Safi Qurashi to launch $200m Dubai real estate vehicles

Formerly jailed developer's Q Group will develop new projects across the emirate

UK property developer Safi Qurashi is to head up a new Dubai real estate holding company.

UK property developer Safi Qurashi is to head up a new Dubai real estate holding company.

UK property developer Safi Qurashi, who was earlier this year found not guilty of cheque fraud charges and released from jail after serving a two and half year sentence, is to head up a new Dubai real estate holding company, which will include a series of new development projects and investment vehicles worth around US$200m.

Qurashi today formally launched Q Properties, the first of four companies which will be part of an umbrella holding company to be called the Q Group of Companies.

“The first company is now registered and done, which is Q Properties, which launches on Thursday… There are four companies in total, one is real estate; one is development; one is an investment arm and a facilities management company. They will come under a new branded company called Q Group. We are waiting for the licences to come through in the next week or so,” he said.

Q Properties is looking to develop its first project, which will be a series of villas in Jumeirah Village Circle. “We are working to finalise that project… Total project costs are close to AED50m (US$13.4m),” he confirmed.

In addition, Qurashi revealed Q Group plans to launch a number of investment funds and a REIT (Real Estate Investment Trust), which will have a total capital of around US$200m.

“We are launching two real estate funds under the banner of Q Investment… At this stage the real estate fund is aimed at four projects we have got, then, depending what comes onto our table… We also looking at launching a REIT aimed at a US$100m and the fund will be a similar amount,” he said.

Earlier this year, Qurashi was freed by a Dubai court after two-and-a-half years in jail after he was cleared of two counts of cheque fraud. He is currently out on bail, as he is due to face cheque fraud charges lodged by Dubai developer Nakheel, and Qurashi said he is now reluctant to issue any post-dated cheques as part of future business deals.

“We are a lot wiser with the laws and the procedure of handing people cheques. As a business model going forward, we are not going to do it anymore. If a project we want to do involves us giving post-dated cheques we are going to stay away from it,” he said.

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Posted by: Anon

Good luck to him. Nice guy.

Posted by: desert dream

Who is this guy and why does he get so much media attention? A couple of articles ago he said he could not pay for rent post prison and now he has USD 200 milliom to invest in dubai property? I guess the age old adage does not apply to him - once bitten, twice shy.

Posted by: Freind

Good luck to Mr Qurashi. I can however predict that the Management company will not fly unless they will work for their own projects. There is no future for this business in Dubai. The laws are clear that conflict of interest should not be accepted. But reality is all developers have their own companies in this field and they are charging high rates for poor services and are getting away with it. I don't know or forsee any action from RERA in this field in the near future. This has a negative impact on investors trust or the RE market permanent and steady recovery.

Posted by: John Amber

This man was crying Night and Day at Al aweer central jail Dubai begging media and Gov officials to let him out. He has isued Cheques amounting to million of usd which have bounced. Now he is saying he was found not guilty. Please ask the poor Investors who have lost the money. Dubai Gov should deport him to uk as soon as possible.

Posted by: Sam

@John...know your facts before you slander anyone in here.

Safi got caught by the cheque laws, which require a serious overhaul. This is totally contrary to Islamic principles of business..but then, I guess no one is claiming to be following any principles when it comes to making money in the land of superlatives...

Posted by: Red Snappa

While you have to admire the gentleman's perseverance and apparent lack of acrimony post his unjust custodial sentence, there is still a significant way to go before the property sector sees a full blown recovery, making it a risky business for the forseeable future, methinks.

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