Brief Information From Article Recap on DAMAC owner Hussain Sajwani

The founder of real estate company called DAMAC Properties is Hussain Sajwani. Sajwani is from the location of Dubai. In this Sajwani assisted in the arrangement of one of the largest real estate booms featured in the world. In his college years he studied in the location of Baghdad. Then, in the year 1978 he traveled to Seattle, Washington to study the topics of economics and industrial engineering. A couple years later in 1982, Sajwani went back so he could begin a new job with a company called Dhabi Gas Industries. Then, two years after he found a catering venture that he owns to his day called “Global Logistics Services”. This became the biggest of itself in the territory.

 

The DAMAC owner in 1996 started on his property ventures with the building placed in Deira with the start of five hotels that were three-star. When a saturation point of the market there was a new rule that would influence Dubai forever would begin. In the year 2001 the government had made an agreement to let expats to receive leases of properties for ninety-nine years. Also, in May 2002 there was an order for foreigners that allowed them to purchase property on demote ownership. 2002 was also the year where the DAMAC owner founded DAMAC Properties and he was prepared to be a strong contender.

 

The first project was titled Marina Terrace. Sajwani has in his memory the date and the particular amount it was purchased for. The land for this project was purchased by Sajwani in May 2002. The amount purchased for this was AED16m. Quickly following there were Waves at Dubai Marina. Due to that, in 20014 Sajwani had increased the size in 2004, with Park Towers in DIFC. This had square feet amounting to one million in an area that was sellable. One year later, in 2005, DAMAC started being the first of the expansions in the areas of Lebanon, Egypt, Saudi Arabia, and Jordan. Finally, it should be noted that the company didn’t borrow ant money from anybody until in November 2013 when it met publicity.