About a mile from Lamas properties, Ubica and Maven Real Estate are planning an apartment building on a half-acre site anchored at 152 Almeria Avenue. Completed projects include the prestigious City Place Doral, The Flats, Park Square, One Park Square at Doral, Doral View, and The Manor. Coral Gables-based Shoma, led by Masoud Shojaee, completed the six-story building in November and fully leased it in the following eight months, according to the release. In other multifamily ventures, Shoma paid $15.8 million for the properties at 1850 and 1872 79th Street Causeway in North Bay Village, with plans to build a 19-story project with rentals and retail. In addition, seven two-story apartments, ranging in size from 1,344 square feet to 1,400 square feet, will be live-work units where renters can have their office on a full floor. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Mr. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. For questions call 1-877-256-2472 or contact us at [emailprotected], Jill Beck Runs for Pennsylvania Superior Court, Judge Matthew Wolf Runs for Commonwealth Court, Longtime Paul Hastings CFO Departs Following Wave of Exits, Judge Rejects Motion by Trump Lawyers for Mistrial in Civil Rape Case, Bryan Neft Runs for the Commonwealth Court. She also has plans to build an affordable housing division for the company. His CMC Group is currently developing the boutique, eight-story Onda Residences in Bay Harbor Islands along with Morabito Properties. Shoma Group won its appeal on a breach-of-contract claim against Colombo over a failed 10-story condo-retail project. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Mitsubishi UFJ to sell SF office building at expected 80% discount, Car dealer sets Palm Beach resi record with $170M purchase. Founding Shoma. Developer Masoud Shojaee is planning to build a two-tower, 359-unit rental development on Bird Road near Coral Gables. By . Founded on the simple principle that properties should enrich the lives and communities of the people within them, Shoma has mastered the art and craft of home and commercial building. Construction is expected to start in January of next year and will take up to two years. Daily Business Review honors attorneys and judges who have made a remarkable difference in the legal profession in Florida. A Miami-Dade County Circuit Court judge overturned a $10 million jury verdict that Shoma Group CEO Masoud Shojaee's company won against a company led by condo developer Ugo Colombo of CMC Group . nuances depending on the economy of their own countries of origin for instance." says CEO and chairman of the board Masoud Shojaee. Masoud builds high quality developments in the diverse and growing South Florida. A year later, the 14-unit building at 920 Palermo Avenue was finished. Masoud is. Terms of Service. Jim Robinson and Raoul Cantero, attorneys for Shoma Coral Gables, were in court and did not respond to emails requesting comment. Shojaee said his project stands out from existing rental projects nearby because Shoma builds rentals with features and finishes more commonly found in condos. In December, the duo sold the last developable Park Square parcel for $16 million to Lincoln Property Company National, which plans an apartment project. As I join Masoud at the helm, Shoma has the advantage of the experience and foundational practices that my husband founded the company on 33 years ago, as well as the exploration of new ideas and fresh perspective that I bring to the table, which will keep us on the cutting edge as a market maker for years to come.. The developer plans the $220 million Shoma One project with 391 apartments in a pair of 18-story towers, along with a Shoma Bazaar food hall, according to the companys news release. Just a decade after arriving in the United States as an exile, Masoud Shojaee had turned his life around. https://www.law.com/dailybusinessreview/2020/07/23/coral-gables-developer-gets-another-shot-in-case-against-real-estate-tycoon-ugo-colombo/. Rents are increasing at unprecedented rates, with the region reporting a roughly 8 percent increase over the past year, while some submarkets are seeing rent hikes of as much as 24 percent. The switch from rentals to condos comes as rent growth is finally slowing in South Florida. The Shojaees sued Silva for defamation last week in Miami-Dade Circuit Court. Stephanie understands Shoma Groups mission and identity better than anyone, and brings to it her own creativity and innovative thinking, which has been critical to Shomas success in recent years, said founder Masoud Shojaee, who will continue in his role as Shomas CEO and Chairman of the Board. Her diligence has resulted in resounding success. However, Lamas plans to redevelop the site into luxury townhomes or flats in five to 10 years depending on the market, the spokesperson said. The Coral Gables-based developer tapped Craig Studnickys ISG World to lead sales and marketing of the units. 