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.
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Jed McCaleb is a well-known programmer and cryptocurrency expert. There is no dispute in his contribution to the cryptocurrency world like starting the first Bitcoin exchange Mr. Gox. Over the years he has recognized that the global financial system has very notable flaws. This revelation would lead Jed to teaming up with Joyce Kim to cofound Steller Development Foundation in 2014. Stellar being focused on increasing economic participation and inclusion in a Universal Financial Network.
The idea for Stellar came from understanding that many problems that can be solved using a distributed database, the technology behind Bitcoin. Creating a digital currency was just the beginning and the need for connecting financial institutions is the next step. This is where Stellar comes into the scene, being an open source financial network designed to connect financial institutions together. Through Stellar, Jed aims to help institutions reach out to the unbanked population of the world. This will be done through the linked institutions being able to offer more affordable services.
Jed has already seen Stellar implemented in financial infrastructure across the world. Through businesses, financial organizations, and nonprofits. With Stellar’s implementation seeing success it has garnered special interest in the developing nations. Where substantial portions of the local population are unbanked and makes up most of the world’s unbanked population.
Jed McCaleb and his team have made significant upgrades to the Stellar Network in terms of its security, scalability, and how modular it is, since its inception in 2014. The addition of SCP (Stellar Consensus Protocol) to enhance the Security of Stellar Network is one of these upgrades. Another one would be the approach Stellar has taken with Smart Contracts. Which utilizes two main components namely batch operations and multi-signature support. Many of these upgrades are developed through the participation of the Stellar Network Community, because Stellar is a Community run network.
When it comes to Success Jed believes that to putting the time and effort to development of solid planning and strategies. Believing that without a focused plan you cannot succeed if you set the wrong goals in the first place.
Hussain Sajwani educated himself by studying Economics and Industrial Engineering at the University of Washington. He started a catering business in 1982 that became a successful business and that has reached the world, serving the Middle East as well as Africa. He is a pioneer when it comes to property market expansion in the Dubai area, and he has done well with all of the ventures that has undertaken. Hussain Sajwani is the Founder and the Chairman of DAMAC Properties. He is a man who has worked hard to get to the place that he is at and who deserves all of the success that he has found.
Hussain Sajwani is someone who knew that he would be able to make good money working for himself and that is why he got started creating a business of his own. He has shared that he grew up working for a family business and that the experiences that he had when he was young helped to lead him to live out the life that he did as an adult. He started his catering business because he knew that he could do well in working for himself. From there, he started another business because of a growing interest in the real estate world.
When asked about a trend that excites him, Hussain Sajwani shared that he is interested in the digital marketing and social media world. He has grown excited in watching social media as it has changed through the years. He is excited to see where it will go in the future. Hussain Sajwani likes the communication aspect that is a part of digital marketing and the social media landscape. He enjoys seeing the dialogue that takes place in the social media world. He is anxious to see what will happen in the future when it comes to social media and its affect on marketing.