In this Q&A, the founder of Oro24 shares his journey through Dubai’s real estate landscape, his approach to resilient growth, the importance of strategic planning, and his perspective on the future of the real estate market.
Atif, ORO24 is your third successful venture in Dubai. Can you tell us more about your journey?
I have thoroughly enjoyed the journey, and while it feels rewarding, I never stop learning and improving. I have certainly built successful businesses and nurtured many talented individuals along the way. The most important thing is that they continue to grow in their respective fields. Each business I’ve built was founded on a vision tailored for its time, followed by assembling a team to help execute it. No journey to success exists without failures, and I have certainly experienced some. In pursuit of success, you will face challenges—be it decisions, people, situations, processes, methods, or choices. It’s by confronting these obstacles fearlessly that success is achieved. To reach the top and stay there, it’s essential to be resilient in both success and failure, keeping a firm focus on the vision.
I started ORO24 immediately after Covid-19, not the most opportune time for the economy or the industry. I was simply backing my latest aspiration: to build a transformational company with great professionals delivering human-sensitive assets. We’ll be completing three years next month. I have been fortunate to work with a fantastic team that has turned the organisation into a force to be reckoned with, and I am confident they will continue to set new benchmarks. We are about to deliver an incredible gated community of six buildings, and alongside that, we will be announcing something truly significant.
Your portfolio is growing—over Dhs11.5bn in total sales and 11,750 units across 32 projects. What key factors have contributed to this growth?
Every project is unique, and I have learned countless lessons from each one, whether during the planning stages or through execution. Property development is an attractive yet complex and high-risk business, with challenges at every step. The most vital lessons have been resilience and taking a scientific approach to every situation.
I remember building two projects just 70 metres apart, both twin towers. While one proceeded smoothly, we faced a unique challenge with the other. After reaching the formation level, half of the plot sank by over a metre, despite a comprehensive soil investigation study before construction commenced. I brought in experts from Singapore and England, who found that the land had been backfilled and contained layers of gypsum—extremely fine particles that washed away during dewatering, leaving cavities. We then decided to build pile beds beneath the raft for added safety. I have a whole library of such experiences, and I continue to learn from them.
I believe that meticulous planning, expanding core competencies, controlled leveraging, healthy cash flow, strong construction management, and a focus on delivery are crucial for success in this industry. Every project faces its own set of challenges, and it’s vital to minimise unknowns as much as possible because surprises are inevitable.
You have navigated through three economic cycles. What lessons from those experiences are shaping your current strategy?
It is a common misconception that economic crises are the only times of challenge. In reality, you encounter equal or sometimes greater challenges during boom periods too. For example, an off-plan project that sells out quickly during a boom has its top line secured, but without adequate planning or contingency, it may still be at risk due to design flaws, cost inflation, or a shortage of contractors and materials.
My investments in technology, while beneficial, also come with their own risks. Reflecting on the 2008 economic crisis, I value the lessons it taught me. We had eight ongoing projects, and it was not an easy period. Remaining conservative was our greatest asset. Many adventurous and overly ambitious transactions took place just before the crisis, but we stayed focused on strict credit policies and economical leveraging, which allowed us to maintain sufficient cash flow to complete all projects when the crisis hit. The next major challenge was the pandemic. I learned the importance of supply chain control and accelerated construction management, which helped us navigate the situation smoothly. Looking back, I realise that one misstep during any of these crises could have brought the company down.**
My strategy is rooted in understanding that my business affects many stakeholders, including employees, customers, regulators, bankers, brokers, contractors, suppliers, and more. Knowing that you cannot afford to let any of them down drives the mind to find solutions. Experience has taught me that where there are risks, there are methods to mitigate them. If there are challenges, there are also opportunities. It’s essential to constantly assess and eliminate exposures.
I owe my approach to the values instilled by my grandfather and father, who taught me the importance of ethics, duty, and responsibility. They also imparted the knowledge of real estate and construction that I carry with me every day.
You spend a lot of time in the US; how has that impacted your personality?
Yes, I have learnt a lot during my various stays in the US. I honestly believe that the country created a legacy before most other countries in many spheres, especially technology, real estate, and financial markets. I have always visited as a student to learn and educate myself. As the leader in my office, it’s important that I inspire new thoughts and possibilities; for that, I must continue to learn. Additionally, it’s a huge landscape, and you never get bored. I have also used my travel to educate my daughters on many things, including business, life, and minimalism.