MARK PHOENIX ON HOW SANKARI IS REDEFINING LUXURY REAL ESTATE
P.08 TRUMP CARD
How the US president elect will impact the global economy
P.50 MCLAREN MOVES
The 750S is a dream on wheels - we explore all its features
An insight into the news and trends shaping the region with perceptive commentary and analysis
26 Sankari shifts gears: From design to development
CEO Mark Phoenix highlights how the luxury property developer is transitioning its focus from design to construction
Power players
From real estate to finance, here are the top business influencers shaping the region’s economic landscape
A supercar that makes a statement: The McLaren 750S isn’t just another supercar, here’s why p.50
Tradition to the tea: Dilmah, the globally loved tea brand, is committed to quality and sustainability p.55
Coffee culture: CCO Maranda Barnes showcases Bacha Coffee’s growth across the GCC p.59
“Climate action has been embedded in the UAE since its inception. The unprecedented achievements at COP28 and the UAE Consensus contributed the roadmap for how climate needs to be prioritised. Constructive diplomatic efforts are central to climate action, and we will continue to promote the value of the Consensus sighed by 198 nations in Dubai.”
Abdulla Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability, and Head of the UAE Delegation at COP29
Editor-in-chief Obaid Humaid Al Tayer
Managing partner and group editor Ian Fairservice
Chief commercial officer Anthony Milne anthony@motivate.ae
Publisher Manish Chopra manish.chopra@motivate.ae
Group editor Gareth van Zyl Gareth.Vanzyl@motivate.ae
Senior art director Freddie N. Colinares freddie@motivate.ae
Senior art director Olga Petroff olga.petroff@motivate.ae
63
The SME Story
Insights on how the region’s dynamic SME ecosystem is evolving
General manager – production S Sunil Kumar
Production manager Binu Purandaran
Production supervisor Venita Pinto
Digital sales director Mario Saaiby mario.saaiby@motivate.ae Group marketing manager Joelle AlBeaino joelle.albeaino@motivate.ae
Cover: Freddie N Colinares
Follow us on social media: Linkedin: Gulf Business Facebook: GulfBusiness Twitter: @GulfBusiness Instagram: @GulfBusiness
HEAD OFFICE: Media One Tower, Dubai Media City, PO Box 2331, Dubai, UAE, Tel: +971 4 427 3000, Fax: +971 4 428 2260, motivate@motivate.ae DUBAI MEDIA CITY: SD 2-94, 2nd Floor, Building 2, Dubai, UAE, Tel: +971 4 390 3550, Fax: +971 4 390 4845 ABU DHABI: PO Box 43072, UAE, Tel: +971 2 677 2005, Fax: +971 2 677 0124, motivate-adh@motivate.ae SAUDI ARABIA: Regus Offices No. 455 - 456, 4th Floor, Hamad Tower, King Fahad Road, Al Olaya, Riyadh, KSA, Tel: +966 11 834 3595 / +966 11 834 3596, motivate@motivate.ae LONDON: Acre House, 11/15 William Road, London NW1 3ER, UK, motivateuk@motivate.ae
Gareth van Zyl, group editor
The impact of ‘Maganomics’
What Donald Trump’s victory means for the global economy
Afew months ago, I was having dinner with a friend who understands economics and financial markets better than most. As I was laying out some scenarios for what a Trump victory might imply for the world, he dismissed me with a wave of a hand: “Relax – policy doesn’t actually matter”.
As someone who makes a living thinking and talking about the effects of economic policy, I disagreed with him. I think though that my friend’s complacency reflects a deep truth about the world we in the West, broadly construed, have lived in for the last few decades.
In the post-war era, a technocratic consensus formed around a set of best-practice economic policies: independent monetary policy, free-ish (or
at least freer) trade and immigration, an awareness of the limits of the power of the state, and economic multilateralism. Independent of political persuasion, parties largely adhered to this orthodoxy.
WHAT TRUMP’S WIN MEANS
Donald Trump’s win in the US presidential elections marks a profound break in this consensus. The
THE INSTITUTIONS DEVELOPED BY THE US AND ITS ALLIES IN THE AFTERMATH OF WWII CONTRIBUTED TO THE SPREAD OF CAPITALISM AND FREE MARKETS AROUND THE WORLD
Getty Images
THE FIRST ROUND OF THE US-CHINA TRADE WAR WAS UNSURPRISINGLY COSTLY, AND THE IMPACT OF THE IMPOSITION OF THESE TARIFFS WAS LARGELY ON THE US ITSELF
president-elect’s economic worldview harks back to the mercantilism of the 17th century, a (flawed) view that trade is a zero-sum game, leavened in Trump’s case with a virulent hostility to immigration. His policy on inflation targeting is not widely known, if it exists at all, but a cursory overview of his remarks regarding the Federal Reserve, and his general disposition towards the idea of constraints on US presidential power, suggest that he might not look favourably on the idea of an independent Central Bank. One could elaborate further, but the point is that world is now turned upside down.
TALK ABOUT TARIFFS
The most immediate impact on the rest of the world will most probably come from the introduction of tariffs of a scale far larger than seen during the first Trump administration. Studies have shown the first round of the US-China trade war was unsurprisingly costly, and the impact of the imposition of these tariffs was largely on the US itself. The new tariffs, if they are implemented, would be much larger and far-reaching, causing ripple effects across the global value chain. This will harm the US consumer and cause inflation to increase, casting doubt on the future path of US interest rates. For the rest of the world, and especially economies that are highly geared to export markets, the results will be more severe, as a strong US dollar and plummeting exports would exact a double toll on emerging markets.
That said, I am much more concerned about the long-term effect that a Trump presidency might bring. The Nobel prize in economics was awarded this year to Daron Acemoglu, Simon Johnson and Jim Robinson for their study of institutions, the “rules of the game” that enable economic life to flourish in some places but, at great economic and human cost, not in others. Institutions are hard to define,
DONALD TRUMP’S WIN IN THE US PRESIDENTIAL ELECTIONS MARKS A PROFOUND BREAK IN THIS CONSENSUS. THE PRESIDENT-ELECT’S ECONOMIC WORLDVIEW HARKS BACK TO THE MERCANTILISM OF THE 17TH CENTURY, A (FLAWED) VIEW THAT TRADE IS A ZEROSUM GAME, LEAVENED IN TRUMP’S CASE WITH A VIRULENT HOSTILITY TO IMMIGRATION.
and it is even harder to say how they are created, but we understand very well that they are fragile. The institutions developed by the US and its allies in the aftermath of WWII contributed to the spread of capitalism and free markets around the world. This was certainly not an unalloyed good. Much abuse came with the rise of the Pax Americana, the spoils of capitalism were not divided equitably, and grievous damage was done to the planet. But the world is undoubtedly safer and more prosperous today thanks to these institutions.
The glee with which Donald Trump and his acolytes speak of torching this world order should give any policy maker and business leader great pause.
