Hussain Sajwani, the Damac Owner was recently featured on the Forbes list of Billionaires and took up the third position among in the middle east. The renown real estate trader is the Chief executive of the multinational real estate company, Damac Properties as well as Global Logistics Services, a multinational chain of hotels and restaurants in Middles East and Africa. However, the 62-year-old couldn’t have made it here were it not for his huge risk appetite and fearlessness in business. Some of his biggest business risks include:
Leaving employment to start a business
After graduating from Washington University, Hussain Sajwani secured a job as a contract manager with GASCO. His entrepreneurial instincts would, however, kick in soon enough and this saw him leave the lucrative job to start a small catering company. Going into the hospitality industry, the Damac Owner didn’t have enough resources and neither was he experienced in the trade. But this bold move eventually paid off and even formed the backbone of his real estate company.
Taking on the untested luxury market early on
Dubai is currently considered one of the greatest travel destinations in the world. It is also considered the biggest and most lucrative markets for the global luxury real estate industry. But the desert city hasn’t always been like this and has taken years of hardwood on marketing and creating conducive working and living environments by both the city’s administration and the current real estate industry players like Hussain Sajwani. He took a significant risk when he started buying properties across the underdeveloped city long before the company broke even.
Launching into new markets despite low profit
Having been in the entrepreneurship world for close to four decades has taught the Damac owner the importance of fearless investing. Time and again his investing styles have gone against market trends with most eventually paying off. For instance, Damac properties closed the third quarter in the red.
However, this doesn’t seem to stop the Damac owner from venturing into new and unpredictable markets like London, especially in the face of the looming Brexit tensions. Most recently, Hussain expressed interest in China, at a time the Asian economic giant is on a trade war with the United States.