ZIAD EL CHAAR
We started our real estate venture very early on in Dubai and were among the first private developers to launch operations in the Emirate. Our business started in late 2002, due to the implementation of new laws in May of that year, when the real estate sector became a phenomenon.
The rental pool program is connected to our hotel apartment developments. We believe that serviced apartments in key locations are the best business. This business model creates more benefit for the customer than just a simple hotel room.
The key to surviving the crisis was to plan for building each and every project, despite the speculations around the topic. We focused, launched a project, and ensured that we could build it; this has been our strategy since the beginning.
DELIVER & MAINTAIN
Dubai Pearl is an entirely new project being developed with the support of Abu Dhabi’s Al Fahim Group, one of the UAE’s most highly respected business conglomerates. The simplicity of the new master plan and modularity of the construction grid have made the Dubai Pearl project scalable and relatively easy to deliver and maintain.
Comprising 1.86 million sqm, Dubai Pearl is currently the single largest luxury development being built in the Emirate. It represents the next generation of luxury developments within the city, built to the highest architectural standards with an unrivalled grouping of global brand partners.
ON THE EDGE
Companies such as Dubai Pearl, with well thought out strategies and developments that are able to demonstrate value and sustainable advantages, offer a competitive edge in the long term. This is the ideal time for developers to chart their long-term strategies and look for the next growth curve.
SURVIVE & DEFEND
Our portfolio of finished products is worth $600 million, and the projects have been delivered and are now occupied. We managed to survive the crisis, defend our name and reputation, and maintain our contacts while waiting for the economic climate to improve.
SEE THE LIGHT
We are not expecting a repeat of the eight-year development boom, but we are expecting the industry to normalize. With capital gains, our numbers average between 15% and 20%. We can see the light at the end of the tunnel, but we are far from a full recovery.
We consider ourselves to be experiencing what we call “floating time,” which has continued for about three years. During this period, we have been seeking new opportunities as investors and businesspeople. We are looking to the markets of Saudi Arabia, Qatar, Bahrain, Oman, and even Jordan, Egypt, and Libya.
© The Business Year