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To come in and take over a bank's real estate division that has been running smoothly for over 30 years by announcing a complete revamp of the business model is a remarkable enough endeavour. To then bring the business, on the verge of an IPO launch set for sometime this year, to show net profits of 192% for 2006, your third full year at the helm, is little short of miraculous.
Yet Deyaar's CEO, Zack Shahin, sees little out of the ordinary in this feat, instead boasting that the group will ‘double' their growth figures next year, and by the glint in his eye as he announces this he is only half joking.
Shahin's idea at appointment was to expand the scope of the Dubai Islamic Bank subsidiary by marketing it as a ‘one-stop-shop' for a complete real estate package.
"We restructured in January 2004," he says, "we'd done property management and supervised developments on behalf of others, so my way of thinking was ‘why not do that for ourselves?'"
That is where the group's focus has been for the last three years, all the divisions have grown, but the onus has firmly been on property development. Ambitious expansion plans launched into projects in Lebanon and Turkey are now coming online, and future projects in Khazakstan and India, among other regions, are firmly on the drawing board.
Shahin is very clear on what makes Deyaar stand out in what many outsiders would consider to be a fairly overcrowded market.
"There are many good developers, brokers, rental agents out there, but none of them are consolidated under one group - which is what we've done; we're an end-to-end real estate provider."
The uniqueness of the local market; a larger transient population than indigenous citizens, none of whom were historically allowed to own property, coupled with a boom in high-end property developments, meant that the diversification to cover all facets of real estate management had not been attempted. Yet Shahin is certain that there was a gap to be exploited.
"The landlords are taken for a ride by the maintenance companies, who bill them a fortune to replace everything; they're also at the mercy of the renting agent who promises anything to rent the villa but then disappears leaving the landlord to honour the responsibility; you have the tenant who hears all kinds of stories from the broker who disappears and doesn't deal with service issues - that was where I felt there was a gap in the market."
By taking on the responsibility of managing every aspect of developing and running the property - and using the group's financial clout to push for mutually beneficial deals for bulk work from contractors - Shahin brought a new business model to the UAE.
Despite this he remains unconcerned about other companies jumping on the bandwagon and duplicating his ideas.
"What we're doing is not rocket science, it's not a secret that cannot be discovered," he says, "but I feel they'll have a long way to go.
"It takes time, you have to build the business, build relationships," he adds.
Shahin's whole strategy revolves around relationships; whether it is one-on-one interaction with staff at the company headquarters or professional interactions with contractors.
"Employees are like partners, treat them like that and they become shareholders - they want the business to do well," he says.
While Shahin is convinced that, as in any business, people have to like what they do in order to do it well, he has nothing but contempt for executives who forget the lessons they should have learnt on their way up the corporate ladder, something he avoids by regularly walking the floors of the corporate offices.
"Sometimes people forget the basic ingredients when they start to do well, they lose touch with their employees and with customers - that's the beginning of the end of their success."
He seems to thrive off the pace he sets himself and his colleagues:
"There is noone watching me here, there are no cameras to see how much I'm working - but it's fun, it has to be or you might as well not come into the office.
"The board would have been happy with much less growth over the last three years because our targets were much lower than that, but my team and my staff were all excited because they wanted more," he explains.
The friendly exterior does, however, mask a no-nonsense core. It is clear that Shahin has no patience with time wasters or people who cannot keep to agreed targets.
"Excuses are like noses, everybody has one," he says, "don't give me excuses, I may agree with you but the job remains undone - I want to hear how and when you're going to do it.
"Commitments are also non-negotiable. I will honour my end of the bargain and you better honour yours."
Outside of professional relationships, Shahin is convinced that Deyaar's formula for future success is equally dependent on a highly targeted two-fold marketing strategy.
Firstly concentrate on what you do and do it well, do not take on developments simply to have the numbers on the books.
"We have huge financial resources, there's nothing to stop us launching a zillion towers but you'd be like everybody else; our business model is to do fewer, do them well, turn them out on time in line with the end-users expectations," he says.
The second part of the strategy is to be completely aware of your market.
"The sell will become harder; consumers are becoming more educated, they want to know what they are getting, what the options, the payment plans - it's natural.
"You have to offer products matching certain profiles; certain segments won't take apartments without a TV room; some don't want an open plan kitchen leading to the sitting room. It's a generalisation but you cannot have one product to suit everybody's needs."
While the pressures of breaking the mould in regional real estate businesses seem to have had little effect on Shahin's ‘get-up-and-go' attitude he is quite clear on what the future holds both personally and professionally.
"As long as the chemistry between myself, the chairman and the shareholders continues and I enjoy it, I will be here as we aim to give the company a global presence in one shape or form," he says.
"But in ten years I want to be retired; I'm very clear on that, I want time with my family and friends, I want to enjoy life," he adds.
Whether the prospect of sitting back and looking over his past achievements will be enough to keep this charismatic leader happy or whether he is left seeking fresh challenges is something that only the future will show.
