Rashid Abdul Wahab Galadari, chairman, GIO.



Man on a mission

by Diana Milne

Galadari says he has chosen to concentrate only on high-end properties because this is one of the most lucrative sectors in the Dubai real estate market.

He says too that unlike many developers in the market he is keen to target end-users rather than creating properties that become investment vehicles for speculators.
"Now in the market there are two areas that sell very well. One is the extremely low end. The other is the extremely high end."

"We're in the high end and our target market is the end users more than anything else. You can't stop investors and speculators from coming into the mix as well. And I don't, I welcome them. But what I hope now is that my product will reach the end user market quicker than a lot of others."

Regionally he says he plans to launch new developments across the region and is currently in talks about projects in Qatar, Bahrain and India.

"In the Middle East, if I'm not mistaken, Qatar is growing very fast at the moment so we would look at that market."

"We have a lot of friends in Bahrain as well and we have been in talks to do stuff there as well," he adds.

Galadari however has a strong sense of loyalty to Dubai and says he hopes to be part of the emirate's continued success story.

"It's not about just being one of the many members in this whole real estate boom. We've been there before the boom took place and we're hoping to be there afterwards as well."

He reveals that his ambition is to be one of the largest luxury holdings companies in the Middle East within the next five years.

He knows he cannot do this alone however and is keen to develop a management structure that will support his ambitions - through empowerment of his staff.

Company structures that allow for delegation are lacking in many family run Middle Eastern firms he goes on to say, with decisions traditionally made by one person - the head of the family.

"Empowerment is a very important issue over here," he says.



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