Gemstone Real Estate Development – GC Powerlist
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Middle East Teams 2016

Gemstone Real Estate Development

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Middle East Teams 2016

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Gemstone Real Estate Development

The Gemstone Real Estate Development legal team is based around a core of highly skilled lawyers. As well as chief legal officer Aasma Khan, whose importance to the group is...

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About

Gemstone Real Estate Development is a regional property developer operating at a global scale and a function that is a part of combined legal services across multiple sectors of the Al Rajhi Group. Aasma Khan and her initial team of three lawyers (plus one support staff) started rebuilding the legal function of Tameer Holding Investment in 2009. Almost nine years later, the team is now overseeing Gemstone’s legal affairs and has expanded to nine specialist lawyers and 12 non-lawyers. The legal team also offers group level services to the certain sectors of Al Rajhi Group which expands the legal function jurisdiction to cover seven different company groupings, operating 86 individual companies in 12 jurisdictions. Operating primarily in the real estate sector the team has been successful in defending major litigations and in certain cases reversing monetary claims. The team has also enforced shareholder arbitration in local courts, recovering full judgment amounts while eliminating minority interest. In conjunction they have emerged victorious in an arbitration surrounding stakeholders and minority shareholders in the subcontracting sector. Khan and her team play a vital role in the macro restructuring of family ownership across three Gulf Cooperation Council countries bringing systematised ownership and clearance of duplicate and inactive licenses. They have also standardised documentation in countries of operations namely Jordan, Qatar, Saudi Arabia and the UAE, in order to reduce the turn-around time by their comprehensive in-house database. A dip in real estate prices and slower construction markets have meant that the legal department have increased their responsiveness to commercial teams, acting almost instantaneously to ensure faster negotiations. Says Khan: ‘Our unflagging commitment to this high level of efficiency and responsiveness has assured that our commercial teams keep us in the loop as they negotiate, commit or sign – the legal team is fully engaged with the business and the business is fully engaged with the legal team’.

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