Samana Developers Founder Imran Farooq Opens Up on His Long and Winding Road to Success Samana Developers founder Imran Farooq explains the company's remarkable 22-year journey, and why, with an IPO under consideration, the best is yet to come.

Imran Farooq didn't need to get into real estate. The SAMANA Group he founded in 1996 had already become a multi-billion-dollar empire spanning various sectors. But never one to do things small, he founded SAMANA Developers with a mission to take the market. In 2024, he did just that, launching 12 new projects with a portfolio of over AED16 billion. Then this year came the launch of Samana Ocean Views by Elie Saab – a private island designed and run by his company. His next plan, to transform the company into a master developer, is now underway. He explains the company's remarkable 22-year journey, and why, with an IPO under consideration, the best is yet to come.

Can you give an overview of the SAMANA Group – the key highlights of its journey since being founded in 1996. Specifically, the main areas of activity.
Reflecting on the journey, it's been a rather long and winding road, truth be told. Starting my first business at the age of just 22 back in 1996, I've dabbled in a fair few sectors to get to where we are today with Samana Developers. Plenty of ups and downs along the way, as you'd expect – seen the view from the top during the good times and felt the pinch when global crises have hit. Over the past 27 years in business, I've had engaged in various ventures, from IT solutions and real estate underwriting to being an angel investor for other developers. We even ran the third-largest business centre and the largest immigration company helping expats relocate. HVAC solutions were another venture, and now, finally, we have Samana Developers. And what a journey it's been with Samana. We've now built up a substantial portfolio exceeding AED16 billion, which really speaks to the scale of our ambition. Holding a noteworthy 4.4% share of the market, I think it's fair to say we've firmly established ourselves as a key player in Dubai's competitive real estate scene. Speaking about this remarkable growth, I'd say our commitment has always been to not just meet market demands but to anticipate and shape them. The launch of 12 new projects in 2024 alone is a clear indicator of our agility, our responsiveness, and our unwavering dedication to expansion in this incredibly vibrant market.

What are the long-term plans for the main group, over the coming 5-10 years?
Looking at the 5–10-year plan, Samana's core aim is to deliver multiple world-class communities both locally and internationally, with most launching from 2026. Our first full community, Samana Ocean Views by Elie Saab – a private island designed and run by us – launched this year.
Our global expansion is now operational with 'Samana Ocean Views Interiors by ELIE SAAB' in the Maldives, a US$600 million development. This strategic move targets the luxury market with units starting from US$2.3 million, located a short transfer from Hanimaadhoo Airport or Malé.
Spanning over 507,651 sq. ft and comprising 190 keys – including beachfront villas, over-water bungalows, and poolside apartments – the project features ELIE SAAB interiors, attracting discerning international clientele. This Maldives venture serves as the template for our global expansion into exclusive destinations with branded luxury residences. Having become the seventh-largest developer in Dubai, we aspire to replicate this success in select global markets, starting with the transformative Samana Ocean Views project in the Maldives.

Source: BNC Publishing

What made you decide to venture into real estate?
Our entry into the real estate sector is rooted in a multi-generational family history within the industry. Prior to establishing SAMANA Developers, which has since grown to become a prominent developer in the UAE, our involvement included significant activity in underwriting large-scale real estate projects for leading organizations. During this period, an observation was made regarding potential areas for improvement within the market, particularly concerning the customer experience. This identified opportunity spurred the decision to establish a development company with a distinct approach, prioritizing the customer at its core. Subsequently, SAMANA has emerged as a notable influence in the market. This is reflected in the increased industry focus on exterior design, where SAMANA projects have consistently offered unique aesthetics. Furthermore, the introduction of concepts such as private pools and a focus on resort-style living have gained significant traction within the market, encouraging a broader adoption of enhanced amenities. SAMANA was also among the early proponents of more flexible payment structures, including options like 0.5%-1% payments and post-handover plans. Ultimately, our venture into real estate development with SAMANA was driven by the identification of a market gap and a commitment to enhancing value for the customer.

Similarly, can you give an overview of SAMANA Developers – the number of projects underway, in the pipeline, and the 5–10-year plan?
Regarding the specifics of projects underway and in the pipeline, as we've discussed, our ambition is significant. We launched 12 new projects in 2024 alone, demonstrating our current operational capacity. Looking ahead to the 5–10-year plan, as we touched on earlier, the focus is on developing multiple world-class communities, both here in Dubai and internationally. While I might not give you an exact figure for the number of projects in the immediate pipeline at this moment, our recent activity and our stated long-term vision clearly indicate a substantial and growing portfolio. The launch of Samana Ocean Views in the Maldives, for instance, is a prime example of the scale and ambition of our future projects. So, while I can't give you a precise number off the top of my head for every single project in the works, you can certainly expect a steady stream of innovative and high-quali- ty developments from Samana Developers in the years to come, aligned with our goal of becoming a leading master developer.

