Besides DAMAC, the investor Hussain Sajwani founded DICO Invest in 1992. This venture specialized in portfolio management and equities and securities investments. Then, he set up Al Jazeera Services Co. SAOG. This firm has a liquidity capital estimated at the US $125 million. It’s listed and traded on the Muscat Securities Market. In 2003, the investor bought a 40% stake in Al Ahlia Insurance Company.
Other venture’s he has stakes in are Al Anwar Ceramic Tiles Co SAOG, Taiba Kuwait Holding Company KSCC, Global Logistics Services, and the Al Atilia Insurance Company. Hussain Sajwani Dubai serves on several boards. These include the Majan University College in Muscat, Oman, Juno online, and the Takaful Company.
The Trump Factor
The business mogul recently oversaw the development of the grandiose, Sajwani’s new Okoya Community real estate development project. The ambitious project features exuberantly priced villas, condos and mansions, high-end apartments, and a fully-functional retail hub at its heart. The premises have a golf course made by Trumps Organization.
The publicly traded company got set up in 2002. It now has interests in Engineering, Real Estates, Construction, and Architecture. Its HQ’s are in Dubai, UAE. According to Forbes, DAMAC’s revenues clocked $2.3 billion in 2015. To date, the establishment has worked on well over 15K apartments. It still has other 40K units lined up in the works. The founder’s net worth is estimated to stand at $3.5 billion dollars. He controls up to 85% of DAMAC, worth $4 billion plus.
Customers get offered free Lamborghinis or BMW. Some buyers receive free studio apartments, free holidays, and plane tickets to Dubai upon ordering an apartment with DAMAC.
Sajwani came from a middle-class business family. While in Seatle, at the University of Washington, he sold apartments to make ends meet. His first business was a catering firm. After the Dubai authorities had allowed foreigners to own land there, he ventured into real estate. He bought tracks of land in the Marina area. Later, he built a 38 floors complex in Marina. The building sold out in less than two months.
The success of DAMAC group is a blend of various brilliant strategies. One, understanding their competition, predicting trends, deploying creative marketing, and most importantly, having a fantastic CSR. Today, the company’s taken on a project aimed at providing clothing to a million needy kids in the world.