THE MIDDLE EAST’S

36. Ali Ashraf Tumbi

Designation : Founder & Chairman
Company: AQUA Developments
Headquarters: U.A.E.
Established : 2010

Tumbi founded Aqua Properties in 2005. In 2010, he established AQUA Development, focusing on real estate project development and management for investors seeking rental income or profits. AQUA Developments’ portfolio includes projects such as the Community Sports Arena in Dubai Sports City, and Central Downtown in Arjan. In October 2024, AQUA Developments launched TUMBI Hotels on Palm Jumeirah, becoming the first Tapestry Collection by Hilton in the U.A.E. As of March 2025, it had $250 million worth of completed projects and around $1.2 billion of projects under construction. Tumbi is also the founder of HOAM - Highrise Owners Association Management.