The 2008 real estate market crash was a devastating time for the economy. For Hussain Sajwani the condition of the market led him to nearly losing his real estate empire. Fortunately, Sajwani was able to recover and rebuilt his estate holdings strong than ever. Sajawni provided an insightful glimpse into how DAMAC recovered from the real estate crash. DAMAC Properties is now the fourth largest public company in the Middle East. Sajwani ability to recover was directly impacted by his childhood.
Sajwani spent his early years spending his afternoons at his father’s small shop. He emphasizes how his father knew his customer base. Quickly changing directions in the type of products he imported based on customer demand. This is one of key reasons for his success; the ability to quickly adapt to the market.
These are the skills that Hussain Sajwani used while building his empire. Starting a catering business only two short years after graduating from the University of Washington. Later moving on to property development in 1996 with Global Logistics Service. Eventually, founding DAMAC Properties in 2002.
The company grew quickly during the first three years. Initiating several large luxury real estate projects in Dubai. Quickly expanding internationally to Egypt, Lebanon, Jordan and Saudi Arabia. With Sajwani at the helm, the company became one of the most influential property development companies in Dubai.
When the Real estate market crashed in 2008, DAMAC faced several challenges. Fortunately, Hussain Suajwani had the foresight to see the changes in the market. As a result, he quickly acted to decrease overhead cost as well as eliminating positions and consolidating land. Suajwani, also managed to keep his best performing assets during this time. Which allowed him to withstand the troubled real estate market and surpass the companies previous level of success in the upcoming years.