Real estate is an extremely crowded market – how do you stand out from the competition?
Samana Developers distinguishes itself through an unwavering commitment to excellence, centered on the principle of "On Time, Every Time." This dedication to punctuality permeates every facet of our operations, ensuring timely project delivery and fostering strong, reliable partnerships. Our commitment to quality is evident in every detail, from the selection of premium materials to the meticulous execution of each project. We prioritize speed without compromising quality, as demonstrated by our streamlined construction processes, allowing us to complete building superstructures within an exceptional 180 days from raft foundation casting.

Our portfolio of projects showcases a harmonious blend of innovative design and environmental consciousness. Each development is a unique testament to our dedication to creating exceptional resort-style living experiences, tailored to meet the evolving needs of discerning clientele. We strive for architectural distinction, ensuring that each project possesses its own distinct character, reflecting our commitment to innovation. To further enhance the client experience, we offer flexible payment plans, designed to facilitate seamless property acquisition. Our seamless booking process ensures a streamlined and efficient journey for our valued customers.

At Samana Developers, we are driven by a relentless pursuit of business excellence and a steadfast commitment to customer satisfaction. We leverage innovative technologies and sustainable practices to create exceptional living spaces that redefine modern luxury. Product, our internal processes, or the technology we use to connect all aspects of our operations and, crucially, our connections with our customers.

Can you expand on the "On Time, Every Time" philosophy – how did it come about, and what does it mean in practice?
Our "On Time, Every Time" philosophy is central to Samana, born from a desire to bring greater reliability to the market. "On Time" means delivering properties precisely on the agreed handover date. "Every Time" signifies this consistent commitment across all our projects. This is achieved through meticulous planning and efficient processes, further supported by our in-house contracting company to ensure timely delivery. Ultimately, it's about building unwavering trust with our customers and establishing our reputation as a dependable developer. It's a fundamental promise we stand by.

Can you expand on the innovation side of the business?
Innovation is absolutely fundamental to Samana Developers; it's not just a buzzword for us; it's deeply ingrained in our DNA. We firmly believe that to truly stand out in a competitive market like Dubai, you can't just follow the crowd – you need to constantly be thinking differently and pushing the boundaries of what's expected.

One of the most tangible examples of our innovative approach is the fact that each Samana project is intentionally unique in its design. We don't believe in cookie-cutter developments; each project has its own distinct personality and architectural flair. This requires a significant investment in creative design and a willingness to break away from conventional norms. Furthermore, we've been at the forefront of introducing concepts that have really resonated with buyers. Our private pool concept, for instance, has taken the market by storm and has become a signature feature of many of our developments. That wasn't something commonly offered before, and it's a clear example of our commitment to innovative product design. Beyond the physical attributes of our properties, we also innovate in terms of the lifestyle we offer. Our focus on resort-style living, with an extensive array of high-quality amenities and experiences, goes beyond what many mainstream developers provide.

We're constantly looking at how we can elevate the living experience for our residents. Innovation also extends to our operational side. We actively embrace technology to streamline our processes, enhance communication with our customers, and improve efficiency across all aspects of our business.

As I mentioned before, we're always looking at how we can leverage technology to connect all functions of our operations and our interactions with our clientele. Ultimately, for us, innovation is driven by a desire to continuously improve and enhance the value we offer to our customers. We're not content with the status quo; we're always exploring new ideas, new technologies, and new ways of creating exceptional properties and experiences. It's an ongoing process of evolution and a key driver of our success.

How important is sustainability and what initiatives are you undertaking in this field?
When we talk about sustainability, it's certainly something we take very seriously at Samana Developers. For us, as a private developer, a crucial aspect of sustainability revolves around ensuring the long-term success and viability of every project we undertake. It's about building a robust business model that ensures our projects thrive. Our approach to this is multifaceted. Firstly, we pride ourselves on creating truly unique projects. No two Samana developments look the same; each has its own distinct design and personality. This, coupled with our strong brand reputation and a reach that extends across 55 countries, allows us to achieve typically very rapid sales – we often see around 90% of our product sold within just two to five days. This quick uptake is a key factor in our financial sustainability.

