Biography of Nasir Schon: Co-Founder of Schon Group involved in Real Estate,Textile, Financial Services
Biography of Nasir Schon:
Early Life and Career Beginnings
Syed Nasir Hussain Schon, born on November 28, 1957, in
Karachi, Pakistan, hails from a family with a rich heritage. His father,
Captain Ather Schon Hussain, served as a pilot for PIA. Nasir Schon pursued his
education at New York University, where he honed his skills and laid the
foundation for his future career in business. He later returned to Pakistan and
established himself as a prominent figure in the business world, eventually
becoming the Chief Executive Officer of Schon Group and Schon Properties. His
leadership and vision have significantly contributed to the growth and success
of these enterprises.
Nasir Schon's family includes his children, Asher Schon and
Khizar Schon, and his sibling, Syed Tahir Husain. The Schon family has been
instrumental in shaping the business landscape in both Pakistan and the UAE. Nasir
Schon made headlines by purchasing the Multan Sultans, the sixth team of the
Pakistan Super League (PSL). His acquisition transformed the team into one of
the most valuable and competitive franchises within the league, reflecting his
commitment to sports and entertainment ventures.
Schon Properties and Business Success
In 2007, Nasir Schon, along with his brother Syed Tahir
Hussain, co-founded Schon Properties in Dubai, United Arab Emirates. Their
decision to venture into the real estate sector in Dubai proved to be highly
lucrative, as the city was experiencing a rapid boom in property development
and investment. Schon Properties quickly became a prominent player in the real
estate market, earning the brothers substantial wealth and recognition. Their
ventures in Emirates continue to thrive, cementing their status as key
influencers in the region's property sector.
Career and Business Ventures
Nasir Schon embarked on his entrepreneurial journey in 1982
with the establishment of the Schon Group. By 1995, the group had achieved
significant milestones, acquiring assets including Pak-China Fertilizers, Schon
Textiles, Schon Bank, and National Fibers, solidifying its position in various
industries.
In 1997, facing political challenges, Schon Group's
directors, closely associated with Asif Zardari, moved to Dubai following the
dismissal of Pakistan's former Prime Minister, Benazir Bhutto. Nasir Schon's
leadership navigated the group through turbulent times, including asset
auctions during Nawaz Sharif's government.
Business Expansion in Dubai
Residing in Dubai provided Nasir Schon with fertile ground
to expand his business ventures. One notable project is the $830 million Dubai
Lagoon, currently in development under Schon Properties. This real estate
endeavor aims to reclaim the group's assets and has garnered acclaim, including
CNBC Arabian Property Awards for Best Mixed-Use Development.
Entrance into Real Estate Market
In 1996, Schon Properties made its debut in the real estate
market of the United Arab Emirates. Initially focusing on property management
and leasing, the firm shifted gears with the advent of the real estate boom and
the introduction of the Freehold Law. This pivotal moment marked their
expansion into real estate development.
Biography of Nasir Schon: Co-Founder of Schon Group involved in Real Estate,Textile, Financial Services/ Pakistan/ Investor /businessman &entreprenur
Schon Properties' flagship project, 'Dubai Lagoon,' garnered
acclaim by winning the CNBC Arabian Property Prize for Best Mixed-Use
Development. Planned as a sprawling residential complex within Dubai Investment
Park, the project was designed to encompass forty acres of land with forty-nine
residential buildings, housing a total of four thousand apartments and offering
on-site amenities. Despite facing setbacks, the development process has since
resumed.
Schon Business Park and Technological Innovations
In 2007, Schon Properties embarked on the development of
Schon Business Park, a vast complex featuring four hundred and ten offices
capable of accommodating up to four thousand employees. This ambitious project
earned Schon Properties recognition with the CNBC Arabian Property Prize for
Best Office Development. Notably, Schon Properties committed to integrating Leadership
in Energy & Environmental Design (LEED) standards into their future
developments, partnering with LEED specialists 'Whitby Bird' to ensure
compliance with these green building standards.
Incorporation of Technology and Participation in Cityscape
Abu Dhabi
Schon Properties adopted innovative technologies to enhance
their projects, including incorporating Crystal Lagoons technology by Fernando
Fischmann into the Dubai Lagoon development. This technology helps maintain
water clarity and prevents algae growth, ensuring a pristine environment for
residents. Additionally, Schon Properties showcased its growing influence in
the UAE real estate sector by participating in prominent industry events such
as Cityscape Abu Dhabi, where they highlighted their investments and property
offerings.
