Khalaf Al Habtoor’s Dubai office is a gallery of global political peerage, living and dead.
Pictures of the queen of England, President Carter, Yasser Arafat, Benazir Bhutto and Rafik Hariri cover every wall.
So it is not surprising that the billionaire head of the Al Habtoor Group conglomerate seems more engaged when talking politics than business. His conversation is rapid fire.
When questions of regional tension and conflict arise, he is at his most animated.
These themes are explored in a book he published this month titled Is Anybody Listening?
It covers what he sees as some of the misguided foreign policy that lies at the heart of wars from Syria to Iraq.
His fascination with politics and history is perhaps rooted in his recollections of the uncertainty and trepidation that preceded the country’s formation, as the British prepared to withdraw from the then Trucial States in the late 1960s.
“I remember in 1968 when the British decided to leave the country – we were worried.”
Asked about who among the many famous leaders on the walls stands out in his memories, he starts with two of the nation’s Founding Fathers, Sheikh Zayed Al Nahyan of Abu Dhabi and Sheikh Rashid Al Maktoum of Dubai.
“God gave us two leaders in Sheikh Zayed and Sheikh Rashid,” he said. “They created that dream and made a successful federation.”
Next to get mentions are the former US president Jimmy Carter and Queen Elizabeth II of England.
“He travels all over the world and to places I would not let my staff visit. What a great man,” he says of president Carter.
And as for Queen Elizabeth, he refers to her as “queen of the world”.
As we discuss the US presidential race he laments what he sees as a vacuum of statesmanship where one would expect to see a “reservoir” of leadership.
He says that Donald Trump, the Republican presidential nominee, does not have the “mentality” to be president of the US.
He says the reaction from the Arab Muslim diaspora to a Trump presidency would be dramatic. “I think a lot of countries or investors with business there [in the US] would liquidate. There would be a lot of jobs lost.”
Mr Al Habtoor leads one of the country’s biggest conglomerates from a relatively low-key head office in the Jumeirah district of Dubai, which could pass for a private residence – albeit a rather large one. From here he oversees a multibillion dollar global empire that covers hotels, car dealerships and schools.
If you want to buy a Bentley or a Bugatti in Dubai, you go to an Al Habtoor dealership. If a Mitsubishi Pajero is more in your price range, you’ll also buy it from Al Habtoor.
His hotel portfolio includes 14 properties in the UAE and overseas, including the Waldorf Astoria Dubai Palm Jumeirah and the Hilton London Wembley.
Now he is building the vast Al Habtoor City collection of hotels in the heart of Dubai, as well as the equestrian-themed Al Habtoor Polo Resort and Club.
As Dubai faces economic headwinds created by low oil prices, a strong dollar and faltering confidence in the retail and property sectors, Mr Al Habtoor is still broadly upbeat on prospects for growth, with the caveat that it must be properly managed. He sees corporate and fiscal governance in similar terms.
“If we can manage companies like countries, with the correct cash flow, I believe it can work,” he says.
The hospitality sector, where the group has a significant and growing presence, is coming under pressure as a result of a strong dollar eroding the purchasing power of visitors from Europe and especially the UK, given the post-Brexit weakness of sterling.
“We have to be very careful with expansion of hotels – I’ve said it so many times,” he says.
A sense of conservatism comes across when he discusses business. An example is his take on the property market, where he believes off-plan sales should be stopped.
Developers should be permitted to sell homes only when they are 30 to 40 per cent complete, he says. With more than US$50 billion in Dubai debt due to mature between this year and 2018, he doesn’t have an opinion on whether government-related entities with substantial debt will face issues meeting their obligations, because he says he is not familiar with their balance sheets or cash flow situation.
He is not ducking the question – he just doesn’t know the answer. But he flags up Nakheel, The Palm islands developer, as an example of a company that has been able to prudently manage its balance sheet in the wake of the 2009 Dubai World debt crisis.
“They are paying before their debts are due,” he says, in a reference to the developer’s repayment of a Dh4.4bn Islamic bond in August.
“I salute the management and Ali Lootah [the developer’s chairman]. He’s a great leader for the project.”
The question of succession is often raised in relation to the region’s big family groups, often accompanied by related questions about future initial public offerings.
There has been a narrative created around the need for family groups to go public as the early generation of corporate leaders in the region ensures a future for the capital they have built.
There may be a paternalistic aspect to the argument as it is often touted by professional advisers who stand to benefit from such deal-making.
But as yet, the great IPO rush of the region’s big families has not materialised, even if the largely unchallenged imperative for such share sales has entered conventional wisdom.
Mr Al Habtoor does not see the question of succession as an issue for his company.
“I have my sons with me at work and my daughters as well, and they are learning a lot,” he says.
“They are responsible and hands- on in a lot of things. When they were little I took them to work like my father did for me.”
It feels like the time may be approaching for his daily afternoon game of tennis.
He says it’s not so much a routine as an addiction.
“Do you like to play against opponents who are slightly better than you?” I inquire. “In order to improve?”
“Yes,” he laughs. “But I have to beat them.”
scronin@thenational.ae
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