UAE:
Deyaar has a number of projects in the Emirates of Dubai and Sharjah; including the Seef I tower in Dubai Marina and the Seef II & III towers in Jumeirah Lake Towers, a number of developments in Business Bay and Sharjah's Al Dana Tower.
Region:
Lebanon is the focus of projects in both the capital, Beirut, and the moutains. A villa complex is also under construction in Turkey.
Posted by Informed Realist, Dubai, UAE on 27 July 2009 at 19:11 UAE time
I don't think I have ever heard Al Fahim described as a role model for the world. You might want to educate yourself a little!
Posted by temur, birmingham, United Kingdom on 17 June 2009 at 15:12 UAE time
dr sulaiyman is a role model for all the world not only muslims his vision will go far, lets just hope we get some more new big signings.
Posted by sherry, shenzhen, China on 16 May 2009 at 20:20 UAE time
Best of luck for everything!
Posted by Kawthar Saeed, Dubai, UAE on 5 January 2009 at 15:47 UAE time
Abdullatif Al Mulla is indeed a great and superb leader! I have worked with him closely in TECOM and learnt from him many good skills of leadership which I am using them in my current role. I wish him all the best in his career and may God grant him success all the time. Abdullatif, as always, you are a great leader for us!
Posted by Layla Al-Ansari, London, UK on 27 October 2008 at 16:50 UAE time
The top 100 CEO's list is highly impressive covering the biggest names from all over the gulf. However, whoever has compiled the list has definitly forgotten some notable movers and shakers in the past decade.
Dr. Abdallah AlDabbagh the CEO of Ma'aden the Saudi Arabian Minning Company has spearheaded the establishment of an entire new industry sector in Saudi Arabia. Not only is this sector viable with it's ambitious projects such as gold, alumina and phosphate projects, it is more importantly sustainable.
I am sure Dr Al-Dabbagh was not the only CEO overlooked in your report. In your next top 100 CEO's report, I suggest you undergo in-depth analysis of the gulf market and the massive changes that REALLY taking place and changing the future.
Posted by Steven on 18 September 2008 at 00:46 UAE time
Mr Al Hashimi is a fine role model for all young people in the world today, I hope that someone of his calibre and experience could help football teams like newcastle united to reach their full potential, the fans from the north-east are the kindest and best supporters in the Uk, and I imagine the people of newcastle would welcome him
Posted by Mohamade Iqbal Oojageer, Port-Louis, Mauritius on 3 September 2008 at 14:14 UAE time
Dr Sulaiman
Congratulations to you as the new big boss of Manchester City. With your massive investments, you will prove to the world, Insha Allah, your vision is gold and City can become the biggest club in the world and new English reference for quality football. I am a seasoned Sports Journalist and I can foresee success and positive revolution in British sports, especially soccer.
Posted by Biniraj, Sharjah, UAE on 29 July 2008 at 12:27 UAE time
It was indeed right decision launching of Air Arabia. I described Air Arabia as REAL AIRLINE. .. i noticed one thing that, they are on time, they are on line, they are on right price, that is what we need.
I am proud to say as a Air Arabian traveller, and I salue Mr. Adel Ali for his visions.
Posted by Ataur Rahman ,Business Development Manager, Dubai, UAE on 10 July 2008 at 20:39 UAE time
An analysis of the the top 100 in GCC reveals a shocking statistic too..63% of them are from UAE, 14% Saudi, 13%Kuwait, 6% Qatar, 4% Bahrain.
More shocking to me is that in Energy sector only there are 4%..in construction 4% Media & Marketing, 4% Politics & Economic 4% Banking & Finance 20% Real estate 23%
Why inspite of all the boom in petrol price there are just 4% of them belongs to this sector. I demand an explanation.
Posted by john, New York, US on 25 May 2008 at 16:48 UAE time
Dubai's real estate watchdog on Sunday launched its own magazine in an effort to address investor concerns over a lack of transparency in the market.
Posted by Mr George Osei, accra, Ghana on 11 May 2008 at 17:29 UAE time
Dear Friend,
My name is Mr. George Osei,I work with a Bank as a manager, in one of the commercial banks in Accra-Ghana west Africa. I have packaged a transaction that will be of mutual benefit to us. As the branch manager of the Bank Ghana, it is my duty to send a financial report to my head office in the capital city, Accra, at the end of each financial year.Following the release of the second quarter financial report, ending June 2007, I discovered that my branch made a substantial profit which accrued from the account of the Inland Revenue Service (IRS).
This was not detected by the internal auditors from my head office. I have diverted the funds into what the bank call Escrow Call Account with no beneficiary. Meanwhile as you know I can not be directly connected to this money for obvious reasons. So my contacting you is for you to assist me receive this fund in your country which I know is possible if you liaise properly with me and get a consideration share of the total funds as your benefit.