Further worry comes from looking at the performance of financial assets in the wake of the election. Stocks associated with Trump’s donors have performed marvelously, as markets price in the inauguration of an unapologetic kleptocracy. Perhaps even more dispiriting, fossil fuel and cryptocurrency assets are booming, while solar and wind power and vaccine stocks languish. Oil is a miraculous but very damaging substance; a real business case for crypto might eventually be found. But if humanity is to have a brighter future, it will come from innovations that allow us to produce more abundance in a sustainable manner.
Joseba Martinez is an assistant professor of economics at London Business School
How regtech can turbocharge economic transformation
By combining advanced digital tools, data analytics and automation, regtech streamlines processes, alerts against violations, creates reassurance and can enhance operations
Regulations are increasingly complex, dynamic — and for many organisations burdensome. While regulatory compliance is a global issue, it is urgent for GCC countries with their bold economic diversification and technology plans, such as in artificial intelligence, logistics, and financial technology. If they observe regulations and anticipate issues, GCC economies can flourish and create jobs. One way to ensure regulatory compliance is regulatory technology (regtech). By combining advanced digital tools, data analytics, and automation, regtech
provides knowledge, detection, and compliance. It streamlines processes, alerts against violations, creates reassurance, and can enhance operations.
Indeed, intensifying digital transformation in GCC countries can provide a “greenfield” for regtech development and innovation.
Given their ambitions, GCC organisations need regtech. Domestic and international regulators have intensified scrutiny in multiple areas, including anti-money laundering, data privacy; and environmental, social and governance compliance — which costs. For example, LexisNexis Risk Solutions puts the burden of global financial compliance in 2023 at $206.1bn, with financial crime compliance in 2021 in the Middle East (except the UAE) costing $11.9bn. Also, regulations can overlap or conflict, confusing, as occurred in the UK with data retention requirements.
Already, GCC organisations recognise regtech’s importance. In the Middle East, including the GCC, Technavio forecasts 20 per cent compound annual growth in the regtech market growth from 20232027, reaching a value of $1.2bn. That is unsurprising. The predictive analytics, machine learning, and blockchain technology underlying regtech can automate and streamline compliance. regtech reduces the cost and the risk of human error. We estimate that regtech can cut compliance costs by 30 per cent50 per cent.
Regtech provides a robust mechanism to keep pace with fast-changing regulations, particularly through real-time monitoring and reporting capabilities. These allow for immediate rectification of issues, minimising the risk of non-compliance and penalties. That is vital in sectors like healthcare, which demands protection of patient data regulations, and logistics, in which adherence to international trade
laws is essential if the GCC is to become a global logistics hub. Automated compliance processes also create clear and easily accessible audit trails.
Adopting regtech is not, however, as simple as buying new software or systems. Rather implementing regtech requires collaboration among the entities within its ecosystem such as regulators, regulated entities, and regtech providers. That is because of how regtech develops — new regulations must take into consideration how they could be integrated into regtech solutions, while these solutions should consider how the companies and regulators operate. There are five steps.
FIVE STEPS TO INCORPORATING REGTECH
First, organisations should modernise existing IT systems incrementally while integrating regtech in a modular fashion (which means stepwise, one system and one solution at a time). Many organisations have legacy IT systems they are replacing given the need to implement data analytics and modernise IT. These legacy systems can impede proper regulatory compliance.
Organisations can take a phased approach to minimise disruption and spread deployment costs over time. Complementing that, providers can make their offerings modular so that they integrate easily with organisations’ IT systems. Second, providers and organisations must secure their data. Regtech uses highly sensitive information. Organisations need advanced encryption technologies and policies. They should develop strong data governance, including policies and procedures for data protection, access control, and regulatory compliance.
Organisations should conduct regular security audits and vulnerability assessments. In tandem, providers must put data integrity and security at the core of development strategies to eliminate data privacy or security risks.
Third, organisations and providers should collaborate with regulators to streamline regulatory standards. Regtech is not about blindly enforcing regulations, it can improve them. By cooperating, regtech companies and regulators can reduce
Wissam Abdel Samad and Christian Stechel are partners, and Rami Chazbeck is a manager, with Strategy& Middle East, part of the PwC network
ADOPTING
REGTECH IS NOT, HOWEVER, AS
SIMPLE AS
IN THE MIDDLE EAST, INCLUDING THE GCC, TECHNAVIO FORECASTS
20 PER CENT COMPOUND ANNUAL GROWTH IN THE REGTECH MARKET GROWTH FROM 2023-2027
complexities and costs. Regulators could also work with providers to test software in “sandboxes” (which allow for experimentation). That would mean a better understanding of regulatory requirements and innovation. Such collaboration can extend to users and develop the standards that issue and coordinate regulations, as these make regtech more effective and scalable.
Fourth, governments and regulators can make regtech affordable. High implementation costs pose a significant barrier for smaller institutions and organisations. Another issue is the cost of scaling, which can deter regtech adoption by small organisations with insufficient funds or legacy systems. Governments and regulators can offer financial incentives to offset initial regtech implementation costs.
Regulators can incentivise regtech adoption through partnerships that share development and implementation costs. In particular, regulators and providers could incentivise organisations to acquire cloud-based regtech, which reduces the need for on-premises infrastructure and is scalable in a costeffective manner.
Fifth, providers should design their products so that they grow with organisations and handle larger data volumes, regulatory requirements, and changes. Ensuring that regtech integrates with various systems and platforms while promoting a cohesive and efficient regulatory environment, must be a joint effort among regulators and providers.
BUYING NEW SOFTWARE OR SYSTEMS.
RATHER IMPLEMENTING
REGTECH
REQUIRES
COLLABORATION
AMONG
THE ENTITIES WITHIN ITS ECOSYSTEM SUCH AS REGULATORS, REGULATED ENTITIES, AND REGTECH PROVIDERS. THAT IS BECAUSE OF HOW REGTECH DEVELOPS – NEW REGULATIONS MUST TAKE INTO CONSIDERATION HOW THEY COULD BE INTEGRATED INTO REGTECH SOLUTIONS.
Measurement to action: Carbon management for net-zero success
Here’s how companies can effectively plan for carbon management and measure their carbon footprint in their net-zero efforts
As the saying goes, “You can’t manage what you don’t measure.” This rings especially true when it comes to managing a company’s carbon footprint. In a world increasingly focused on combating climate change, understanding and reducing your carbon emissions isn’t just a nice to have, it’s essential.
A carbon footprint assessment, also known as a GHG (greenhouse gas) assessment, measures all the greenhouse gas emissions that an organisation has generated over a year. This critical accounting process adheres to the GHG Protocol, developed by the World Resources Institute (WRI) and the World
Business Council for Sustainable Development (WBCSD).
