Mohammed Ali Al Hashimi: Rising to the challenge

Mohammed Ali Al Hashimi is a perfect example of the upcoming generation of young business leaders who are fast-tracking the current regional growth. At the age of 34 he has already been Managing Director and CEO of Amlak, the largest publicly listed Islamic finance house in the UAE, before taking over the reins at private corporation Zabeel Investments.

What sets him apart on first meeting him, other than his relative youth, is the passion with which he approaches every facet of his professional role, and how seriously he attaches social responsibility to his position. "Our tagline is ‘Zabeel Investments, just the beginning', and I love that," he says. "It's not just the beginning for us alone, but for the nation."

Founded in February 2006 by "prominent UAE nationals", as Al Hashimi puts it, Zabeel Investments is a private institution, with a diversified portfolio running into hundreds of millions of dollars. "We thought that, in the condusive environment that exists in Dubai, an opportunity for an investment house such as ourselves was too good to pass up," he explains. "The market is extremely attractive to all forms of investment and we wanted to be in the financial capital of the GCC, because we're a serious investment house."

Primarily focusing on the real estate sector, Zabeel is aiming exclusively at the very top end of the market. "There's nothing wrong with what's going on at the lower end, but that's not our niche," says Al Hashimi. "Our business is very much centred around quality. We are not cheap in the things we do; both in the quality that we deliver and the prices that we charge, but we believe that there are great opportunities in the market that we are targeting."

The group's Tiara residential and hospitality project, due to come online in 2008 and already 70% sold, is a prime example of the sorts of opportunity that Al Hashimi is focusing on. Tiara will offer a gated community off the trunk of the Palm, with 360 degree sea views and the hotel's leisure and entertainment facilities accessible to residents. The types of resident that Al Hashimi anticipates buying into the lifestyle are from all corners of the world. "There are no global boundaries any more, the richest man in the UK is an Indian, Mittal," he points out. "It's about people who have been successful, like top end executives, who are looking for an opportunity and a certain lifestyle."

Faced with the perennial question of whether demand will match supply in the luxury property sector, Al Hashimi and his team have put in the research and are convinced that the projects will bear returns. "People are paying astronomical amounts for property in London, we've been, we've looked! Why not in Dubai?" he says excitedly.

"But you can't try and sell people a product and tell them that it's high end and then not deliver to that standard."

"Can we do better than what's out there?" Al Hashimi asks. "Definitely, because we are not benchmarking ourselves against Dubai, we're benchmarking ourselves against London, Paris, New York. And although they [our projects] are expensive in Dubai, they are still, for what you get, affordable and highly attractive. If you are getting quality and service you don't mind paying, it is the moment that you don't feel you are getting that, that price becomes an issue."

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