In a riveting episode of “Al-Liwan,” journalist Abdullah Al-Mudaifer engaged in a candid and thought-provoking conversation with Emirati billionaire Hussain Sajwani, founder and chairman of DAMAC Properties. The discussion unfolded like a masterclass in entrepreneurship, risk-taking, and resilience. Sajwani shared his life story, from humble beginnings to becoming a global real estate magnate, offering insights into his business philosophy, personal values, and the challenges he navigated over the years.

This interview was not just a personal narrative but an exploration of the factors that shape an entrepreneur’s path—from financial crises and regulatory changes to bold business decisions and the pursuit of global expansion. Sajwani’s insights shed light on the delicate balance between risk and reward, making his story an invaluable resource for aspiring business leaders.

The Early Years: From a Modest Background to Global Aspirations

Born in the 1950s in the UAE, Sajwani’s journey started in a traditional Emirati household. His father was a hardworking merchant who ran multiple small shops. Sajwani was expected to follow in his footsteps, working within the family business. However, he had other ambitions—ones that extended beyond the confines of his father’s trading enterprise.

Determined to carve his own path, he pursued education, first in Baghdad and later in the United States, where he studied industrial engineering. The transition wasn’t easy. In Baghdad, his initial attempt at studying medicine proved unsuccessful, pushing him to reconsider his career trajectory. When he moved to the U.S., he was exposed to an entirely different world—one that emphasized efficiency, innovation, and structured business practices.

Reflecting on his time in America, he recounted how the experience reshaped his approach to work and discipline. “Deadlines are sacred,” he emphasized, recalling a university professor who penalized him severely for submitting a paper just a few minutes late. This lesson in accountability and precision would later define his approach to managing large-scale business operations.

Early Business Ventures: Lessons from Failure and Success

Sajwani’s entry into the business world was marked by a mix of failures and successes. His first job in Abu Dhabi’s oil sector provided stability but lacked the excitement of entrepreneurship. It wasn’t long before he ventured into catering, founding a food services company that supplied meals to labor camps and military bases.

His catering business, which started as a modest operation, soon flourished. One of its biggest contracts came during the Gulf War, when Sajwani’s company provided food services to the U.S. military. This was a turning point, demonstrating his ability to manage large contracts and scale operations rapidly.

However, not all of his ventures succeeded. His attempt to introduce fast-food franchises in Dubai fell flat. The timing wasn’t right, and consumer demand was still evolving. “If something is born before its time, it dies,” he remarked, emphasizing the importance of market readiness in any business venture.

DAMAC’s Rise: A Game-Changer in Real Estate

The late 1990s and early 2000s marked Sajwani’s foray into real estate. He identified a lucrative opportunity when Dubai announced property ownership rights for foreigners. Realizing the vast potential of this change, he established DAMAC Properties, which quickly became synonymous with luxury real estate.

His first major project was a high-rise tower in Dubai, which was sold off-plan before construction even began. This innovative sales model allowed DAMAC to generate revenue upfront, mitigating financial risks while accelerating expansion.

Sajwani’s bold approach set DAMAC apart. Instead of merely building properties, he integrated luxury branding by collaborating with global icons like Versace, Cavalli, and Fendi. These partnerships elevated DAMAC’s brand image and attracted high-net-worth buyers from around the world.

Navigating Economic Crises: The 2008 Financial Collapse

One of the defining moments in Sajwani’s career was the 2008 financial crisis. Dubai’s real estate market, which had been booming, suddenly crumbled. Property values plummeted, investors pulled out, and many developers went bankrupt.

Sajwani, however, had anticipated trouble months in advance. He noticed early warning signs “slowing sales”, reduced liquidity, and a growing sense of unease in the market. Acting swiftly, he took drastic cost-cutting measures, reducing the workforce and restructuring debts before the full impact of the crisis hit.

