Dubai: Sadruddin Hashwani, whose Marriott Hotel in Islamabad was destroyed in a suicide bombing in September, is all set to open at least six hotels in the UAE by the end of this year.
"I am opening a huge full-service hotel in Deira soon while planning to open at least four more hotels in Dubai and Abu Dhabi by the end of this year," he said. Hashwani owns the Pearl Continental in the Tecom area of Dubai and is counted among the 10 richest individuals in Pakistan.
"I believe it is the best time to buy in Dubai as the recession period would be over soon," he added.
Hashwani's Hashoo Group boasts an assets base of more than $3.5 billion (Dh12.8 billion) and is one of the most diversified industrial groups in Pakistan with interests across tourism, hospitality, travel, real-estate development, pharmaceuticals, IT, and oil and gas.
In an exclusive interview with Gulf News in his Dubai office, Hashwani, 78, spoke about his plans to expand his business in the UAE and other countries and his determination to promote his businesses in Pakistan in the face of all odds. Excerpts:
Gulf News: Why are you currently in Dubai?
Sadruddin Hashwani: Though we opened an office in Dubai a few years ago in view of our oil and gas business, now I am using Dubai as a base to expand my hospitality business.
I have already opened a hotel apartment [complex] and have plans to open at least five to six more hotels this year in Dubai and Abu Dhabi, and one more in Muscat. I am looking for an opportunity to expand my Pearl Continental hotel brand in the region starting with Dubai.
We see opportunities to expand in the Middle East and Africa region with emphasis on two businesses - oil and gas, and hotels.
Also my children and grand children have moved to Dubai. The emirate has good educational facilities and is very business-friendly.
What's the rationale behind investing in the UAE at this juncture?
I believe it is the right time to invest here. It may seem like a recession to others, but we see an opportunity to buy properties at reasonable prices here because the construction prices have gone down.
Our hotel in Diera will open in two months time. We are starting with four-star properties but soon we will venture into five-star hotels.
Are you reviewing your business plans in Pakistan in the wake of the attack on the Marriott Hotel?
Not at all; Pakistan is my home and I have nine five-star hotels and other business there. I am also opening some budget properties under the Hotel One brand in different parts of the country. I am here for expansion of my business and then I will go back. As soon as the market improves, we will start building more hotels in Pakistan.
How did the terrorist attack on the Marriott affect your business?
The attack cost me 120 crore Pakistan rupees (Dh58 million) but I was determined to rebuild the hotel and I reopened it in about 90 days with the help of 1,500 workers who worked round-the-clock. I personally supervised the work and used all available resources within the country to get the property back to normal in record time.
Do you have plans to expand your hotel business in other countries?
Yes, I am opening a hotel in Tripoli and another in Khartoum. We are also into oil exploration in Sudan in cooperation with an Egyptian oil company
Apart from the law-and-order situation as a direct result of terrorism, what other factors do you think are keeping the investors away from Pakistan?
I think terrorism is basically the main cause of concern for investors and it has really damaged the country's image. The government should also change its attitude towards local investors. The government welcomes foreign investors but does not encourage local investors.
I hope investors will start going back to Pakistan once stability is restored.
How do you think law and order can be restored and the economic situation improved?
I think, the time has come for a united effort in this regard ignoring political affiliations. The people who matter should sit together and discuss ways of leading the country out of crisis. It is time to take care of the socially and economically deprived by building schools, hospitals and investing in the agriculture sector.
Profile: Diversified interests
Sadruddin Hashwani is a Pakistani entrepreneur and businessman. He is chairman of the Hashoo Group, which has diversified businesses with the primary interest being in oil and gas exploration and production.
The group also owns a chain of nine five-star hotels (two under the Marriott brand name and seven under the Pearl Continental label) besides high-end real estate development projects and over 24 diversified subsidiaries in information technology, investments, minerals, ceramics, pharmaceuticals, travel and tourism and commodity trading which make it one of the leading business house in Pakistan.
Hashwani hails from the illustrious Hashwani family of Karachi, His great forefathers migrated from Iran abut 200 years ago and, after remaining in Balochistan for some years, moved to Karachi in 1890.
He is a self-made businessman who started out as a salesman at the age of 18 but never looked back and now owns a multi-billion-dollar business empire.
He is also well known for his welfare work under the banner of Hashoo Foundation, which is committed to poverty alleviation and women's empowerment issues.
