Background:

Our client is one of the biggest Islamic Banks in the world in terms of assets and has significant international presence. Recently it created a new division as part of the bank’s strategy to maximise and utilise their existing real estate portfolio specifically in the Middle East and transform these properties into high yield generating assets. Madison Pearl was awarded the mandate for this search to source a unique profile; an experienced Real Estate Development professional, who possesses both commercial and technical real estate acumen. An engineer or architect by trade who has built a track record in originating, marketing and expanding multibillion-dollar real estate portfolios. In-depth knowledge of trends in the Gulf real estate market and established relationships with the regulators was a key factor for the successful profile.

Snapshot of the search process:

Initially, there was an intricate study of the GCC real estate market, focusing on leading real estate developers in the Middle East and the most successful commercial projects built in the past decade. Building from this information, Madison Pearl targeted individuals who were leading the developments of large scale residential, commercial, mix-use industrial, etc. in the region. We delivered two shortlists with the candidates sharing similar backgrounds in terms of regional experience, but individually had unique deal sheets.

• Out of the eight candidates submitted, four candidates were considered as part of their final shortlist. In the span of 2 weeks, MP was tasked to conduct the necessary background and reference checks of the 4 shortlisted candidates.
• Aside from their previous employers, Madison Pearl also had to speak to the relevant investment partners who own or have a substantial stake in the completed projects, regulators, contractors and intermediaries that the candidates worked closely within the past decade.
• A particularly strong candidate that works for a venture private office of the Abu Dhabi Royal Family and a globally renowned luxury architect from Morroco, heading its Real Estate Development was selected and offered. After salary negotiations, the candidate accepted the offer and has recently joined in September 2016.
• Madison Pearl maintained regular communication with the candidate to ensure a smooth transition. MP also facilitated in aiding the candidate’s search for a suitable accommodation in Riyadh and in the approval from Central Bank.