
Hussain Sajwani is also connected to Donald Trump. He has worked with Trump in his business dealings. In 2013, he entered a deal with Trump where they would build golf courses in Dubai. The Hussain Sajwani family has also engaged in social events with the Trump family. On New Year’s eve, Trump held a party at his Mar-A-Lago resort in Florida. He invited Sajwani, as well as other friends and associates. Trump went onstage and thanked all of his friends and business associates from around the world, including Hussain Sajwani.
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