As the Intergovernmental Panel on Climate Change (IPCC) has emphasised, global warming poses a serious threat to the planet. To limit the temperature increase to 1.5 degrees above pre-industrial levels, as outlined in the Paris Agreement, both individuals and businesses must take significant steps to reduce emissions and contribute to global carbon neutrality.
Climate change is no longer a distant threat but a pressing reality. The pressure isn’t just coming from global agreements like the Paris Accord — it’s coming from customers, employees, and even investors who want to see real action, not just promises. At the heart of this action is understanding and managing your carbon footprint.
SETTING GOALS AND GAINING LEADERSHIP BUY-IN
The journey towards meaningful carbon management starts at the top. For any company aiming to be serious about its environmental impact, leadership needs to be all in. This means setting clear, science-based targets that align with broader global efforts to achieve net-zero emissions. But it’s not just about setting targets – leaders need to make carbon management a core part of the business strategy. When leadership is committed, the whole organisation feels the push, driving collaborative and consistent efforts to reduce emissions.
Take, for example, a transportation company that decided to measure its carbon footprint each year. They found that beyond the obvious emissions from their fleet, their electricity and water usage were significant contributors.
By sourcing green electricity through renewable energy Certificates and installing water recycling systems at their service stations, they were able to make tangible progress toward reducing their carbon footprint. This shows that when leadership is committed, real change happens.
GETTING A TRUE PICTURE OF YOUR CARBON FOOTPRINT
It’s all about the details; when you have a clear and accurate picture of your emissions, you can target the most impactful areas and start making real progress. This means understanding all sources of emissions –those directly from your operations (Direct – Scope 1), those from the energy you consume (Indirect –Scope 2), and those from your entire supply chain (Supply Chain – Scope 3).
Accurate measurement across these scopes is crucial, and it starts with reliable data collection. Leveraging technology like IoT and AI can help companies capture detailed, real-time data on their emissions across all aspects of their operations. But technology alone isn’t enough.
True accuracy in carbon management comes from ensuring that everyone in your supply chain is aligned. This means collaborating closely with your suppliers and partners to gather consistent, reliable data.
FROM MEASUREMENT TO ACTION: PRIORTISE AND INNOVATE
The journey of a thousand miles begins with a single step. When it comes to carbon management, the first step is measuring your emissions. But measurement alone isn’t enough — it’s what you do next that truly counts.
Prioritise your efforts strategically and start with the low-hanging fruit – quick wins like enhancing energy efficiency in your facilities or switching to LED lighting. These changes might seem small, but they add up and can create an immediate impact.
Of course, the most successful carbon management strategies are those that look beyond short-term fixes. Longer-term investments, like transitioning to renewable energy sources, are essential for driving substantial reductions in your carbon footprint. But achieving lasting success requires more than just a checklist approach; it calls for innovation.
Think about how you can embed the principles of the circular economy into your business model. This means rethinking how you use resources, minimising waste, and finding ways to extend the lifecycle
MANAGING YOUR CARBON FOOTPRINT ISN’T JUST ABOUT DOING THE RIGHT THING FOR THE PLANET, IT’S ALSO GOOD FOR BUSINESS
THINK ABOUT HOW YOU CAN EMBED THE PRINCIPLES OF THE CIRCULAR ECONOMY INTO YOUR BUSINESS MODEL. THIS MEANS RETHINKING HOW YOU USE RESOURCES, MINIMISING WASTE, AND FINDING WAYS TO EXTEND THE LIFECYCLE OF YOUR PRODUCTS.
of your products. For example, consider exploring alternative materials that have a lower environmental impact or redesigning products to be more sustainable from the outset.
When you embed sustainability into your core operations, you’re not just complying with the rules; you’re staying ahead of the curve. This proactive approach can give your business a competitive edge, attracting customers, investors, and partners who prioritise environmental responsibility.
KEEPING TRACK AND BEING TRANSPARENT
Implementing a carbon management strategy is not a one-time effort – it’s an ongoing journey. It requires a combination of immediate actions, long-term investments, and a commitment to continuous innovation. By taking these steps, your company can not only reduce its carbon footprint but also turn sustainability into a strategic advantage.
Transparency is equally important. Regular reporting, especially when aligned with recognised standards like the GHG Protocol, builds trust with your stakeholders. It shows that you’re not just talking the talk but walking the walk. Being open about your carbon management efforts strengthens relationships and boosts your credibility.
THE PATH FORWARD
Managing your carbon footprint isn’t just about doing the right thing for the planet, it’s also good for business. It mitigates climate risks, prepares your company for future regulations, and can reduce costs through greater efficiency. Moreover, a strong commitment to sustainability enhances your brand’s reputation, making your company more appealing to customers, investors, and partners.
The bottom line? Companies that lead in carbon management will not only help protect the planet but also gain a competitive edge in the evolving lowcarbon economy.
Dahlia Haleem is the co-founder and a partner at elementsix
Why GCC banks should embrace corporate venture capital
Rapid shifts in technology, regulation and customer demands are pushing regional banks to pursue new innovation avenues
The financial services landscape is experiencing unparalleled transformation driven by a multitude of factors from technology to regulation. Banks in the GCC need to adapt to this disruption. The regional market is now populated with agile and technative entrants that can pivot quickly and deliver the all-important ‘customer experience’ that the incumbent institutions struggle to provide. There are several initiatives that can help banks remain competitive and relevant, such as adopting a partnership model specifically with fintechs, building in-house innovation capabilities, and developing spin-off businesses. But there is another valuable tool in the box that is often overlooked: corporate venture capital.
Corporate venture capital (CVC) is a subset of venture capital that sees established corporations investing in or partnering with early-stage startups to acquire capabilities and solutions that enhance their in-house offerings. CVC investments are typically made by a dedicated arm that sits within the structure of a large corporation – an entity that is not just out for financial returns, but strategic advantage that the investments can offer the parent company.
A climate marked by high inflation and unfavourable interest rates has put the brakes on global venture investment in recent years, but research affirms corporate venture capital as a key component of corporate growth and transformation. In the first quarter of 2024, global venture capital funding showed a rebound from two years of decline in 2022 and 2023 and demonstrated a quarter-over-quarter 26 per cent growth.
Recognising its potential, over 50 per cent of the top 100 global banks have developed a CVC strategy – and most deliver it with a dedicated unit. Banking giants Goldman Sachs and Citi have both been active on the corporate venture capital front through their investment arms GS Growth and Citi Ventures, which
RECOGNISING ITS POTENTIAL, OVER 50 PER CENT OF THE TOP 100 GLOBAL BANKS HAVE DEVELOPED A CVC STRATEGY –AND MOST DELIVER IT WITH A DEDICATED UNIT
participated in 69 and 51 fintech deals, respectively, between 2018 and 2020. JP Morgan is also an active CVC player, backing several deals in capital markets, SME solutions, payments, and wealth and asset management in recent years.
