Al Fahim revealed he was impressed with the impact the former Leeds and Nottingham Forest defender had after taking over at Portsmouth last season.
"Paul did a great job keeping the team in the Premier League and having previously worked as the director of youth operations he knows the club inside out," he stated.
"He has immense experience and great knowledge of the game and commands the respect of the players. I'm looking forward to working with him."
Prior to last week's announcement confirming Hart's future, the south-coast club revealed the long-term future of the club was also looking more secure with the arrival of Al Fahim.
"The owners of Portsmouth are pleased to announce that an agreement in principle has been reached over the sale of the club," said a statement.
Al Fahim said Hart "knew the club inside out"
Al Fahim is the sole owner of Al Fahim Asia Associates, the company that will officially own Portsmouth.
The 32-year-old agreed to buy Pompey from owner Alexandre Gaydamak in May after the Franco-Russian announced he wanted to sell because he was unable to devote sufficient time to club.
He finally completed a period of financial and commercial due diligence of the club last week.
"I very much look forward to working closely with the club's management and supporters to develop Portsmouth Football Club and deliver future success," said Al Fahim.
"The club has a long and fine history of achievement that I intend to build on."
The Premier League also confirmed it had given the deal the go-ahead.
"We found no reason why Mr Al Fahim would be liable to be disqualified as a director of a Premier League club," read a statement.
"Accordingly we have advised Portsmouth FC that his appointment may proceed.
"As with all changes in club ownership, the Premier League will continue to monitor any material changes in circumstance."
Peter Storrie, who has agreed to continue as Portsmouth's chief executive, added: "This appointment brings stability to the club and is excellent news for Pompey supporters.
"I have every reason to believe that together with the new chairman we will be able to take the club forward to further achievements, building on the successes of the past three years."
Portsmouth released six out-of-contract players this month, while striker Peter Crouch moved to Tottenham for a fee believed to be in the region of £10m earlier this week, but fans will now be hoping for some new arrivals before the season begins next month.
Al Fahim was the initial figurehead of the Abu Dhabi United Group when they took control of Manchester City in the summer of 2008, although he is no longer involved at Eastlands.
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