Ruwaid Ajaj: Navigating Risks for Sustainable Growth in Real Estate

The housing and real estate sector plays a significant role in shaping economic and social outcomes globally. It is influenced by various factors such as economic shifts, policy changes, real estate prices, and consumer behaviour. Effective management of risks within this sector is crucial, as it directly impacts financial stability, sustainability, and long-term growth. With the increasing demand for affordable housing and the need for continuous adaptation to market changes, organizations are increasingly focusing on strategic risk management to maintain a competitive edge and contribute positively to national development.

Ruwaid Ajaj, Chief Risk Officer (CRO), has dedicated his career to advancing the field of risk management. A calm, empathetic approach and a commitment to strategic decision-making define his leadership. He has played an instrumental role in steering intricate risk environments, applying his expertise to ensure organizational resilience while nurturing an environment of trust and collaboration. His approach to leadership centres on adaptability, transparency, and a forward-thinking mind-set, ensuring that risk is viewed as both a challenge and an opportunity for growth.

Damanat is a prominent organization in the housing sector committed to contributing to Saudi Arabia’s Vision 2030. With a strong focus on real estate financing, the company is dedicated to enhancing social stability and economic growth by providing various financial guarantees solutions. Through strategic leadership and effective risk management, Damanat plays a key role in shaping the future of housing in the region, ensuring sustainable and impactful growth aligned with national objectives.

A Focus on Risk Management and Strategic Resilience

Ruwaid has had a distinguished career marked by involvement in high-level projects that demanded thorough analysis and decision-making in uncertain environments. One significant experience in his early career occurred during a critical project in the financial services sector, where he played a key role in mitigating risks related to large-scale loans and investments. This experience highlighted the importance of proactive risk management, demonstrating how it protects and enhances value. This moment sparked Ruwaid's deep interest in the risk management field. 

Over time, he understood risk management's strategic role in strengthening organizational resilience and adaptability. His decision to join Damanat was a natural progression, enabling him to apply his skills and expertise gained in the private sector to contribute to the Housing Program's objectives and support Saudi Arabia’s Vision 2030.

A Leadership Approach Focused on Calm, Empathy, and Clarity

Ruwaid's leadership style is characterized by his ability to stay calm and objective under pressure. He prioritizes critical thinking in risk management, where decisions must be made quickly and carefully. He ensures that decisions are grounded in data-driven insights while being receptive to various perspectives. Empathy and transparency also play a key role in his approach. Recognizing that tough decisions can affect the company and its people, he emphasizes clear communication with stakeholders, explaining the rationale behind decisions and maintaining a collaborative environment where input is valued. These qualities have enabled him to build trust and alignment within his team and the organization, helping address issues with confidence and cohesion.

Crisis Management through Adaptability and Strategic Risk Mitigation

One of the most challenging moments in Ruwaid's career as Chief Risk Officer (CRO) occurred during the economic turmoil caused by the COVID-19 pandemic, which led to widespread market fluctuations impacting businesses globally. At that time, he was assigned to lead the Crisis Management Committee, where difficult decisions had to be made to address the crisis's impact. The priority was the health and safety of individuals. The team explored various cost-cutting scenarios, with staff termination being a common decision for many organizations during the lockdown. However, Ruwaid opted for alternative solutions, such as implementing gradual measures like using vacation balances as the first step.

In the financial sector, the team trained the sales staff to support collection activities, helping to maintain acceptable financial exposure. As the company's core business was real estate financing, there was a clear need to transition all processes to digital platforms. Ruwaid proceeded with a revised plan incorporating strategic risk mitigation measures while ensuring that business channels remained active. The result was successful, with the committee managing risks effectively while minimizing sacrifices.

This experience highlighted the importance of adaptability, clear communication, and leading with confidence during periods of uncertainty.

Contributing to Vision 2030 and National Prosperity

Ruwaid is mainly motivated by the opportunity to contribute to Vision 2030, seeing it as a chance to be part of a national transformation that will significantly impact the lives of millions of Saudi families. He recognizes that increasing homeownership is key to enhancing social stability, quality of life, and economic growth. As a leader in risk management, Ruwaid views this as an opportunity to participate in something beyond commercial goals—it's about contributing to the country's long-term prosperity. His drive stems from a strong sense of responsibility to ensure that Damanat achieves its financial objectives and makes a meaningful impact within the housing ecosystem and the broader national vision.

Leadership Aligned with Vision 2030 Principles

Ruwaid’s leadership approach is closely aligned with Vision 2030, as he believes strong leadership should reflect the organization's strategic direction and the broader societal goals it seeks to achieve. He places a high value on integrity, innovation, and long-term sustainability, directly influencing how he shapes Damanat’s strategy. Integrity ensures that all risk management practices and decisions are transparent and ethical, building stakeholder trust. Innovation drives the company’s approach to addressing challenges and promoting creative solutions that improve efficiency and add value to projects. Sustainability, especially in housing, is key to meeting immediate needs while contributing to the long-term well-being of communities.

Promoting Unity, Communication, and Trust for Team Success

Ruwaid believes fostering unity and collaboration within the team is essential to collective success. He focuses on creating an environment where open communication is encouraged, and everyone feels empowered to contribute their ideas and expertise. One key leadership practice he prioritizes is holding regular, transparent discussions about goals, challenges, and the company’s overall direction. This ensures alignment and helps team members understand how their contributions fit the broader objectives. He also values mutual respect and trust, recognizing that the team can work more effectively, even under pressure, by building strong relationships and acknowledging each person's strengths.

Nurturing Talent and Empowering Future Leaders for Success

Ruwaid views identifying and nurturing talent within employees as a key responsibility. He seeks individuals who not only possess technical expertise but also demonstrate integrity, a passion for continuous learning, and a collaborative mindset. In mentoring, he prioritizes values such as accountability, adaptability, and a forward-thinking approach. He encourages team members to take ownership of their projects, make informed decisions, and adapt to new challenges. His goal is to inspire confidence and empower future leaders to take the initiative while maintaining a long-term perspective on how their growth contributes to personal and organizational success.

Maintaining Work-Life Balance for Long-Term Success

Ruwaid acknowledges that managing work-life balance can be challenging in a high-stakes role but is crucial for maintaining long-term productivity and well-being. He prioritizes time management and ensures clear boundaries between work and personal time. He also makes time for activities that help him recharge, such as spending time with family, exercising, or engaging in hobbies that allow him to disconnect from work. One routine he follows is scheduling regular "check-ins" with himself, during which he reflects on his goals, challenges, and time management. This practice helps him stay grounded and focus on short-term objectives and long-term aspirations.

Leaving a Legacy of Risk Culture and Growth

Ruwaid hopes to leave a legacy at Damanat and beyond centered around a strong risk culture that supports long-term organizational success. He aims to be remembered as someone who guided the company through complex risk environments while promoting a mind-set of strategic risk-taking, viewing risks not only as threats but also as opportunities for growth. On a personal level, he aspires for his leadership to contribute to the broader development of risk management as a strategic discipline within the Saudi real estate sector. By promoting a culture of collaboration, transparency, and continuous improvement, he intends to leave behind a well-prepared team and organization that can effectively address future challenges and contribute to Vision 2030.