While much of the global activity has centered in and around US and China, the GCC is also embracing corporate venture capital. A combination of ambitious national visions, growing fintech ecosystems, and the need for both economic diversification and digitalisation has propelled several of the region’s banks into the CVC space in recent years.
Among the examples is the UAE’s Emirates NBD, which has established an entity known as Emirates NBD Ventures. The dedicated CVC unit focuses on investing in fintech startups and technology companies that align with the bank’s strategic objectives and contribute to its digital transformation and innovation agenda. The bank also operates Emirates NBD Innovation Fund, which invests in startups. In September 2023, they acquired an equity stake in international trade finance platform, Komgo.
In another standout example, Riyad Capital has announced the launch of the 1957 Ventures fund, backed by Riyad Bank. Launched in May this year, the fund aims to accelerate growth in Saudi Arabia’s fintech sector, in line with the objectives of Saudi Vision 2030 and the Financial Sector Development Programme.
Adding to the CVC lineup, the UAE’s Mashreq Bank, the National Bank of Bahrain (NBB), Saudi Arabia’s Al Rajhi Bank, and Kuwait Finance House have also developed dedicated units to widen their market reach and enhance their digital capabilities.
Their focus on the latter is not misplaced. The digital age has triggered profound changes in customer behaviour and opened the doors to emerging technologies and a new breed of players that are challenging the conventional banking business models. The combined result is the inescapable need for financial institutions to accelerate their innovation and digital transformation journeys.
Yet banks in the GCC already know this. Many have been implementing digitalisation strategies for years, but the ‘classical’ approach of developing the in-house capabilities has typically not delivered the radical transformation the sector now calls for. Results have been underwhelming and slow to filter through, leaving conventional banks only marginally better placed than before.
It is here that CVC rises to the fore as an attractive way to build an in-house
GLOBAL VC FUNDING SHOWED A REBOUND FROM TWO YEARS OF DECLINE IN 2022 AND 2023 AND DEMONSTRATED 26 PER CENT Q-O-Q GROWTH
approach from scratch. CVC enables banks to invest in cutting-edge fintech and techfin startups, driving innovation from within and bringing several business benefits. A well-executed CVC strategy can deliver proprietary access to innovation, reduced in-house development dependency and cost, enhanced strategic insight, and risk mitigation when it comes to corporate experimentation. The end goal is to enhance a bank’s existing offering and accelerate both market responsiveness and overall competitiveness.
Like most areas of business, however, there is no silver bullet and while the benefits of corporate venture capital can be significant, so too can the lessons learned. Some of the main failings experienced by banks that have trodden the CVC path include strategic and cultural misalignment, isolation from the wider transformation agenda, and a lack of clear metrics of success.
Where others have got it wrong, banks in the GCC now have the opportunity to get CVC right. Among the first steps, they should ensure buy-in and sponsorship from their leadership and anchor CVC strategies in their banks’ growth and transformation agendas. CVC strategies must also be linked to other key initiatives such as corporate experimentation and venture building, and it is important for any dedicated unit to include a mix of banking and VC expertise.
LIKE MOST AREAS OF BUSINESS, HOWEVER, THERE IS NO SILVER BULLET AND WHILE THE BENEFITS OF CORPORATE VENTURE CAPITAL CAN BE SIGNIFICANT, SO TOO CAN THE LESSONS LEARNED.
The tasks involved can be formidable, but on a complex landscape shaped by emerging technologies and ever-changing dynamics, the benefits make the effort worthwhile. Executed well, corporate venture capital empowers GCC banks not just to remain competitive in a new world, but to support the collective drive to bring national visions to life.
Arjun Singh is a partner and global co-head of Fintech at Arthur D. Little
EMPOWERING HEALTHCARE INNOVATION: AIX INVESTMENT GROUP’S CONTRIBUTION TO AL JALILA FOUNDATION
AIX Investment Group’s investment strategy is underpinned by a long term perspective, which emphasises the importance of sustainable growth and social responsibility
AIX Investment Group has contributed Dhs600,000 to the Al Jalila Foundation, reaffirming its commitment to fostering healthcare innovation and advancing medical research in the UAE.
The donation was presented during a special ceremony at the Foundation’s headquarters, attended by president of the Board, Fadi Dabbagh, and senior team members.
The Al Jalila Foundation, established in 2013 by HH Sheikh Mohammed Bin Rashid Al Maktoum, vice president and prime minister of the UAE, and Ruler of Dubai, plays a critical role in advancing medical education, research, and
innovation. One of its landmark initiatives, the UAE’s first BioBank, aims to revolutionise healthcare by supporting pioneering research and personalised medical treatments that are instrumental in shaping a healthier future for the UAE.
The biobank – supported by robotic technologies – will collect and store up to seven million high-quality human biological samples in accordance with international standards. It will further enable impactful research to accelerate medical discoveries and advance healthcare. The cheque was graciously received by Shamma Al Rafi, director of Fundraising at Al Jalila Foundation, alongside other key members of the
organisation. The contribution from AIX highlights its dedication to supporting local healthcare initiatives that positively impact communities, echoing its corporate mission of driving innovation and progress across sectors.
“We are honored to support Al Jalila Foundation’s remarkable efforts in advancing medical research and improving healthcare in the UAE,” says Dabbagh.
“AIX Investment Group is committed to contributing to the future well-being of our society, and we look forward to collaborating on future initiatives that will help build a healthier and brighter future for all.”
Al Jalila Foundation continues to make groundbreaking strides in the field of healthcare, with support from partners like AIX playing a vital role in sustaining these efforts. Together, they are committed to ensuring a healthier tomorrow for future generations.
Pics: Supplied
Fadi Dabbagh, President of the Board Harish Prithvi, COO
AIX’S COMMUNITY IMPACT
AIX’s CSR initiatives have significantly impacted the community. The advisory firm’s support for education and innovation has helped nurture the next generation of leaders.
Similarly, AIX’s focus on health and wellness has contributed to a healthier and more resilient society.
Through hosting event, such as its recent breast cancer awareness drive, AIX is not only fulfilling its corporate social responsibility but also building a strong brand reputation.
Breast cancer is the most common cancer among women in the UAE, accounting for approximately 21 per cent of all cases, according to the International Agency for Research on Cancer. The UAE reports around 4,500 new cancer cases annually.
However, a large-scale review of breast cancer in the country shows better screening is reducing the number of advanced cases of the disease, and improved survival rates are now comparable with those of leading
WESTERN NATIONS.
AIX Investment Group, a prominent name in the financial services sector, has consistently demonstrated its commitment to corporate social responsibility (CSR). This commitment is evident in its recent Breast Cancer Awareness event, which was held in collaboration with the Al Jalila Foundation. The event, which featured a speech by cancer survivor Sandra Rottura, highlighted the company’s dedication to promoting health and wellness within the community. Rottura’s insightful speech on
AIX Investment Group is committed to contributing to the future well-being of our society, and we look forward to collaborating on future initiatives that will help build a healthier and brighter future for all.”
