The Hussain Sajwani family supplied the U.S. Army with food during the first Gulf War and has been a major supplier in other areas such as Somalia, Bosnia, and the Gulf. Damac is the company built by Sajwani, and the Damac owner still is in the food business but has expanded into the lucrative property markets in Dubai.
Damac is known for its high-end, luxurious properties where a buyer receives a free Bently with the purchase of a luxury apartment.
Most recently, Sajwani has linked up with Donald Trump to build golf course projects with the now President of the United States. Of course, now Trump is in the background, as his children are running the Trump businesses while Trump is being President.
Sajwani saw an opportunity in Dubai when the UAE started offering incentives to foreigners to come and invest in the UAE. At first, Sajwani dabbled somewhat with some mid-range hotels in the early 2000s. This was the time of the breakup of the Soviet Union, and there were plenty of Russian visitors in the area. Sajwani built his hotels, and they were very successful.
So he founded Damac, and now it was top-of-the-line and nothing short of luxurious ane he began mega sales within six months of construction. With an aggressive marketing program and demand at its highest, Damac did very well indeed. Read more: Hussain Ali Habib Sajwani | Bloomberg
Then in 2008, the real estate crash came in like a storm and Sajwani was one of the few who saw it coming. His sales stopped dead, and he began to pull back and cut his expenses which got him through the tough times of the day. Learn more about Hussain Sajwani Family: https://www.instagram.com/hussainsajwani/
The Damac property model is built on three basic principles. First, Damac owns all of the land, 100 percent. It is all paid for up front, and there are no loans for land. Secondly, all escrow accounts are independent where there is no cash that is moving between accounts.
What each property stands on is own with no cash moving between properties. Thirdly there is a cash reserve for contingencies backed by fixed accounts and government bonds. This way if a crash occurs, there will be money to continue to work on and complete construction projects.