When 16-year-old Ali Sajwani began his career at his family's real estate development company, Damac, which has since grown into a multi-billion-dollar enterprise, his aim was to balance family commitments with 'fun Fridays' spent with friends. The office Thursdays he spent learning the 'nitty-gritty' of real estate were instrumental in his early career success, according to the now 33-year-old Damac Managing Director and co-founder of Amali Properties. 'Back then, weekends in Dubai were on Thursdays and Fridays, so to enjoy Friday with friends, we had to be with the family at the office on Thursday,' he recalls.
Sajwani remembers gaining insights into gross margins, valuation metrics, and GCC market investments. His father, a strict mentor with no exceptions for his children at work, instilled in him the expertise and work ethic that prepared him for university. After graduating with a degree in economics from Northeastern University in Boston in 2014, his father placed him on Damac construction sites, including the Paramount Hotels & Resorts towers he later managed. 'You learn so much from the ground that you don't learn from theory,' he said, emphasizing the importance of the 'tricks' shared by his Damac colleagues, managers, and consultants.
Speaking at Abu Dhabi Financial Week, Sajwani highlighted the importance of involving the next generation in family businesses early. He observed that many family businesses fail because children are only involved after education and are often immediately given managerial roles without understanding the gritty details of management. Maintaining family unity is also crucial, as conflicts between the second or third generation can lead to business failure. Drawing from his own upbringing, Sajwani suggested fostering healthy competition among siblings early on to build shared success and mutual support.
Sajwani also advised business leaders to trust their instincts and embrace an entrepreneurial spirit. For example, during the Covid-19 pandemic, he initiated online sales despite management opposition. 'If your gut tells you something, do it and ignore doubtful comments,' he said. Starting with $24 million in revenue, he innovated by integrating technology into the sales process, leading to the creation of metaverse digital cities.
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