From construction sites to father's strict teachings: How Damac's managing director saw 'gritty' sides of real estate – Khaleej Times
Fri, Jan 03, 2025 | Rajab 3, 1446 | DXB 
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From what he’s witnessed, the children of some business owners are involved only after completing their education and are often given managerial positions right away
Published: Tue 10 Dec 2024, 6:08 PM
Updated: Tue 10 Dec 2024, 6:47 PM
KT Photos: Haneen Dajani
When 16-year-old Ali Sajwani started working at his family’s real estate development Damac, now a multi-billion-dollar company, his goal was to divide his weekends between family obligations and ‘fun Fridays’ with his friends.
Those office Thursdays spent learning the ‘grits and guts’ of real estate were the reason he managed significant career peaks at a young age, says the now 33-year-old Damac Managing Director and co-founder of Amali Properties.
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“At the time, the weekends in Dubai were on Thursdays and Fridays, so for us to have fun with our friends on Friday, we had to be with the family at the office on Thursday.”
He recalls learning about gross margins, valuation metrics, and how to invest in GCC markets. While his father was no lenient mentor, and made no exceptions for his children at work, Sajwani said he ‘could not be more thankful’ to his father’s strict teachings.
By the time he entered university, he was fully equipped with the expertise and work ethics his father had instilled in him. After graduating with a degree in economics from Northeastern University in Boston in 2014, he said the first thing his father did was place him in Damac construction sites, including the Paramount Hotels & Resorts towers which he eventually managed.
“You learn so much from the ground that you don’t learn from theory.” The ‘tricks’ passed to him by his Damac co-workers, managers and consultants “were an essential learning experience”, he added.
Speaking at Abu Dhabi Financial Week on Tuesday, Sajwani shared his wisdom on maintaining successful family businesses and trusting one’s gut to make unprecedented decisions.
“The biggest gap that occurs in family businesses is when you don’t involve the next generation at a young age.” From what he’s witnessed in family businesses around him, the children of business owners are involved only after completing their education and are often given managerial positions right away.
“They would be about 23 years old, and not familiar with the gritty details of management”, causing the business to deteriorate, he said.
Furthermore, maintaining unity among family members is key, Sajwani emphasised. A big reason why many family businesses have failed in the region is due to conflict arising between the second or third generation once they take over, eventually driving them to court, he added.
Drawing from his experience of growing up in a competitive household, he proposed spurring healthy competition between siblings at an early age so they will grow to share successful experiences, and be happy for each other’s achievements, rather than developing conflicting interests.
Sajwani also advised business leaders to have an entrepreneurial spirit and trust their instincts when coming up with new ideas. For instance, when Covid hit, he came up with the idea to start selling online.
“Everyone in management opposed the idea, they said: You are not selling shoes or t-shirts. Who will pay a million for a house without even seeing it on the ground?
“But I learned that if your gut tells you something, do it and ignore (doubtful comments),” the Damac managing director added.
While the idea started with a revenue of $24million, he soon found a way to elevate revenue by infusing technology in the sales process, giving birth to the metaverse digital cities idea, Sajwani said.
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Haneen Dajani is special correspondent in Abu Dhabi with over 15 years of reporting experience. She’s also a passionate athlete, full Ironman finisher, and mountaineer who loves to embark on unusual challenges.
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