From mortgage crisis to credit crisis and even the government bailing out from major real estate projects, the 2008 market crash affected some of the high-profile businesses the world has had in a long time. Throughout that year, major financial markets experienced a drop in value with more than 30% registered as the loss. As such, the period was ranked among the most devastating eras in America’s financial markets. If there is one person who experienced this ordeal on a higher notch, then Hussain Sajwani the DAMAC owner is one such individual. Finally, he is coming clean about what really happened to his business after investing billions in multiple real estate ventures across different states.
Understanding Hussain’s Story
Hussain Sajwani was not born with a silver plate in his mouth. In fact, he grew up in very humble beginnings. His father owned a busy retail shop that supplied items like shirts to men. He also sold stationary and was dedicated to tagging his son along in the business. With his father’s help, Sajwani the DAMAC owner decided to learn more about business and how to maneuver in the industry. Later into the years, he decided to pursue school by joining Baghdad’s school of medicine. One thing that stood out in him at that moment was the fact that he was smart. For that reason, when he lost interest in medicine, he left Dubai to pursue education in the United States of America. Joining the Washington University was a dream come true for Sajwani as he was now able to pursue economics and engineering.
After school, Sajwani started working for GASCO Oil Company, located in Abu Dhabi. It was at that moment that he decided to focus on business instead of employment. Therefore, he started a food catering company that performed well. Later into the months of supplying more than 20,000 clients with catering services, Hussain Sajwani DAMAC Owner thought that it was prudent to spread his risks by starting a real estate business. Now that is where the 2008 market crash comes in.
The Market Crash
Damac Properties is a prominent real estate company established by Hussain Sajwani. Over the past years, the company gained footing in major real estate business. Not only was it defined as a leading property developer in the Middle East but also a major luxury property provider in America. Having worked with President Trump for some years, the DAMAC owner established his company in major leading platforms that attracted millions of clients. As such, the 2008 market crash marked the most devastating point in his life. As he narrates it to the interviewers , it is clear that he lost millions to the major economic crash. His clients were more affected by the ordeal as they lost billions in his business. While contemplating about how to handle the loss, he almost ran into depression. However, being visionary and dedicated, the DAMAC owner recalled his father’s lessons in respect to excelling in business. As he points it out, Mr. Ali Sajwani was a dedicated individual who always taught him to put on a brave face in such circumstances. Given that he also ran his father’s business, he was in a position to pick up his mess and come up with a viable business plan that has now shaped the real estate industry in Dubai.
Learn more about Hussain Sajwani: https://www.eremnews.com/news/arab-world/gcc/906780