Billionaire businessman Hussain Sajwani, founder of Damac Properties, recalled how a forgotten Dh20 million savings account in Bahrain helped him survive the 2008 financial crisis. Speaking at the World Government Summit, the real estate tycoon shared insights into his journey, from childhood lessons in business to navigating one of the toughest financial downturns.
Early Lessons in Business
As a child, Sajwani spent his afternoons in his father’s shop at the local souk. Although he initially found it dull, he later started handling invoices, managing inventory, and negotiating with customers.
“Knowledge in childhood is like engraving on stone,” he said, emphasizing how early exposure to business shaped his entrepreneurial mindset.
He applied the same approach to his children, taking them to his office to familiarize them with the business world. Today, his son Ali and daughter Amira have followed in his footsteps, launching their own real estate company, Amali Properties.
Surviving the 2008 Economic Crisis
Sajwani described 2008 as one of the most challenging periods of his career. Damac Properties faced a 98% drop in sales, and he lost over Dh980 million. At one point, he struggled to pay employee salaries.
“The most important thing is that you do not panic. There is no trader in the world who did not go through hard times,” he advised.
Just when things seemed impossible, he discovered a forgotten Dh20 million savings account in Bahrain, which provided a much-needed financial lifeline.
Hard Work as the Key to Success
Sajwani stressed that hard work and resilience are essential for success in business.
“Weekends, day-offs, or switching off after work—this mindset doesn’t work in trading. You have to work hard. There is no other option if you want to succeed,” he stated.
While he acknowledged the importance of taking occasional breaks, he emphasized that true leadership demands commitment beyond a typical work schedule.
A Lesson for Future Entrepreneurs
Despite past challenges, Sajwani remains one of the UAE’s most successful business figures. His story serves as an inspiration for aspiring entrepreneurs, proving that perseverance, financial discipline, and early exposure to business principles are key to long-term success.