AIX BOND, A 60-MONTH FIXED-INCOME
SECURITY, OFFERS A 12 PER CENT ANNUAL YIELD WITH 3 PER CENT QUARTERLY COUPONS
resilience and the power of early screening resonated with attendees, empowering them to prioritise their health and champion awareness within their networks.
AIX believes that companies that are committed to making a positive impact on the world are more likely to attract and retain top talent, customers, and investors.
AIX’S INVESTMENT SOLUTIONS
Meanwhile, AIX offers personalised, goal-orientated hedging services and financial solutions designed to boost return on investment (ROI) while allowing clients to explore the full possibilities of their wealth. The advisory firm has adopted a streamlined approach, focusing on just two core investment solutions.
AIX Bond, a 60-month fixed-income security, offers a 12 per cent annual yield with 3 per cent quarterly coupons. Harish Prithvi, COO, explains, “The debt instrument resonates with current investors and attracts potential clients who show interest in similar financial products. It offers fixed returns while minimising risk and helping investors invest in a relatively safe way.
“Similarly, the second investment solution, a marquee offering known as AIX Property Secure, promises annual returns of 20 per cent at predetermined intervals, paid directly to investor accounts.”
The real estate market offers diversity, catering to a spectrum of investment preferences.
Through its CSR initiatives and partnerships with entities such as Al Jalila Foundation, AIX is not only advancing its long-term objectives but also making a tangible impact on the communities and industries it serves.
Choose from our extensive range of authentic Thesiger photographs.
PERFECT DECORATIONS FOR HOTELS, OFFICES AND HOMES.
Framed or unframed prints available exclusively from The Arabian Gallery
Ehsan Razavizadeh is the MD of MENA and Asia at The London Institute of Banking & Finance
Careers with purpose in a world of change
The right sort of education in banking and finance is going to become even more important for the GCC in a world of technology-driven automation and climate change
There is an old saying that, if you can find a job you enjoy doing, you will never have to work a day in your life. Work that people enjoy doing tends to be work that gives them purpose: a career that contributes to the greater good.
For many outside the sector, banking and finance are not always seen as fundamental to the greater good in the way that say, medicine or law are. However, banks have an essential role in the economic health of a country. Without the maturity transformation that only soundly regulated banks can provide, no economy can turn short-term deposits into long-term investments. Maturity transformation is not the only vital service banks offer. Many
provide mortgages, run payment systems and boost financial inclusion. In the shift to net zero, it will be bank management of their so-called ‘Scope 3’ emissions that help drive greater sustainability.
Given the central importance of banks, what does it take to forge a career in a financial institution – particularly in a world of increasing technological automation and accelerating climate change?
Employers often prefer hires who have strong academic qualifications. Performing well in exams generally demonstrates intellectual ability, commitment and a strong work ethic – and technical knowledge is needed. However, an outstanding bank employee also brings a mix of soft skills and know-how to their work that goes beyond the academic. In particular,
MACHINES CAN CARRY OUT MUCH OF THE ROUTINE CHECKS LEAVING HUMAN EXPERTS TO DECIDE ANY ‘EDGE’ CASES
they have excellent ‘real-world’ skills of listening, learning and effective collaboration that help the organisation as a whole to thrive. And, shortly, such skills will only become more important – particularly in the GCC as it drives for sustainability and the fulfilment of its 2030 Vision.
THE REAL DEMANDS OF A CHANGING WORKPLACE
Why? First, because technological advances promise to swiftly change many aspects of the workplace. Generative artificial intelligence (GenAI) can already produce useful research summaries, draft correspondence, write computer code and create compelling graphics. Yes, GenAI still suffers from ‘hallucinations’ – its responses rely on calculating what is statistically likely, whether that is necessarily correct or not. However, researchers are working on better systems. For example, the US tech company OpenAI, recently announced OpenAI o1, a version of ChatGPT that can “reason through” problems in maths coding and science. In demonstrations, it diagnosed an illness and correctly answered a chemistry question at a PhD level.
Technology will soon be able to automate many tasks currently carried out by human beings, including high-level tasks that require an advanced education and years of training. But, even if technology can, for example, help assess the riskiness of a loan, or spot a tumour in an X-ray, it can’t ask the questions that prompt a particular analysis. It is human beings that have goals and challenges such as increasing economic productivity, reducing global warming, and maintaining biodiversity – not machines.
Just as importantly, though technology will help provide the data and much of the analysis that helps underpin complex decisions, it won’t be able
TECHNOLOGY WILL SOON BE ABLE TO AUTOMATE MANY TASKS CURRENTLY CARRIED OUT BY HUMAN BEINGS, INCLUDING HIGH-LEVEL TASKS THAT REQUIRE AN ADVANCED EDUCATION AND YEARS OF TRAINING
to make those decisions. That’s because technology cannot truly ‘think’ – not about the world around it, nor about what is important in human society. It can’t replace human interactions where emotions, cultural norms, and empathetic communication are all-important. It won’t replace ‘human’ work.
Because banking is on the front-line of both technological change and climate change it will make particularly heavy demands on the skills and understanding that only human beings can bring.
EXCELLENT VOCATIONAL TRAINING WILL BE CRITICAL IN AN AUTOMATED WORLD
Take working in trade finance. Checking trade documentation is a highly specialised job that takes years to master. However, the very large number of rules in trade finance is also why GenAI can be deployed at scale to check trade finance documents for anomalies.
Machines can carry out much of the routine checks leaving human experts to decide any ‘edge’ cases. That boosts both productivity and job satisfaction because trade bankers can focus on the most interesting problems and on dealing with clients. However, to get to the stage where they can confidently deal only with non-routine questions, trade bankers need to be more highly qualified and experienced than ever. They also need to have excellent ‘soft skills’ – the sort of problem-solving interpersonal skills that professionals develop in the workplace. Collaborating with others – knowing how to work within a complex matrix – will be central to that.
O NGOING TRAINING FOR A BETTER LIFE
As the GCC continues to prepare its workforce for the future and to build a sustainable economy that provides meaningful employment for all, training tomorrow’s bankers will be vitally important. They will help decide the shape of the economy to come.
Just as importantly, people working in careers with purpose, that make the most of all their skills and abilities, are not just happier and more productive as individuals, they also make for a better society.
Powering the AI-driven future
Peter Oganesean, managing director of HP Middle East and East Africa, says HP is enhancing productivity and collaboration by integrating AI across all product categories
What role does AI play in the Future of Work, and how is HP addressing employees’ desire for customised work experiences?
AI is significantly shaping the Future of Work by enabling more personalised, efficient, and fulfilling work experiences. At HP, we address this by leveraging AI to develop customised solutions that cater to individual preference, helping employees gain greater autonomy and job satisfaction.
