Jordanian Ashraf Hamdan began investing in Dubai's real estate market in 2006, with a few modest rental investment forays before turning his sights on flashier projects as a wave of luxury developments hit the market.
The real estate bust in 2008 left investors like Hamdan with half-finished projects sitting in the desert sun and losses that were unlikely to be recouped.
"It was a costly learning experience for a real estate investor," said the 53-year-old businessman. "But real estate is in our blood here in the Arab world. It's a tangible investment, and from an Islamic perspective, that appeals to me.
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