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Real estate agent based in Miami, Masoud Shojaee, has wowed women after gifting his wife Steph a private jet In a video that has gone viral, the billionaire opens the door for blindfolded Steph, walks onto a red mat which is written her name, before removing the scarf covering her eyes Thursday, February 2 2023. . from 8 AM - 9 PM ET. She works painstakingly to uphold Shomas mission to create unparalleled living experiences that provide an amenity to their surrounding communities, spurring growth and opportunity for generations. We look forward to continuing our forward momentum on this development and collaborating on other projects in the future.". Lamas and her children, through trusts and other entities, sued the Shoma Group developer over the years. Walker & Dunlop's 950+ professionals in 41 offices across the nation have an unyielding commitment to client satisfaction. Shojaee did not respond to a text message seeking comment. The one at 915 Palermo Avenue has 18 units and was completed in 1963. She has completely transformed the way Shoma markets its projects, helping the 33-year-old real estate powerhouse maintain its prominence in a social media age through her keen understanding of. Lamas filed the foreclosure lawsuit Aug. 30 against LSA Property Holdings LLC and LSA Parking LLC. Subscribe to Get Latest Updates Enter your email address to subscribe to this blog and receive notifications of new posts by email. The couple married in 2019, a year after Masoud finalized his divorce from Shoma Group co-founder and his former . 2018 - Hagedorn Publishing. First arriving in Miami Florida august of 1978, Mr. Shojaee had a group of friends that urged him to try The University of Miami rather than going to UCLA as he had originally planned. Contact Us| Over the past 31 years, Shoma has developed more than. Previously serving as Shomas vice president and chief marketing officer, Stephanie has already made her mark on key neighborhoods in Miami. Shoma bought the 2.5-acre property at 3650 Bird Road,. The developer is seeking a 10 percent waiver in parking with a total of about 500 spaces. Shoma Group, one of the largest developers in Miami-Dade County, has promoted Stephanie Shojaee to president. Monthly rents so far have averaged from $2,210 to $3,660 for one-year leases, although they have been slightly higher for seven-month leases, reaching $2,410 to $3,860 per month. "We believe in Shoma Group's track record and vision for the area. Shoma, led by Chairman Masoud Shojaee and President Stephanie Shojaee, is launching sales of the Shoma Bay condos, with prices starting in the $400,000s, according to a press release. Stephanie Shojaee (born 7 November 1984 Miami, Florida, USA) is an American entrepreneur and the President of Shoma Group which is an award winning real estate development company specializing in residential and commercial projects. The developer is seeking construction financing for the project. Six of the apartments will be live/work units along 37th Avenue and Bird Road. With a Master's Degree and a Ph.D. under his belt and a lifetime of knowledge passed down from his developer father, Shojaee had a plan. Full name/real name: Masoud Shojaee Gender: Male Date of birth: August 3, 1959 Age: 62 Zodiac sign: Leo Place of birth: Tehran, Iran Current residence: Coral Gables, Florida, USA Nationality: Iranian-American Ethnicity: Iranian Religion: Muslim Sexuality: Straight Height in feet: 6' 1" Height in centimetres: 185 Hair colour: Black Eye colour: Brown Who is Masoud Shoajee? The joint venture suffered the harm [and] not Shoma, the suing member, Thomas wrote. $220M project to include pair of 18-story buildings, food hall, Shoma's Masoud Shojaee and Stephanie Shojaee with 3650 Bird Road (Shoma Group, Google Maps). From left: Masoud Shojaee of Shoma Group and Ugo Colombo of CMC Group (Shoma Group, CMC Group, iStock/Illustration by Steven Dilakian for The Real Deal) Feb 1, 2022, 12:30 PM. The Feil Organization Unveils Capital Improvement Plans at 7 Penn Plaza; GFP Real Estate Inks Seven Leases at 594 Broadway in SoHo Totaling 12,193 SF, Preleasing begins at Ashlar Park in Quincy,First