Our latest AI PCs, the HP OmniBook Ultra Flip and EliteBook X, provide the flexibility and performance required for modern hybrid work environments. This allows employees to focus on their strengths while AI streamlines routine tasks.
Security and sustainability are of paramount importance when it comes to the Future of Work, and HP is tackling these priorities by integrating resilient cybersecurity and data privacy protections.
HP is driving businesses and employees to excel in the digital workplace with innovations in AI, sustainable materials, and endpoint security, all while minimising environmental impact and setting a new standard for a more fulfilling, connected, and resilient work experience.
How do HP’s AI PCs contribute to both productivity and sustainability in the evolving hybrid workplace?
Our latest AI PCs, the OmniBook Ultra Flip and EliteBook X, are designed with the needs of modern workers in mind, offering AI-powered features that allow for a more personalised, customised work
experience. This will help workers gain greater autonomy and satisfaction, which will, in turn, boost productivity.
These AI PCs are also built with sustainability at their core. The OmniBook Ultra Flip is built with 90 per cent recycled metals, 50 per cent post-consumer recycled plastics, and an EPEATGold with Climate+ and ENERGY STAR certified design. The EliteBook X, on the other hand, is responsibly crafted with a heat plate made with at least 50 per cent recycled copper and bezels containing at least 20 per cent recycled cooking oil. These innovations support HP’s commitment to reducing its environmental impact and optimising energy efficiency while ensuring that productivity gains are achieved sustainably.
As cybersecurity becomes increasingly crucial in the digital workspace, how does HP’s Wolf Security and its advanced solutions safeguard employees’ data and devices in this new era of work?
HP’s Wolf Security protects the data and devices of employees through solutions such as Protect & Trace with Wolf Connect, that stand ready to outsmart threats, including AI-powered phishing attacks.
HP’s suite of cybersecurity solutions prioritises endpoint security, minimising the attack surface through rigorous risk assessments, comprehensive security protocols, and collaborative initiatives aimed at tackling known and emerging
threats with equal precision.
Our commitment to data privacy extends beyond devices to include innovations in secure printing. With the world’s most secure printing technology and the HP Simplify: Print Made Easy programme, which was launched during GITEX Global this year, HP not only secures print environments but also reduces the risks of cyberattacks and the environmental footprint of businesses.
How does HP envision its role in shaping the future of technology, particularly in the Middle East and North Africa region?
The Middle East is one of the most dynamic regions, and the UAE stands out as a leader in technology and innovation. While other countries are following suit, all customers ultimately seek the best possible experience. At the core of our approach is the customer, and we strive to understand their needs so that we can deliver the most effective solutions for the future.
Our vision is centered on outcomebased selling, focusing on the results that our customers hope to achieve through our solutions.
The future lies in AI, a powerful transformative force that can enhance productivity and creativity. We are committed to integrating AI into every product category, ensuring that our customers receive the best possible outcomes from our offerings.
What are HP’s predictions for the future of the IT industry, and how is the company positioning itself to capitalise on these trends?
The Future of Work centres around AI as a transformative force that will reshape productivity and creativity. At HP, we are integrating AI across every product and category, empowering our customers to work more efficiently. We believe that AI will be everywhere, fundamentally changing the way we work and live. By 2027, we anticipate that over 60 per cent of computers on the market will be AI-enabled. Furthermore, we aim to have all our collaboration tools integrated with AI within the next few years. AI will underpin everything that we do, driving innovation and shaping the future.
How insurance will shape a driverless world
As autonomous vehicles become more prevalent, the insurance industry must evolve to address the new landscape of risks and liabilities
While the adoption of electric vehicles (EV) remains a major focus for the global automotive industry, the Gulf Cooperation Council (GCC) countries are a few steps ahead, fast emerging as a global leader in the future of autonomous vehicles (AVs).
More than just about technological innovation, the shift to AVs is reshaping the entire transportation ecosystem, and critically, the role of insurance. As governments and businesses in the region increasingly adopt autonomous mobility, the insurance industry must evolve in tandem.
GCC leading the charge in autonomous mobility
The GCC nations, particularly the UAE and Saudi Arabia, are global pioneers in the adoption of autonomous mobility technologies. Dubai’s government, for example, aims to have 25 per cent of all transportation trips completed by autonomous vehicles by 2030.
This initiative, part of the broader Dubai Autonomous Transportation Strategy, aims to cut transportation costs, carbon emissions, and accidents.
Similarly, Dubai has already conducted successful trials of autonomous taxis and buses and has plans to expand these services across the city.
For example, the Roads and Transport Authority (RTA) has completed testing of its Autonomous Air Taxi (AAT), an airborne vehicle powered by electricity, capable of carrying two passengers. Sharjah’s SkyBus is yet another example of transport ingenuity, an urban mobility system that runs on cables.
Likewise, Saudi Arabia’s futuristic city project, NEOM, is set to be a testing ground for AVs, part of
its broader strategy to diversify the economy and reduce its reliance on oil in line with Vision 2030. These initiatives are not just about technology for technology’s sake; they are fundamentally reshaping how people in the region will live, work, and critically, get from A to B. By prioritising autonomous mobility, the GCC is making cities more efficient, more environmentally sustainable, and essentially, more livable.
Traffic congestion, for instance, remains a significant challenge in many Middle Eastern cities. In Dubai, drivers lose an average of 33 hours a year stuck in traffic, and in Riyadh 31, according to the 2023 Inrix Global Traffic Scorecard.
Autonomous mobility aims to alleviate this burden by optimising traffic flow and reducing delays.
Transforming insurance in the age of autonomy
As autonomous vehicles become more prevalent, the insurance industry must evolve to address the new landscape of risks and liabilities. Traditional motor insurance models, which are primarily based on human driver behaviour, will need to adapt to account for the complexities introduced by AVs.
For example, if an accident involving an AV occurs, the liability may shift away from the vehicle owner and to the manufacturer or infrastructure provider.
Insurers will need to develop new frameworks to determine fault, assessing whether the AV’s software, sensors, or networked infrastructure were to blame. Additionally, the role of human intervention in AV accidents will need to be considered as well as human drivers may still have the ability to take control in certain situations and be indirectly responsible for the accident and insurers will need to develop policies that address these complexities.
Furthermore, the increased use of data generated by AVs will significantly impact the claims process. In the event of an accident, this data can provide a precise record of the incident thanks to sophisticated
THE SUCCESS OF AUTONOMOUS MOBILITY IN THE MIDDLE EAST
HINGES NOT
Vinay Surana, regional MD for Asia Pacific, Middle East and Africa at Allianz Partners
TRAFFIC CONGESTION, FOR INSTANCE, REMAINS A SIGNIFICANT CHALLENGE IN MANY MIDDLE EASTERN CITIES. IN DUBAI, DRIVERS LOSE AN AVERAGE OF 33 HOURS A YEAR STUCK IN
sensors and systems, helping insurers to assess liability more accurately.
