A joint venture between Arif Habib Group and the Dolmen Group, AHDRML was incorporated as a public limited company in 2009 under the Companies Ordinance, 1984 and registered under NBFC Rules with the Securities and Exchange Commission of Pakistan (SECP). We are Pakistan’s first REIT management company aimed towards bringing real estate investment to the reach of the average investor.
We have a portfolio of properties all over Pakistan. We offer services in consultancy & real estate development. We have been involved in the development, construction, real estate advisory, and management of quality projects, providing value-enhancing services to our customers
Muhammad Ejaz, Chief Executive Officer at Arif Habib Dolmen REIT Management Limited discusses & explains the progress of our company since 2009 & our main offering.
Muhammad Ejaz is the founding Chief Executive of Arif Habib Dolmen REIT Management Limited, Pakistan’s pioneering REIT Management company. He has been associated with Arif Habib Group since 2008 and sits on the board of several group companies. He has spear headed several group projects when these were at a critical stage during their execution.
Prior to joining Arif Habib Group, Ejaz has served at senior positions with both local and international banks. He was the Treasurer of Emirates NBD bank in Pakistan and served Faysal Bank Pakistan as Regional Head of Corporate Banking group. He also served Saudi-Pak Bank (now Silkbank) as Head of Corporate and Investment Banking. He also had short stints at Engro Chemical and American Express bank.
Ejaz did his graduation in Computer Science from FAST, ICS and did MBA in Banking and Finance from IBA, Karachi where he has also served as a visiting faculty member. He has also conducted programs at NIBAF–SBP and IBP. He is a Certified Director and also a Certified Financial Risk Manager.
He actively participates in the group’s CSR initiatives especially those which render services in the fields of health and education with emphasis on female literacy.
Muhammad Hasan is an executive operating at the intersection of real estate, capital markets and new business creation, with a career built around identifying opportunities, developing investment propositions and translating ideas into commercially viable platforms.
As Head of New Business Initiative at Arif Habib Dolmen REIT Management Limited, Hasan’s mandate extends beyond conventional operations. He is actively involved in business development, strategic partnerships, product innovation and capital formation, helping shape new avenues of growth for the company and broadening participation in Pakistan’s evolving REIT and real-estate investment landscape.
His approach combines financial discipline with commercial imagination. From identifying an opportunity and testing its feasibility to designing the investment structure, navigating the regulatory architecture, engaging institutional partners and raising capital, Hasan works across the full lifecycle of a new business proposition. His current work includes the development of innovative REIT structures, public-private partnership opportunities and fractional real-estate investment models such as PropertyShare, aimed at making institutional-quality real estate accessible to a wider investor base.
Before joining AHDRML, Hasan served as Associate Director – Investments, Feasibility & REIT Management at Zameen.com, where his responsibilities included investment analysis, feasibility, product development, fundraising and the establishment and operationalisation of a REIT Management Company.
Earlier, during more than fifteen years at Central Depository Company of Pakistan, he worked extensively across Pakistan’s mutual fund and REIT ecosystem, including product development, business development and regulatory engagement. His work also extended into financial technology and digital innovation, where he contributed to multiple payment-system initiatives within Pakistan’s banking ecosystem, led API-based system integrations and worked on artificial intelligence and robotic process automation. A notable RPA initiative substantially automated high-volume processes previously undertaken manually across multiple operational teams.
Throughout his career, Hasan has been drawn to opportunities where finance, regulation, technology and enterprise converge. Whether developing a new investment product, structuring a transaction, exploring an emerging business model or rethinking an established process, his focus remains consistent: to convert an idea into an institutionally credible, scalable and commercially meaningful business opportunity.
He is a Member of the Institute of Chartered Accountants in England and Wales (ICAEW) and a Fellow of the Association of Chartered Certified Accountants (ACCA).
Razi has been the Chief Financial Officer and Company Secretary at Arif Habib Dolmen REIT Management Limited (AHDRML) since 2021. Before joining AHDRML, Razi was with Askari General Insurance Company Limited from 2015 to 2021 where he led the Company’s Finance Department. His expertise is in the field of Finance, Accounting, Audit, Planning, and Risk Assessment. Razi is a member of the Institute of Chartered Accountants of Pakistan. He completed his Articles from A.F. Ferguson & Co., Chartered Accountants (a member of PwC) in 2014 where he gained experience in diverse sectors serving clients spanning the Financial, Construction, Service industries, and NGOs.
Lt Col Ahmar Halim Khan (Retd) is Executive Vice President at Arif Habib Development & Engineering Consultants and is an executive member of the Pakistan Engineering Council & Institute of Engineers. Col Ahmar has extensive experience with military, public and private sector construction & engineering. Before joining AHDRML, Ahmar was with Bahria Town from 2018 to 2021 where he led the firm’s building & infrastructure as the General Manager. His expertise is in the field of civil engineering and infrastructure. Ahmar completed his B.Sc in Civil Engineering from the Military College of Engineering in Risalpur and has completed multiple courses & diplomas in the field of construction, project management & satellite image processing.
Usama Afsar Khan is a seasoned business leader and sales professional with extensive experience across the real estate, technology, education, retail, and consumer sectors. A Gold Medalist, he is passionate about driving business growth, developing high-performing teams, and building sustainable organizations.
Throughout his career, Usama has held senior leadership roles with some of Pakistan’s leading organizations, including:
Country Head – Sales, Arif Habib Group
Senior Regional Head, IMARAT Group
Regional Head – Sindh & Balochistan, Graana.com & Agency21 International
Senior Category Head, Dubizzle
Senior Manager – Business Development, Zameen.com
Managing Director, Allied Batteries
Equity Partner, The Next School
Co-Founder, Wok Guys
With a career spanning multiple industries and leadership functions, Usama brings a strong combination of strategic thinking, sales expertise, commercial acumen, and people leadership.
Arsal joined Arif Habib Dolmen REIT Management Limited in February 2023 as Manager – Investments, REITs & Real Estate Advisory. Presently heading the department, he is responsible for financial analysis/modeling, valuations, and due diligence on real estate projects, along with advisory on transaction structuring and establishing REIT Schemes.
Before joining Arif Habib Group, Arsal started his career in November 2020 as an Investment Analyst at AKD Securities Limited in its Cross Asset Advisory Group focusing mainly on Private Equity and Venture Capital transactions, Reverse Mergers, and Privatization.
Arsal has completed his bachelor’s degree in accounting and finance from the Institute of Business Administration (IBA Karachi) and is currently pursuing the CFA Charter, having cleared Level 1 and Level 2.