Residents to be Welcomed in August, Royal Palm Companies and ILPDeveloper Celebrate Topping Offof Elevate Apartments, New 34-Million Dollar Luxury Rental Community Planned for Lebanon, TN, Ariel Property Advisors arranges sale of multifamily building in Brooklyn, Electric charging company opens supercharging station, relocates NYC headquarters, Kamber Management Company announces increased leasing momentum at Tower 45 in Midtown. The $10 million jury verdict disbursement was likely to come from the escrow. Shoma bought the 2.5-acre property at 3650 Bird Road, steps from a Metrorail stop, from an affiliate of Deel Volvo, the dealership currently on the site, records show. BenefitsPro Broker Expo will help attendees prepare for new issues, embrace new challenges and find new solutions. Jeremy Pinoand Livingston Hessamled Walker & Dunlop in structuring the financing on behalf of Shoma Group, a strong, repeat client with extensive experience in developing multifamily properties throughout Florida. 32-unit buildings could be redeveloped into luxury townhomes or apartments, 915 and 920 Palermo Avenue in Coral Gables. Developer Masoud Shojaee will get another go at his breach-of-contract claims against Miami real estate powerhouse Ugo Colombo in their dispute over a failed Coral Gables joint venture. WDCPF deftly navigates the capital markets to provide a full spectrum of funding solutions, including low leverage, high leverage, cash flow, no-cash flow, ground leases, environmental contamination, structural deficiencies, liquidity challenged sponsorship, and short-term closings. Amenities will include a lounge, bar, spa, gym, pool deck, library and kids club. Since joining the firm in 2013, Shojaees eye for creating luxury housing and upscale retail offerings has shaped Shomas projects and further solidified its reputation as one of South Floridas most respected developers. Masoud Shojaee is part owner of Shoma Group. "This transaction highlights WDCPF's ability to deliver competitively priced capital in the midst of the development's final phase of lease-up," Mr. Smith commented. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. and M.S.E.E., University of Miami Masoud Shojaee 's. Colombo has been content to follow the agreed-upon procedures for distributing certain cash proceeds of the company, and Shomas attempt to race ahead to that cash through litigation was rejected in its entirety, Burstyn said. Stephanie is currently spearheading the firms new development strategy of food hall-anchored multifamily projects and recently opened their first Shoma Bazaar location in Doral. Shoma Group is pivoting its plans from apartments to condos at a North Bay Village site it acquired earlier this year. Website http://www.shomagroup.com Industries Leasing Non-residential Real Estate Company size 51-200 employees Headquarters Coral Gables, Florida Type Privately Held Founded 1988 Locations. Sanctuary Doral, located in one of Miami's most desirable submarkets, offers a mix of one-, two-, and three-bedroom apartments within two, six-story mid-rise buildings. Lamas, who co-founded Shoma Group with her then-husband Masoud Shojaee, paid roughly $256,000 per unit. Cision Distribution 888-776-0942 Miami-based developer Shoma Group is excited to announce Stephanie Shojaee has been named as the companys president. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Lamas spokesperson said she was attracted to the Palermo Avenue site because it is across from the Venetian Pool and surrounded by million-dollar homes. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Connecticut private island sells for $3.5M, Brookfields Gas Company Tower goes into receivership. The company bought a waterfront assemblage of more than 6 acres next to its WSVN-Channel 7 TV station in three deals last year totaling $56.5 million. Shoma Bay will be a 19-story mixed-use project with 327 condos on a 2.8-acre property, according to the release. About Us| Avanti appears to be beefing up its South Florida portfolio. 