Beyond that, we have a very streamlined process for registering properties (Oqood) and managing our escrow accounts. Our finance team ensures we maintain a healthy forward cash flow within each individual escrow account, typically covering 12 to 15 months. This financial stability means that construction can proceed at a good pace without interruption, and importantly, our contractors are paid on time, fostering strong partnerships and ensuring project momentum. So, for Samana, sustainability is about building a solid foundation for each project's success, ensuring its financial health and longevity through a strong business model and efficient operations. }You have stated previously that you want to transform the company into a master developer – can you tell us more about that journey, why you are choosing this path – and as a result, how you see the company evolving in the next ten years? Samana Developers has achieved AED 5 billion in net sales last year and maintained strong triple-digit growth over five years, is strategically transitioning to a master developer. This evolution from single-plot developments is essential to sustain growth by creating comprehensive communities featuring townhouses, villas (including 'super villas'), offices, and retail spaces. This move aligns with Dubai's maturing real estate market, now attracting significant interest from family offices, institutional investors, and pension funds seeking large-scale, well-planned developments.

The next decade will see Samana developing multiple themed master communities, offering diverse lifestyles. Crucially, this strategy supports Dubai's broader vision, such as its emergence as a medical tourism hub. In 2023, Dubai welcomed over 691,000 medical tourists, generating over AED 1.03 billion in expenditure, with projections reaching USD 2.3 billion by 2033. This necessitates more serviced apartments.

Similarly, Dubai's growing prominence in higher education, with over 65 colleges and universities and a 25% increase in international student enrolment in private universities during 2023-24 (now one-third of the student body), drives demand for quality student accommodation. Therefore, Samana is diversifying into serviced apartments and student accommodation to cater to this demand and to provide long-term, stable income streams attractive to institutional investors like REITs and pension funds. In essence, our journey to becoming a master developer is about strategic, large-scale development to play a pivotal role in Dubai's evolving real estate landscape over the next ten years.
Source: BNC Publishing

You have established your own contracting company – can you expand on the reasons for this?
Samana has invested US$41 million in this new arm, a strategic decision driven by the growing challenges we foresaw in the market. Samana Developers had been performing strongly, ranking seventh by the Dubai Land Department for total units sold, and the previous year we were in the top 10 off-plan sellers according to Property Monitor. This success naturally placed significant demands on construction resources. The core reason for this investment was our belief in an impending resource constraint within the market. We anticipated a shortage of contractors, insufficient machinery, and inadequate labour camps to support the growing workforce, which we believed would become a major limiting factor for developers by late 2025 or certainly by 2026.

Consequently, we took a proactive approach by integrating backward into our supply chain. By investing in our own in-house capabilities, including this new contracting company, we took control of our resources to ensure the continued maintenance of our reputation for on-time delivery – a crucial aspect for us. Our approach to this new venture was three-pronged. Firstly, we established a brand-new contracting company from the ground up, securing the necessary licenses and fulfilling all engineering and operational requirements. Secondly, we finalized negotiations to form a strategic joint venture with two existing contractors. This JV now works exclusively on Samana projects, providing us with dedicated capacity. And thirdly, we adopted a white-label strategy to secure our own supply of essential materials like concrete and steel. With billions of dirhams in escrow, we were well-positioned to navigate any market fluctuations.

Having successfully weathered the pandemic and now operating within a resource-constrained environment where securing reliable contractors has become increasingly competitive, we committed to locking in our strategies and resources to ensure the smooth delivery of our projects. This new contracting business and the JV were specifically designed to act as a dedicated supplier to support our core development operations. A specific number of projects are exclusively contracted to the JV, based on their capacity and resources.

Do you see other mainstream developers facing challenges with the pace of growth?
While I would prefer to refrain from direct commentary on other developers, it is my observation that smaller and mid-sized entities may encounter significant challenges in the current environment of rapid growth. Securing reliable contractors, subcontractors, and essential supplies is likely to become increasingly difficult for these organizations. Established entities within the contracting and supply chain will tend to prioritize engagements with larger, more stable developers where payment histories are well-estab- lished. In a flourishing market such as Dubai's, the contracting ecosystem generally affords greater priority to assured payments and established clients with multiple ongo- ing projects. Consequently, smaller developers may find themselves facing increased competition for the necessary resources to maintain the pace of development.

