Group Chief Executive Officer
UAE-headquartered Select Group currently has 65.1ha of developments under construction across its portfolio, with approximately 3,500 units to be delivered over the next few years. The development firm, headed by Rahail Aslam, recorded $149.7m (AED550m) in revenues during 2015, with 2016 earnings projected to be $490.1m (AED1.8bn).
The company’s 570-strong workforce comprises 12 engineers, and up to 3,650 labourers are currently active across all of Select Group’s construction sites.
Many among the company’s 65.1ha project pipeline are “at an advanced stage of construction”, and those nearing completion “are already booked”, according to Aslam.
Projects expected to progress under Select Group’s banner over the next year include the 508-unit strong Jumeirah Living at Marina Gate, and a twin-tower residential project, The Residences at Marina Gate, in Dubai.
“The current macroeconomic environment has created several attractive investment opportunities in the real estate and hospitality sectors for investors who have the liquidity and execution capability to take advantage of these,” Aslam said.
However, liquidity restrictions could also pose operational challenges for regional businesses, he warned: “Whereas it is true that liquidity has not entirely dried up, it has been tightening ever since the decline in commodity prices.
“Banks are becoming increasingly selective in the projects they finance,” Aslam told Construction Week.