Strategic Investment in Sports: Multan Sultans
In 2017, Schon Group made a significant move into the realm
of sports by acquiring the Multan Sultans, the sixth team of the Pakistan Super
League (PSL). The acquisition involved a substantial financial commitment, with
Schon Group purchasing the franchise for a record-breaking $5.2 million
annually. This long-term investment, spanning eight years, positioned Multan
Sultans as the most expensive team in the tournament's history.
iSuites: A Vision for Dubai's Hospitality Sector
Schon Properties and Al Hamad Group of Companies have teamed
up to develop the ambitious iSuites project, a $870 million venture located at
Dubai Investment Park. This expansive project includes 2,550 luxurious hotel
apartments spread across 21 buildings, designed in a 2B+G+8 structure.
Alongside these accommodations, iSuites will feature 52 dining establishments,
cafes, and a sprawling 125,000 square feet shopping destination known as the
Laguna Centrale Mall. The development aims to address the growing demand for
high-quality 4-star hotel rooms near major attractions like EXPO 2020, Al
Maktoum International Airport, and Dubai Parks and Resorts. With a total
constructible area exceeding 2.6 million square feet, iSuites promises to
redefine hospitality in Dubai.
Groundbreaking Milestone for iSuites
Shortly after announcing their partnership, Schon Properties
and Al Hamad Group of Companies marked a significant milestone with a
ground-breaking ceremony at the Dubai Investment Park site. This ceremony
underscored their commitment to swiftly move forward with the iSuites project,
reinforcing their vision for enhancing Dubai's hospitality landscape.
Dubai Lagoon: Past and Present
Dubai Lagoon, another flagship project by Schon Properties,
initially received acclaim as the recipient of the CNBC Arabian Property Award
for Best Mixed Use Development. Spanning 40 acres in Dubai Investment Park,
this residential complex was set to feature 49 buildings housing over 4,000
apartments alongside comprehensive amenities. Although the project faced
suspension, it has since been revitalized under the name AVA Designer
Residences, with the first phase scheduled for completion in March 2020.
Recently, Schon Properties transferred 2.33 million square feet of Dubai
Lagoon's development to Xanadu Real Estate Development LLC, focusing resources
on advancing the iSuites initiative.
Schon Business Park: A Hub of Excellence
Established in 2007, Schon Business Park stands as a
prominent office complex in Dubai Investment Park, integrating industrial,
business, residential, and recreational facilities. The park accommodates 410
offices, catering to a workforce of 4,000 employees. Recognized with the CNBC
Arabian Property Award for Best Office Development, Schon Business Park
exemplifies excellence in workspace design and functionality.
Commitment to Sustainability
In a forward-looking move, Schon Properties pledged to
adhere to LEED (Leadership in Energy & Environmental Design) standards in
all future developments, promoting eco-friendly practices. This commitment
reflects their dedication to sustainable building practices and environmental
stewardship in Dubai's real estate sector.
Innovative Technologies at Dubai Lagoon
Dubai Lagoon integrated Crystal Lagoons technology by
Fernando Fischmann, ensuring the preservation and aesthetic appeal of large
bodies of water within the development. This innovation not only enhances the
visual appeal but also maintains water quality, contributing to a vibrant
living environment.
Achievements and Recognition
Under Nasir Schon's leadership, Schon Properties has thrived
in the United Arab Emirates, encompassing diverse business holdings and
interests. The Business Park project, a division of Schon Group, received
accolades for developing the Best Office, underscoring Nasir Schon's commitment
to excellence and innovation in real estate.
By encapsulating Nasir Schon's journey into business and his
contributions to both Pakistan and Dubai's economies, his legacy as a
pioneering businessman and entrepreneur is illuminated.
Timeline summarizing the key events and milestones in Nasir
Schon's career and business ventures:
1957: Nasir Schon is born on November 28 in Karachi,
Pakistan.
1982: Nasir Schon establishes the Schon Group, beginning his
entrepreneurial journey.
1995: Schon Group acquires significant assets including
Pak-China Fertilizers, Schon Textiles, Schon Bank, and National Fibers,
solidifying its position in various industries.
1996: Schon Properties makes its debut in the real estate
market of the United Arab Emirates, initially focusing on property management
and leasing.
1997: Due to political challenges in Pakistan, Nasir Schon
and Schon Group's directors move to Dubai.
2007: Nasir Schon, along with his brother Syed Tahir
Hussain, co-founds Schon Properties in Dubai. They embark on the development of
Schon Business Park and commit to integrating LEED standards into their
projects.
2017: Schon Group acquires the Multan Sultans, the sixth
team of the Pakistan Super League (PSL), making a significant entry into the
sports industry.
2020: The Dubai Lagoon project is revitalized under the name
AVA Designer Residences, with the first phase scheduled for completion.
2023: Schon Properties and Al Hamad Group of Companies
commence the iSuites project, aiming to redefine hospitality in Dubai with a
$870 million investment.
Throughout his career, Nasir Schon has demonstrated a
consistent commitment to innovation, sustainability, and excellence in both
Pakistan and the UAE, shaping the business landscape in real estate, sports,
and beyond.
