KM Properties, a member of the UAE-based Al Rostamani family conglomerate, announced the creation of a US$2.3bn, sharia-compliant, real estate development fund this year. This is a departure for the family who saw their assets rise in value by US$114m in 2005.

It owns the hugely impressive Arabian Autos motor company, which has exclusive franchises for Nissan, Renault and Suzuki. It has done exceptionally well, thanks to the increasing number of middle income earners now moving to the Gulf, particularly in the media and technology industries. The family empire's roots can be traced back to 1945 when the two Rostamani brothers began a banking business, which was eventually to grow into a world-class trading enterprise.