However, this also raises concerns about privacy and data protection, making it vital for insurers and automakers to ensure that drivers’ data is used responsibly and that there are clear regulations governing its usage.
Adapting to a new era: the role of insurers in the autonomous future
The success of autonomous mobility in the Middle East hinges not only on technological advancements but also on the ability of the insurance industry to adapt and innovate. As the region transitions to AVs, insurers will need to rethink traditional risk models and develop new products that address the unique liabilities associated with autonomous technology.
Introducing a complex product like autonomous vehicle insurance can be challenging, as insurers will need to have a deep understanding of the technology, its potential risks, and the evolving regulatory landscape. Insurers will need to invest in research and development to develop innovative products that accurately assess and mitigate the risks associated with AVs.
At the same time, private sector companies must collaborate closely with governments to create a supportive ecosystem for AV adoption.
Governments across the GCC are investing in infrastructure and creating regulatory environments that foster innovation. Insurers must be at the forefront of these developments, working with public and private sector partners to ensure the smooth, safe, and widespread adoption of autonomous vehicles.
As governments and businesses move ahead with ambitious initiatives, the insurance sector needs to adapt in parallel. Embracing innovation and adjusting to the evolving landscape will enable insurance companies to address the emerging requirements of their clients and contribute to shaping the future of mobility in the area.
Dubai Riyadh
BUILDING A LEGACY
INSIDE SANKARI’S ULTRA-LUXURY VISION
MARK PHOENIX, CEO OF SANKARI, EXPLAINS THAT THE LUXURY PROPERTY DEVELOPER HAS PRIORITISED DESIGN OVER THE PAST 18 MONTHS, AND IT IS NOW TRANSITIONING ITS FOCUS TO CONSTRUCTION
WORDS
KUDAKWASHE MUZORIWA
Dubai’s property scene shows no sign of cooling off with 2024 on track to be another record year in terms of sales figures and property values.
For Mark Phoenix, CEO of Sankari, the booming Dubai luxury property market paints a picture of burgeoning demand driven by the influx of ultrahigh-net-worth individuals (UHNWIs), massive infrastructure spending, and a flurry of reforms, ranging from generous income tax policies to relaxed social and liberal visa rules.
“Dubai’s allure stems from its unique blend of safety, unparalleled lifestyle, significant financial benefits, and consistently high standards, making it an ideal destination for UHNWIs,” says Phoenix. He shares that, unlike other metropolitan cities in the world, Dubai provides a secure and private haven. And the sense of comfort and security is a key factor for affluent individuals seeking a tranquil and worry-free lifestyle.
With more than 20 years of experience navigating the UAE’s dynamic property market, the Sankari family mandated Phoenix to bring their vision to life, laying the groundwork for the launch of Sankari, a pioneering developer that is redefining Dubai’s ultra-luxury property market with an impressive portfolio of upcoming projects.
“When I first met with our founder, Dr Abdulkader Al Sankari and chairman, Mohammed Sankari, our initial discussion revolved around potential projects and my approach to them. What started as a 30-minute conversation quickly extended into a two-hour, then a two-day dialogue,” Phoenix says.
Following the meeting, he was invited to join Sankari and take on a key role in establishing the group’s ultra-luxury real estate business.
“Both our founder and chairman have been strategically acquiring land for real estate development across Dubai and beyond for many years. Thanks to their foresight, we now hold prime locations that enhance our portfolio and development potential.”
Dubai’s ultra-luxury property market has seen explosive growth with sales of properties priced over $10m reaching a record 436 transactions in the 12 months through June, according to Knight Frank, a significant increase from 23 transactions in 2019. The city’s premium real estate market remains strong,
with a 41 per cent year-over-year increase in transactions, according to Cushman & Wakefield Core.
An influx of HNWIs since 2020, with a record net inflow of 6,700 millionaires expected by the end of 2024, has transformed Dubai into one of the world’s hottest markets for prime real estate. But despite a steep increase in prices — 17.4 per cent last year by one estimate — the city offers more value for money than most global cities.
A FORCE TO BE RECKONED WITH
Dubai’s red-hot real estate market is defying predictions of a slowdown, signalling that the global hub for business and tourism has broken free from its boom-and-bust cycles. With 40 years of rich business heritage and a history of leading lifestyle innovations, Sankari is betting on the emirate’s booming luxury real estate market, with homes starting at nearly $11m.
BOTH OUR FOUNDER AND CHAIRMAN, HAVE BEEN STRATEGICALLY ACQUIRING LAND FOR REAL ESTATE DEVELOPMENT ACROSS DUBAI AND BEYOND FOR MANY YEARS. THANKS TO THEIR FORESIGHT, WE NOW HOLD PRIME LOCATIONS THAT ENHANCE OUR PORTFOLIO AND DEVELOPMENT POTENTIAL.”
Sankari, which opened a new chapter in the group’s history, is in the process of awarding contractors for its first flagship twin residential tower in Marasi Marina, Dubai Water Canal. The luxurious residences are scheduled to be completed by the end of 2027.
“We acquired a plot in Marasi Marina in 2018, and since then, we’ve expanded significantly. Currently, we have several plots in Palm Jumeirah, where we are developing 18 large, signature villas that are situated on some of the most exclusive plots, including the tip of Palm Fronds,” Phoenix shares.
“We are fortunate that Dr Sankari and his family had the vision and resources to make these investments years ago. Beyond Palm Jumeirah, we are working on a project in Al Furjan, where construction has begun on 144 standalone villas.”
Phoenix recalls that when he joined Sankari in February 2023, the focus was on determining the best use for the family’s extensive real estate portfolio. “The goal was to create a strategic plan that would maximise the value of these properties,” he adds.
Regent Residences Dubai, Sankari Place features 63 ultraluxury homes, each occupying an entire floor and boasting a private pool on its terrace. The crown jewel of the project is the 40,000-square-foot penthouse, complete with its own private drop-off, lobby and parking garage. Perched on a prime waterfront peninsula, the exclusive development offers breathtaking views of Dubai Creek and the iconic Downtown Dubai skyline. Located in the heart of the city, it provides easy access to major business and entertainment hubs and convenient connections to Sheikh Zayed Road and Al Khail Road.
WHERE LUXURY MEETS SUSTAINABILITY
From an architectural perspective, the stunning dual tower design will feature an exclusive collection of full-floor residences, each with a private swimming pool and expansive outdoor living spaces. The cascading architectural design is conceived for opulent living.
The property will feature top-of-the-range facilities, including a world-class health and fitness centre, a golf simulator, a cinema, and a gaming room. Sports enthusiasts can enjoy tennis and padel courts, while lovers of fine dining will have access to a private dining room, a cigar lounge, and a cellar. We recognise the importance of having access to business-related facilities, so we have designed a business lounge with meeting rooms.