920 Sevilla Developers, a foreign company registered in Delaware, sold the properties. That means prices start at about $1,200 per square foot. Six units will be set aside as live/work apartments, Masoud Shojaee and 3650 Bird Road (Credit: Google Maps). Copyright 2023 ALM Global, LLC. Learn about Shoma Group's history in real-estate development and people behind our company. A Miami-Dade judge overturned developer Masoud Shojaees $10 million court victory against an affiliate of his former joint venture partner Ugo Colombo. Masoud Shojaees Shoma Group paid $34 million for a Miami auto dealership, with plans to redevelop it into a pair of apartment towers. Shomas suit alleged that Colombos companies attempted to exploit the joint venture by pushing to buy the underground garage and some of the retail space for a lowball price. Unlimited access to Daily Business Review, Access to additional free ALM publications, 1 free article* across the ALM subscription network every 30 days, Exclusive discounts on ALM events and publications. All Right Reserved. The complex, which is being renamed Venetian Flats, has two buildings. Shojaee, who declined to disclose the purchase price of the land, plans to break ground later this year. Masoud Shojaee and his ex, Maria Lamas, finalized their divorce in 2018. Unfortunately, there is no exact figure of Masoud Shojaee's salary. The three-judge panel upheld other judgments in favor of Colombo and Gables Investment, notably on Shomas claim of breach of fiduciary duties. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Masoud Shojaee and his wife Maria, both 46 years old, incorporated Shoma Development Corporation in 1988. Thomas ruling is the latest turn of events in the six-year legal battle between the two real estate tycoons over their once-hyped plan for The Collection Residences, which also included retail and an underground garage. Decision quashes October jury verdict over failed Coral Gables condo project, From left: Masoud Shojaee of Shoma Group and Ugo Colombo of CMC Group (Shoma Group, CMC Group, iStock/Illustration by Steven Dilakian for The Real Deal). To view this content, please continue to their sites. She has excellent instincts about demand in the South Florida market and the type of product that will thrive. In her new position, she will lead the charge to expand the company beyond its South Florida presence into new domestic and international markets, including California, Texas, Mexico and Colombia, while continuing her integral role overseeing the firms multifamily and commercial developments, sales and management division, and marketing efforts. The MSA Architects-designed Shoma One will have a rooftop lounge at each tower, as well as a shared eight-story garage with a 2,500-square-foot gym, pool, club room, outdoor grill and projection screens on the rooftop, according to the release. Shoma had. Candidates must have general We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Then in 1992, he bid $6 million in a government auction of 700 lots. Amenities include a pool, gym with steam room and sauna and a two-story clubhouse, as well as a bike path, small soccer field and yoga lawn. Shoma Group's Masoud and Stephanie Shojaee; renderings of new North Bay Village (Shoma Group, Getty). Over the past 31 years, Shoma has developed more than 10,000 homes and condominiums and more than one million square feet of retail and office space with $5 billion in completed real estate transactions. In July, Property Markets Group and Greybrook changed a new downtown Miami rental tower to a condo tower, now called The Elser Hotel & Residences. Candidates should Lawyers of Distinction like to congratulate to the newest 2022 Lawyers of Distinction. Shomas current pipeline includes Ten30, a condo development at 1030 15th Street in Miami Beach, near Lincoln Road. MSA Architects is the project architect and Adriana Hoyos is designing the interiors. Units will range from 580-square-foot studios to two-bedroom, 1,400-square-foot apartments. At Shoma, she has worked to diversify the firms workforce and increased its number of women employees tenfold. Customer Service| In 2019, Coral Gables Luxury Holdings sold the property to Baptist Health for $37 million. Our Team Account subscription service is for legal teams of four or more attorneys. By . With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. Join Daily Business Review now! The group is a real estate development company which is based. The company completed its four-story, 33-unit Ten30 South Beach condominium at 1030 15th Street near Lincoln Road in Miami Beach in March. The roof of the garage will have a pool, fitness center and other amenities. The jury had handed Shoma Coral Gables a $10 million award after concluding that Colombo and an affiliate of his development company CMC Group, breached a partnership agreement to build The Collection Residences, a 128-unit luxury condominium. This unique Moroccan estate in Coral Gables owned by Miami developer Masoud Shojaee has resurfaced for $12.9 million ($1,036 per square foot), down nearly 20 percent off its original $15.9. The building