SAMANA has been a huge success under your leadership – have you ever considered, or would you consider, an IPO to fuel further growth?
Regarding an IPO, it's something we're actively considering within the next two years, primarily driven by the DFM's strong performance – it was the top GCC market in 2024 with a 10.9% gain. We see it to raise capital for further expansion, including our AED 2.2 billion investment in the Maldives, and to enhance our public profile. The strong momentum in the DFM's financial (3.6%) and real estate (3.1% in September) sectors is also encouraging. Given our recent success, aiming for AED 12 billion in launches by the end of 2024, our total investment value exceeding AED 16 billion, and our rise to 7th in the UAE developer rankings, we're confident an IPO would position us well to capitalize on the thriving market and fuel future growth.

On a personal level, what are the key ingredients you believe an entrepreneur needs for success?
From a personal standpoint, I believe there are several key ingredients that are absolutely essential for any aspiring entrepreneur to achieve success. Firstly, it all begins with a compelling vision and a truly innovative idea – something that sets you apart and offers a unique value proposition. As I mentioned earlier, to achieve significant success, you need to develop a novel concept and execute it effectively. Beyond the initial idea, unwavering hard work and dedication are non-negotiable. The entrepreneurial journey is rarely a smooth one, so resilience and the ability to persevere through challenges and setbacks are also crucial. You must be adaptable and willing to learn and evolve as the market demands. Strategic planning is another vital component. A clear roadmap, outlining your goals and the steps to achieve them, is essential for navigating the complexities of building a business. This needs to be coupled with sound financial management and a measured approach to risk. While ambition is important, understanding and mitigating potential risks is equally critical. Furthermore, no entrepreneur can succeed in isolation. Building a strong, capable team and having the wisdom to delegate effectively are paramount. Surrounding yourself with talented individuals who share your vision and empowering them to take ownership is key to scaling any business. Finally, a deep understanding of your customer and a relentless focus on meeting their needs are fundamental.

As we saw with the inception of Samana Developers, identifying shortcomings in the market and striving to enhance the customer experience can be a powerful catalyst for success. In essence, the entrepreneurial landscape is dynamic and ever evolving. To thrive, one needs a potent combination of vision, hard work, resilience, strategic acumen, a strong team, financial prudence, and an unwavering focus on the customer.

What are the core attributes needed to be a successful leader in any industry?
In my experience, several core attributes are indispensable for successful leadership across any industry. Consistency and meticulous planning form a crucial foundation. Furthermore, a leader must cultivate a decentralized mindset, demonstrating a willingness to empower their team and delegate effectively. It is also vital to foster an environment conducive to growth, building an organization that possesses robust resources and a positive, dynamic energy. Regrettably, many leaders encounter challenges in scaling their organizations or sustaining growth due to an inclination towards precipitous decision-making and a reluctance to entrust significant authority to their C-level executives or departmental heads. Effective leadership necessitates a considered approach to decision-making and a confident delegation of responsibilities to senior management.

You have been running the group for 27 years – how do you stay motivated, and how do you keep your team motivated?
Having led the group for 27 years, maintaining motivation stems primarily from the pursuit of success itself. We regularly revisit our strategic objectives, typically every three to five years, to ensure continued momentum. Furthermore, our commitment to philanthropic endeavors and the associated targets provide an additional impetus for achievement. Regarding team motiva- tion, we recognize that our staff are our most valuable asset. To foster a motivated workforce, we prioritize providing clear pathways for professional development within the organization. It is essential that our team members can envision their own aspirations aligning with the company's strategic direction. We are particularly gratified to have a significant number of long-tenured employees, with service ranging between 15 and 20 years, which we believe reflects positively on the engagement and motivation within our team.

Finally, what advice would you give to the many youngsters who want to replicate your success?
To those aspiring to replicate success in business, my advice would be grounded in several key principles. Firstly, diligent effort and a consistently optimistic mindset are fundamental prerequisites. Beyond this, true success necessitates a distinct approach. It is essential to differentiate oneself through a combination of dedicated work ethic, innovative thinking, and a positive disposition, coupled with a measured approach to risk management.

To illustrate, while establishing a conventional business within an existing market may yield a degree of prosperity, exceptional success typically stems from the development of novel concepts, strategically implemented at the opportune moment and scaled effectively. Reflecting on potential future ventures, I would lean towards initiatives that are intrinsically technology-driven, offering original solutions with the potential to address a global market, rather than being confined to a single geographic location.

Therefore, my counsel to young entrepreneurs is to cultivate a strong work ethic, maintain a positive outlook, strive for differentiation, embrace innovation, manage risk prudently, and consistently adopt a global perspective in their ambitions.