While most private developers in Dubai struggled to survive, DAMAC weathered the storm. By the time the market began to recover in 2009, Sajwani had positioned his company to capitalize on the resurgence. His financial prudence and strategic foresight ensured that DAMAC remained a key player in the industry.

A Controversial Partnership: Business with Donald Trump

Among the most talked-about aspects of Sajwani’s career is his relationship with former U.S. President Donald Trump. Their collaboration on luxury golf courses in Dubai raised questions about political affiliations and business ethics.

Sajwani clarified that his partnership with Trump was strictly commercial. “I’m a businessman, not a politician,” he stated, distancing himself from any political controversy. The deal was mutually beneficial—Trump’s brand elevated DAMAC’s prestige, while DAMAC’s developments strengthened Trump’s presence in the Middle East.

Despite the scrutiny, the partnership proved successful, reinforcing Sajwani’s belief in the power of high-profile collaborations.

Philosophy of Wealth and Responsibility

Beyond financial success, Sajwani emphasized the importance of ethics, humility, and long-term vision. He credited his father for instilling a strong work ethic and his faith for guiding his moral compass.

Despite his immense wealth, he underscored the transient nature of money. “I came into this world with nothing, and I will leave with nothing. What matters is what I do in between.”

He also expressed concerns about the ethical challenges that come with wealth. “Money and power can lead people astray,” he warned, stressing the importance of staying grounded and maintaining one’s values.

The Legacy of a Risk-Taker

Hussain Sajwani’s journey is one of vision, determination, and resilience. From humble beginnings in a family-run shop to leading a billion-dollar real estate empire, his story serves as an inspiration to aspiring entrepreneurs worldwide.

His experiences highlight key lessons in business “seizing opportunities”, anticipating risks, and embracing both success and failure as part of the journey. More importantly, his story underscores the power of adaptability and strategic decision-making in navigating economic uncertainty.

For Sajwani, wealth is not just about financial gain but about building a lasting legacy. His ability to turn challenges into opportunities and setbacks into lessons is a testament to his entrepreneurial genius.

As the real estate industry continues to evolve, one thing remains clear… Hussain Sajwani’s impact on the business world is far from over.

A Perspective on Hussain Sajwani’s Journey: Risk, Resilience, and the Dubai Model:

Reflecting on Hussain Sajwani’s journey as shared in his conversation with Abdullah Al-Mudaifer, I see a story that goes beyond individual success. His experiences highlight broader economic dynamics, where risk management, regulatory adaptation, and capital efficiency play a defining role.

At the heart of his path lies a balance between foresight and adaptability. His early encounters with uncertainty, whether in education or business, emphasize a key principle of survival—agility in changing conditions. Yet, entrepreneurship carries a paradox. The same forces that drive growth, such as debt leverage and speculative investments, also create risks when economic conditions shift.

Dubai is not just a city but an engineered economic model. Unlike traditional trade hubs that developed naturally, Dubai’s rise was built through strategic policies, infrastructure, and branding. It is a place where state-led liberalization and private ambition work together, fostering a market defined by innovation and calculated risk-taking.

However, ambition alone is not enough. The market rewards not just vision but the ability to manage risk. Sajwani’s resilience during the 2008 financial crisis reinforces a crucial lesson—liquidity is key to survival. Over 99 percent of Dubai’s private developers collapsed, not from a lack of ambition but due to weak financial structures. Those who over-leveraged failed, while those with capital reserves and strategic flexibility endured.

This raises a deeper question about modern capitalism, especially in designed economies. When governments create economic fluidity, they remove traditional barriers to entry but also amplify risks. Dubai’s rapid real estate expansion made it vulnerable to global financial shocks. Yet, its resilience, and that of its business leaders, comes not from avoiding downturns but from their ability to adapt.

Sajwani’s journey is more than a business success story. It is a case study in economic survival. His experience proves that prosperity is not just for visionaries but for those who navigate risk, liquidity, and adaptation. In places like Dubai, where economic landscapes are crafted rather than left to chance, success belongs to those who master the shifting rules of the game.