will also have a 2,600-square-foot co-working space and charging stations for electric cars. The partnership began to unravel in 2015 when Shoma Coral Gables said it was pulling out of the project. Toledo said assemblages like the nearly 1-acre Venetian Apartments are rare finds near the Biltmore area in Coral Gables. Both companies are managed by Shoma Group President and co-founder Masoud Shojaee, Lamas'. Shomas general counsel Frank Silva did not respond to a phone message and an email requesting comment. Shojaees current projects include a planned 19-story, 333-unit apartment building with a garage and retail in North Bay Village. When Shoma refused, CMCs affiliate retaliated by canceling condo sales and marketing, the suit alleged. Theres the Adler Group and 13th Floor Investments the Link at Douglas, a mixed-use project with 312 apartments in the first phase; and Gables Station and Paseo de la Riviera, two Coral Gables projects being developed by NP International, which just rebranded to Nolan Reynolds International. Shojaee. The couple split after 29 years of marriage in 2015 and their divorced was finalized three years later. Closing on the site is contingent on the developer securing approval for the project, to be called Shoma One. The verdict had appeared to be the finale in a long-fought legal war, but Thomas ruling now adds another chapter to the acrimonious fight between two heavyweight South Florida developers. The debt served as a construction loan takeout prior to lease-up of the development, which is currently approximately 30 percent occupied. Lamas Coral Gables acquisition closed as the city experiences an apartment building boom. Originally founded in 1988 by company CEO Masoud, Shoma Group has blossomed over its 34 years of operation into developing more than 65 development projects, one million square feet of office and retail space, and handled more than $5 billion in real estate transactions. The developer launched sales of that project in October. Every day it is a privilege to lead our amazing team, and this position is a great honor, said Stephanie. Shoma had purchased the 7.2-acre development site in 2014 for $8.5 million, property records show. Law Offices of Gary Martin Hays & Associates The smallest units will be 375-square-foot studios, complete with space-efficient furniture. The deal breaks down to $453,539 per unit. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Mitsubishi UFJ to sell SF office building at expected 80% discount. BETHESDA,Md., Dec. 23, 2020 /PRNewswire/ -- Walker & Dunlop, Inc.announced today that it structured $84,000,000 in financing for Sanctuary Doral, a newly constructed, 226-unit, Class A, mid-rise apartment building in Doral, Florida with nearly 27,000 square feet of ground floor retail space. I am confident that, as president, her determination, leadership and clear vision for the company will continue to serve Shoma Group well.. Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALMs deep bench of proprietary information to provide insights that cant be found anywhere else. As 50-50 members of the joint venture, following Thomas ruling, now the proceeds could end up being split between the partners affiliates pursuant to a process outlined in their operating agreement, according to court filings. Colombos exotic car dealership The Collection was also a defendant in the lawsuit, but the jury did not issue a verdict against the company. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. He owns about 3 Private Jets , He is about 63 Years Of Age. Just an all-around great location.. Pino and Hessam worked alongsideGeoff Smithand Kimberly Schmitzof Walker & Dunlop Commercial Property Funding, the company's specialty finance first mortgage and mezzanine lending platform. LexisNexis and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information. Together, Walker & Dunlop's team provided interest-only bridge financing with a three-year term. [1] [2] Masoud Shojaee was awarded with Future Sharks entrepreneur of the year award in 2018 . Nearby, Agave Holdings is almost finished building The Plaza, a 2.25 million-square-foot mega-project with 174 apartments, a 242-key hotel and 161,000 square feet of retail. Attorney Zulu Ali Renamed Top Ten Criminal & Immigration Lawyer by Attorney & Pr PVA Cal San Diego to Support Paul Ehline Motorcycle Ride Lytle Creek, SEDA Experts Expands its Forensic Accounting Expert Witness Practice. Under her leadership, the firms developments have leased up and sold out in record pace, including Sanctuary Doral Apartments, which sold for a landmark $102.5 million, and Ten30 South Beach, a condominium that sold out several months before completion. For six years, this lawsuit in. Coral Gables-based Shoma, led by Masoud Shojaee, completed the six-story building in November and fully leased it in the following eight months, according to the release. Both options are priced the same. 920 Sevilla Developers, a foreign company registered in Delaware, sold the properties.. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Miami luxury real estate agent pleads guilty in PPP fraud case. But, as CEO of Shoma Group, a company with annual revenue approaching $250 million, his earnings are quite significant. and received Fannie Mae approval for buyer financing. Today it is one of South Florida's preeminent residential builders. Shoma Group is betting on Miamis multifamily market. Read Also:Rick Beato Net Worth: Wife, Family, Income, Earnings The projects courtyard and plaza spaces will link to the Underline. This is the second deal we have completed together this year and is a true endorsement of the strength and market appeal of our offering," commented Masoud Shojaee, President and Chairman of the board of Shoma Group. Developer Masoud Shojaee is planning to build a two-tower, 359-unit rental development on Bird Road near Coral Gables. The Boynton Beach complex is Avantis only other Florida property aside from Sanctuary, according to the companys website. I am extremely proud of the tremendous care and attention to detail we put into everything we build, and I am committed to continuing Shomas reputation as one of the most trusted builders. At no time has Mr. Colombo ever been held liable to Shoma.. When typing in this field, a list of search results will appear and be automatically updated as you type. Biography Of Stephanie Shojaee - Age , Net Worth and Children , She is the wife of Masoud Shojaee , His husband is the president and chairman of the board of Shoma Group. The following year Shoma sued Colombo, The Collection and CMC Group affiliate Gables Investment Holdings. Masoud Shojaei 33 languages Read Edit View history Tools Masoud Soleimani Shojaei ( Persian: ; born 9 June 1984) is an Iranian professional footballer who plays for Havadar. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Mitsubishi UFJ to sell SF office building at expected 80% discount, Car dealer sets Palm Beach resi record with $170M purchase. Powered by, Avison Young bolsters owner and occupier capabilities, The Feil Organization Unveils Capital Improvement Plans, Preleasing begins at Ashlar Park in Quincy,First, Royal Palm Companies and ILPDeveloper Celebrate Topping, New 34-Million Dollar Luxury Rental Community Planned, Ariel Property Advisors arranges sale of multifamily, Electric charging company opens supercharging station, relocates, Kamber Management Company announces increased leasing momentum, Hoffman-Madison Waterfront Reveals Name and Design of The Wharfs Final Apartment Building, The Tides, Turner Multifamily Impact Fund I Wins First-Ever PREA Social Impact ESG Award, Avison Young bolsters owner and occupier capabilities across Philadelphia region. Michael Fay of Avison Young represented the seller. Shoma is under contract to buy the property at 3650 Bird Road, which is. Once lease-up is complete, Shoma also benefits from the position and strength of the larger Walker & Dunlop platform, which can provide permanent financing through our agency, CMBS, and life company relationships.". Avanti, led by Chair Doug Andrews and CEO Christian Garner, is a multifamily owner-operator of properties throughout Arizona, Colorado, Florida, Kansas and Utah, according to its website. Shoma, led by Chairman Masoud Shojaee and President Stephanie Shojaee, is launching sales of the Shoma Bay condos, with prices starting in the $400,000s, according to a press release. About Shoma GroupEstablished in 1988, Shoma Group is an award-winning real estate development company specializing in residential and commercial projects. Masoud Shojaee's Shoma Group paid $34 million for a Miami auto dealership, with plans to redevelop it into a pair of apartment towers. The Coral Gables project, a joint venture between Shoma and CMC Group, never broke ground. Lamas played an instrumental role in Shoma Groups growth, the company she and Shojaee founded in 1988. Masoud Shojaee net worth is around $5-6 million. The Miami Herald first reported on the project. Masoud Shojaee is a famed Iranian American businessman and served as the CEO of the Shoma Group.
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