Have you ever wondered, what it takes to build a multi-billion-dirham real estate empire? However, for Hussain Sajwani, it was his extraordinary vision and a determined belief in Dubai’s potential.
We all know that DAMAC didn’t become a real estate empire overnight! Yet, the great leadership of Hussain Sajwani, the founder of DAMAC properties, took the company to new heights, through the journey from the foundation to reaching AED 8.47 billion. Well, that sounds impressive! Isn’t it?
So, in this blog, you will explore everything you need to know about how Sajwani built DAMAC to billionaire status. Excited? Let’s get started!
Hussain Sajwani’s early career
In 1981, Hussain Sajwani began his career in the finance department at Abu Dhabi Gas Industries. This job gave him valuable experience in the corporate world. And, it also helped him understand the importance of financial management. Therefore, this early exposure laid the foundation for his future success.
However, in 1983, he started his first business. The catering business! This business served the U.S. military and Bechtel, a large construction company. The catering business was very successful and is still running today. This venture showed his ability to identify and seize business opportunities.
Founding of DAMAC by Hussain Sajwani
Hussain Sajwani founded DAMAC Properties in 2002. However, the company focused on luxury real estate projects. This move marked the beginning of his journey in the real estate industry. DAMAC quickly became one of the largest property development companies in the Middle East.
DAMAC’s luxury projects
DAMAC is known for its luxury projects, including apartments with interiors by Versace, Fendi, and Roberto Cavalli. These high-end projects attracted wealthy buyers. The association with famous brands added prestige to DAMAC’s properties. Moreover, this strategy helped DAMAC stand out in the competitive real estate market. Therefore, this added value to the journey of Hussain Sajwani building DAMAC to billionaire status.
Partnering with high-profile brands
Working with big names like the Trump Organization made DAMAC more famous. Projects like Trump International Golf Club Dubai and Trump World Golf Club showed DAMAC’s work to the world.
With smart leadership, strong partnerships, and a focus on luxury real estate, Hussain Sajwani made DAMAC a top real estate company worth AED 8.47 billion.
Hussain Sajwani’s expansion and innovation
In 2011, DAMAC launched its hospitality division, DAMAC Maison Hotels & Resorts. This division focused on providing luxury hotel services. It expanded DAMAC’s reach into the hospitality industry. Interestingly, this move diversified the company’s portfolio and revenue streams.
Additionally, in 2015, DAMAC was publicly listed on the (DFM) Dubai Financial Market. This listing increased the company’s visibility and credibility. It also provided additional capital for expansion. Being a publicly traded company helped DAMAC attract more investors.
Also, DAMAC expanded internationally, including a £600 million investment in London for the Versace-branded DAMAC Tower. This project marked DAMAC’s entry into the European market. It showcased the company’s ability to undertake large-scale international projects. This expansion helped DAMAC gain a global presence. Hence, this counts as value to the journey of Hussain Sajwani building DAMAC to the billionaire class.
In 2019, Sajwani’s private investment firm acquired the Italian fashion group, Roberto Cavalli. This acquisition added a prestigious brand to his portfolio. It also opened new opportunities for collaboration between DAMAC and Roberto Cavalli. This move showed his strategic vision and business sense.
Advantages of Dubai’s Real Estate Boom
Dubai’s property market grew quickly in the early 2000s. Sajwani’s smart timing helped him make the most of the high demand for fancy properties. The company started projects like DAMAC Towers and Akoya by DAMAC, which became famous parts of Dubai’s skyline.
DAMAC going private
In 2021, Sajwani resigned as chairman of DAMAC Properties and offered to take the company private. This move allowed him to have more control over the company’s operations. It also aimed to streamline decision-making processes. Taking this company by Hussain Sajwani, private was a strategic decision to enhance its growth.
Hussain Sajwani’s achievements
In 2022, DAMAC launched D-labs to build cities in the metaverse. This venture showed Sajwani’s interest in new technologies. It aimed to create virtual real estate experiences. This innovative approach positioned DAMAC as a forward-thinking company.
Additionally, DAMAC announced that it would facilitate cryptocurrency payments for properties. This decision made it easier for tech-savvy buyers to invest in DAMAC properties. It also showed the company’s adaptability to new financial trends. This move attracted a new segment of buyers. Accordingly, this added extra worth to the journey of Hussain Sajwani, in building DAMAC to billionaire status.
Hussain Sajwani’s recognition
Hussain Sajwani is listed among the top 100 real estate developers in the MENA region for 2024. This recognition highlights his significant contributions to the real estate industry. It also acknowledges his leadership and vision. Being listed among the top developers proves his achievements.
Revenue growth of DAMAC
In 2023, DAMAC reported revenues of over $2.4 billion and profits of $1.2 billion. This financial success highlighted the company’s strong performance. However, it also reflected the effectiveness of its business strategies. These impressive numbers boosted investor confidence.
Additionally, DAMAC acquired a plot of land in Surfside Miami to build a Cavalli-branded condominium project. This project marked DAMAC’s entry into the U.S. market. It demonstrated the company’s ability to expand into new regions. The project also highlighted the ongoing collaboration with Roberto Cavalli.
DAMAC partnered with Mandarin Oriental Hotel Group to operate a new resort in The Maldives. This partnership combined DAMAC’s real estate expertise with Mandarin Oriental’s hospitality excellence. The resort aimed to offer a luxurious experience to guests. Therefore, this project further diversified DAMAC’s portfolio, adding value to the journey of Hussain Sajwani, in building DAMAC to billionaire rank.
Hussain Sajwani’s net worth
As of August 2024, Hussain Sajwani’s net worth is estimated at $5.1 billion. This wealth is a result of his successful business ventures. His strategic investments and innovative projects contributed to his financial success. However, Sajwani’s net worth mirrors his status as a prominent business leader.
Hussain Sajwani’s new projects
In 2023, DAMAC launched several high-profile projects, including DAMAC Bay 1 and 2, Canal Heights 1 and 2, Coral Reef, Volta, and DAMAC Casa. These projects added to DAMAC’s impressive portfolio. They showcased the company’s continuous growth and innovation. Each project offered unique features and luxury amenities. Therefore, this adds curiousness to knowing the journey of Hussain Sajwani further.
Sajwani’s generosity
Hussain Sajwani is also known for his philanthropic efforts, including significant donations to education and healthcare initiatives. His charitable activities reflect his commitment to giving back to society. However, these efforts have made a positive impact on many lives. Interestingly, Sajwani’s philanthropy adds to his legacy as a successful and compassionate leader.
End Note
As we conclude our journey through how Hussain Sajwani built DAMAC to be worth AED 8.47 billion, we realize that great things are possible with the right strategy and management. The success of DAMAC under Hussain’s leadership proves that innovation and bold moves can lead to extraordinary outcomes like itself.
I am sure, this blog was informative enough for you to inspire you! And, if you are impressed by Sajwani’s extraordinary journey, share this blog with all your friends who enjoy success stories of business leaders who are making a difference!