The transfer would be a Bank-to-Bank transaction. All I need from you is to stand claim as the original depositor of this fund. I will compute your particulars as the person who made the deposit in my branch into our computer data base, so that my head office will immediately order the transfer to your designated bank Account. Thanks for your understanding and co-operation. Please you can indicate your interest by sending me a return mail. While I implore you to maintain the absolute secrecy and confidentiality required in this transaction I am waiting for your positive response.
Yours truly,
Mr.George Osei
Show all comments
Posted by stuart mayhead, Abu Dhabi, UAE on 21 April 2008 at 09:21 UAE time
Hi Len if you visit www.artinthecity.com you will find and Art Map of Abu Dhabi, Dubai and Sharjah which shows all the local galleries and has a calendar of events noting all the exhibitions. If you sign up for them you will receive fortnightly reminders.
Posted by len on 20 April 2008 at 14:15 UAE time
I'm looking for modern art galleries in your country. Can you help me with a list?
Editor's Reply Kindly visit www.timeoutdubai.com for a full list of art galleries in Dubai, or www.timeoutabudhabi.com for a full list in the capital.
Posted by Nabil Alwakidi, jeddah, KSA on 13 April 2008 at 10:24 UAE time
Dear Abdulkareem,
Perfect person on the right place, very difficult to find some one like you. this comment will show you how much we like your job.
Best of luck for everything!
Cheers,
Nabil Alwakidi
Posted by shahla naim, AbuDhabi, U.A.E on 19 March 2008 at 11:18 UAE time
Success, from my point of view is 10%luck, 40%study, 50% hard work. Upon reading this article, I think am still at the first 10%.
Posted by Nasrin Quraishi, Chennai, India on 5 March 2008 at 15:03 UAE time
Good Evening,
I am very happy and proud that I am living in this world where HRH Mr.Abdullah Al Awadi is living. I pray Almighty God to work under him atleast for a year.
Thank you
Posted by Safwat Faroun, Ramallah, Palestine on 13 February 2008 at 19:20 UAE time
I am currently residing in the west bank, and I am looking for jobs. Your Arabbusiness could be of indispensable value to me. Keep up the good work!
Posted by Jehad M. Shaban, Kuwait, Kuwait on 9 December 2007 at 15:57 UAE time
As per your Arabic article of the top 100's CEO's in the GCC, would you kindly correct Mr.Abdullah Al Awadi's name in Arabic to: عبد الله العوضي and the company name to: Al-Ahlia Holding Company. Thank you.
Posted by Nand, Riyadh, Saudi Arabia on 9 December 2007 at 11:41 UAE time
Wonder what standing Saudi ARAMCO has? Is it not among the most admired companies in the GCC?
Posted by Prabal Rai, kathmandu, nepal on 6 December 2007 at 12:07 UAE time
Dear Sir,
How possibly I can contact direct to Amir Alwalid Bin Talal for my own personal plea concerning my occupational hazzards in compny own by him? Please guide me in this regards.
Yours truly
Prabal Rai
Kathmandu Nepal
Posted by Ibrahim, Abu Dhabi, UAE on 6 December 2007 at 09:43 UAE time
I've worked in the oilfield since 1989, mostly in the UAE but also all over the MENA region, and this is the first time I've heard of this company (SS Lootah). What about Al-Dulaimi group (Qatar) or Mohammed Barwani (Oman) or AlMansoori (UAE)? I wonder what the definition of "Energy Industry" is? I suspect the people who selected the winners don't understand how our industry works.
Posted by Omair bin Zahid Al Husain on 5 December 2007 at 22:07 UAE time
It is interesting information. Being an entrepreneur myself, I don't mind knowing who could be of advantage to me and where I can find products and/or services I need. I wonder what was the criteria for selection though, but a wiseman said that the modern day winner in the corporate world is the one who could "learn, unlearn and relearn!" Keep us up to date Arabian Business.com. Thank you very much.
Posted by Nikhil Sindhu on 5 December 2007 at 19:03 UAE time
Thank you Anil for the insight about an extraordinary person.
Posted by Faris AlQURESHI, Riyadh, Saudi Arabia on 5 December 2007 at 12:53 UAE time
Dear Anil,
The best best interview for the most admiring and decent personality.
Best of luck for everything!
Cheers,
Faris
Posted by Prof Philbert, Salmiya/ Kuwait, Kuwait on 5 December 2007 at 10:57 UAE time
If the company is going to achieve something of some recognition, they must follow three I's - Innovation, Infrastructure and Integration.
Innovation is importnat to give the company an ability to extend the product and service life cycle from point of stagnation to new thinking - a sort of sigmooid curve that repeats itself - saying in simple words - an old wine in a new bottle.
Infrastructure for aiding innocation is another key dimension that can add value to corporate growth. A CEO must take a balaced scorecard to organizational development.
Integration is keeping all elements of the orgnization togehter and take a unified approach to the big picture.
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