Dubai-it: How Syrian expat Firas Al Msaddi built fäm Properties into a Dubai real estate giant

Dubai: Growing up in Homs, Syria in the 1990s, Firas Al Msaddi was always inspired watching friends return to their home country, from far off places in Europe, the US or the Gulf. It drew a little picture of the vast opportunities the world had to offer, a world he was keen to explore.

“I was ambitious and not afraid of the unknown,” Al Msaddi told Emirates 24|7.

As he would drop off friends at Damascus Airport, looking at the departure signs, he would ask himself: “When would I be the one travelling, rather than the person saying goodbye?”

So, in December 2005, the 21-year-old young man decided to take the leap of faith, pack his bags and leave his home country. After a brief stay in Saudi Arabia, he came to Dubai, and vividly remembers his first reaction to the city.

“When I arrived in Dubai and saw Sheikh Zayed Road and the towers, I was incredibly impressed. I could feel the opportunities the city offered,” he said.

Today, Al Msaddi is the Chief Executive Officer of fäm Properties, one of Dubai’s largest real estate brokerages but this quintessentially Dubai-it journey – of achieving exceptional results in record time – was not an easy one, with the first few days in the city testing his grit.

“When I arrived in Dubai, I shared a small apartment with around 12 people, all non-Arabs. I knew it would help me improve my English. I was focused on what I wanted to achieve, and those living conditions did not distract me from that,” he said.

“I remember my first interview very clearly. I walked into the room, said hello, sat down, and then couldn’t say another word because my English was so poor. I was embarrassed, especially because a friend had recommended me,” he added.

But it wasn’t an experience that would stop Al Msaddi, or slow down his pace. After over 40 interviews, he finally landed a job in the retail industry, earning a salary of AED5,000 to AED5,500 a month. But even as he took on extra shifts, determined to learn more and offer more to customers, he could already feel bigger ambitions taking over.

During his holidays, he tried working in the real estate industry, with a focus on rentals, and in 25 days, he closed his first deal.

“That first success gave me the confidence to take the next step,” Al Msaddi said.

So, just two years after landing in Dubai, Al Msaddi left a steady job, with a fixed income, to move into the world of real estate, setting up fäm Properties.

His timing and strategy were both against the tide – the world was going through a financial crisis, and whatever interest people had in real estate had to do with owning properties much more than in the rental space.

Al Msaddi decided to adopt a lease-only approach, with just one project – Executive Towers in Business Bay, because, he says, he knew those apartments inside out.

It’s a strategy he stands by – to pick one thing and know it better than anyone else.

“I have always believed that you need to look beyond what people are feeling and make decisions based on what you can see and understand for yourself,” Al Msaddi said.

“I did not see starting the business during the crisis as a risk in the way others might have. I believed there would still be a need to sell and rent properties,” he added.

Being in the city of ‘Dubai-it’ also made taking those bold steps easier.

“For me, Dubai’s approach is about never standing still. The city wants to be number one, but getting there is not enough. You have to keep working, improving and pushing forward because the world continues to change, and now it is changing faster than ever with artificial intelligence,” Al Msaddi said.

“I have seen this determination through the different challenges Dubai has faced. There was the 2009 crisis, the slowdown in 2015 and then the pandemic. Each time, people questioned whether the city and its property market could recover. Yet Dubai continued to develop and create new opportunities. I saw that same principle when I started fäm in 2009. While others were pulling back, I looked at what was being built and saw an opportunity. For me, that is the spirit of Dubai: looking ahead, adapting and continuing to move forward,” he added.

The company also has a heavy focus and investment in technology, data and statistics, and set up DXBinteract in 2021, a real estate data and market intelligence platform for the Dubai property market.

“We did not know AI would develop as quickly as it has, but we believed in the importance of having reliable data and using it to understand the real estate market. DXBinteract grew out of that work. It was founded by Fateh Al Msaddi, my brother and COO of fäm Properties, with myself as co-founder, and has become an important part of the Dubai property market. It provides data on property transactions, rents, price trends, future supply, developer delivery and investment returns, including analysis based on Dubai Land Department records,” Al Msaddi said.

But while many people often see the final results and the ultimate success, the road is often littered with mistakes and setbacks. For Al Msaddi, all those setbacks were simply opportunities to learn.

“I have made mistakes, including losing 60 to 70 per cent of the money I invested in stocks because I did not understand the market. That taught me a lesson I have never forgotten: Never invest in something you don’t understand. When I face challenges today, I remind myself that I started with very little and was able to build something. That gives me confidence to keep going,” he said.

But what has stayed constant is Al Msaddi’s approach to constantly grow and create new opportunities, one that he says is reflective of the city’s spirit.

He also continues to set his own path, without necessarily following trends within the larger property market.

“A more recent example is our decision to build two ultra-luxury waterfront mansions on Palm Jebel Ali through Nordic by fäm, the ultra-prime development arm of fäm Properties, each to be offered for sale at AED250 million on completion. They form part of a wider AED3 billion portfolio of luxury homes in prime Dubai districts that will be offered for sale only when finished.

“This challenges the off-plan model that has long defined the high-end property market. More wealthy buyers want to see the finished home before committing, and we are responding to that. For me, that is what Dubai-it means in practice: not simply accepting the way things have always been done, but recognising how expectations are changing and being prepared to do things differently,” he said.

Looking back at his journey in Dubai, from 2005 till today, Al Msaddi says being in a city where ambition is rewarded greatly influenced his own approach.

“Dubai gave me the feeling that there was no limit to what I could achieve. I had come from Syria wanting to explore the world, and Dubai gave me a place where I could work towards that ambition. One of my strongest memories on getting here is of being incredibly impressed with the possibilities I saw. They were much bigger than anything I had experienced before. That feeling has stayed with me,” he said.

The ambition, though, never overpowers the foundational values Al Msaddi has come to see around him and in his own business.

“I have also come to appreciate the importance Dubai places on people and customer service. I believe that adding value to others through honesty, transparency, expertise and simple human decency is fundamental to business, wherever you are.

“I see the same principle reflected in the way Dubai approaches residents, visitors and people around the world who want to be part of the city. Those are values that have remained important to me throughout my journey,” he said.

As for the dreamers who may still be on the fence, waiting to begin their own entrepreneurial journey, Al Msaddi has a simple advice – just be willing to learn.

“Don’t be afraid of starting small or facing the unknown. I arrived in Dubai with limited English, worked in retail and went through dozens of interviews before finding my way into real estate. You don’t need to know everything at the beginning. You need to be willing to learn, work hard and keep moving towards what you want to achieve.”