“Designed by the renowned London-based architects, Foster + Partners, Regent Residences Dubai, Sankari Place is designed
DUBAI’S ULTRA-LUXURY PROPERTY MARKET HAS SEEN EXPLOSIVE GROWTH WITH SALES OF PROPERTIES PRICED OVER $10M
WITH 40 YEARS OF RICH BUSINESS HERITAGE AND A HISTORY OF LEADING LIFESTYLE INNOVATIONS, SANKARI IS BETTING ON THE EMIRATE’S BOOMING LUXURY REAL ESTATE MARKET, WITH HOMES STARTING AT NEARLY $11M
with a holistic approach to wellbeing - for the environment and for its residents,” says Phoenix.
He explains that a key consideration in the initial design phase of the luxury residency was the sun’s path. “Given the region’s intense heat, managing solar radiation is crucial for maintaining comfortable interiors. By strategically implementing shading devices, selecting energy-efficient glazing, and optimising the building’s orientation, we’ve significantly reduced the reliance on air conditioning.”
Phoenix notes that by positioning living spaces away from direct midday sunlight, Regent Residences Dubai, Sankari Place minimises cooling needs, resulting in comfortable and energy-efficient apartments.
Similarly, Sankari analysed wind patterns to optimise the building’s design for natural ventilation, further reducing its environmental impact. Phoenix stresses that this meticulous approach to design has been evident from the project’s inception, ensuring a thoughtful and efficient outcome.
“The building is LEED Gold-certified and adheres to WELL standards, underscoring our commitment to sustainability and wellness. It’s our responsibility to future generations to minimise our environmental footprint,” he adds.
On the technology front, Sankari seeks to enhance usability and improve daily living without unnecessary complexity. Phoenix believes that while home automation can undoubtedly be convenient, it must be intuitive and user-friendly.
“Technology should simplify life, not complicate it. We’ve all encountered hotels with overwhelming technology that makes even simple tasks, such as closing curtains, a frustrating ordeal. Our goal is to avoid such gimmicks and prioritise practical applications,” he explains.
PLAYING BY A DIFFERENT SET OF RULES
Dubai has emerged as a prime destination as the world’s affluent individuals seek to diversify and secure their assets amid geopolitical volatility. The city now boasts the highest concentration of wealthy individuals in the Middle East, with a collective net worth exceeding Dhs3.7tn.
The city’s allure for global HNWIs continues to grow, and with it, the demand for its most coveted real estate. The insatiable appetite for luxury homes in the city has outstripped supply for ready-to-move-in inventory, fuelling the growth of the off-plan market.
Historically, property developers have followed a cyclical model, where sales generate the cash flow necessary to finance construction. However, Phoenix says Sankari pays with a different set of rules.
“We’ve adopted a unique approach, prioritising construction over sales. This means we’ll complete the building process, even if all units aren’t sold upfront,” Phoenix explains while noting that with the design phase finished, the focus is now on construction and delivery according to our planned timeline.
“Unlike other developers, we’re a financially conservative company that operates without leverage. We fund our projects entirely with equity, avoiding external financing. We’re currently appointing contractors and initiating the construction phase.”
UNLIKE
OTHER DEVELOPERS,
Phoenix stresses that while Sankari’s innovative approach presents unique challenges, it offers significant advantages. “With no reliance on external funding, we’re able to prioritise quality and timely delivery. This unwavering commitment to excellence drives our team to push boundaries and achieve exceptional results,” he adds.
Sankari’s growth strategy currently centres on expanding its portfolio while maintaining a steadfast focus on execution. Phoenix says the company is “currently immersed in the development of Regent Residences Dubai, Sankari Place, and we’re also undertaking the construction of highend villas on Palm Jumeirah, in addition to exploring opportunities in other ultra-luxury villa communities.”
“While we remain agile and open to new opportunities, we’re cautious to avoid diluting our focus. It’s tempting to acquire land and launch new projects continuously, but many developers fall into the trap of neglecting existing commitments,” adds Phoenix.
WE’RE A FINANCIALLY CONSERVATIVE COMPANY THAT OPERATES WITHOUT LEVERAGE. WE FUND OUR PROJECTS ENTIRELY WITH EQUITY, AVOIDING EXTERNAL FINANCING. WE’RE CURRENTLY APPOINTING CONTRACTORS AND INITIATING THE CONSTRUCTION PHASE.”
Meanwhile, the diminishing supply of strategic development land plots in Dubai is driving up prices and creating ‘bidding wars’, adding to the buoyancy already fuelled by the city’s residential market.
“Land is a finite resource, and the recent Dubai boom has led to increased competition and rising prices. While other developers resort to complex financial arrangements such as joint ventures or payment plans, our strong financial position allows us to acquire land outright,” says Phoenix.
He emphasises that Sankari prioritises quality and long-term value rather than pursuing rapid growth. The property developer’s goal is to build a legacy and establish a strong reputation in Dubai’s ultra-luxury property sector.
“By putting our name on our projects, we’re committing to the highest standards of excellence. This is a significant step for the Sankari family, and we are determined to deliver projects that reflect our commitment to quality and innovation,” says resolute Phoenix.
A GLOBAL OUTLIER
Phoenix is optimistic about Dubai’s luxury property market, recognising the city’s emergence as a global luxury hub.
The high-end property veteran’s confidence is not misplaced. Dubai’s strategic vision and significant government investments in world-class infrastructure have created a dynamic environment that attracts both residents and visitors, driving the growth of the luxury property market.
The emirate ranked 30th among global cities for rental value growth and 5th for capital value growth in the first half of 2024, according to Savills’ latest Prime Residential World Cities Index.
Phoenix believes that a key driver of Dubai’s luxury market is its commitment to providing a secure and prosperous lifestyle.
“The city’s tax-efficient environment, coupled with its stable political and economic climate, makes it an attractive destination for high-net-worth individuals and businesses. Its efficient and well-regulated business environment, coupled with its strategic geographic location, has positioned it as a global trade and logistics hub.”
THE CITY NOW BOASTS THE HIGHEST CONCENTRATION OF WEALTHY INDIVIDUALS IN THE MIDDLE EAST, WITH A COLLECTIVE NET WORTH EXCEEDING DHS3.7TN
He emphasises that Dubai’s unparalleled reputation for security and privacy allows affluent individuals to live and invest without fear of scrutiny.
“The city’s commitment to providing world-class infrastructure and services is another key factor driving its appeal. Emirates Airline, a symbol of Dubai’s luxury and efficiency, sets the standard for global travel,” says Phoenix.
“Dubai’s commitment to excellence extends to all aspects of the emirate’s offerings, from its luxurious hotels and shopping malls to its state-of-the-art healthcare facilities and educational institutions.”
Dubai’s high-end property market offers a diverse range of options, catering to various preferences and lifestyles. Phoenix says that established neighbourhoods such as Palm Jumeirah and Downtown Dubai remain highly sought-after for their iconic status and luxurious amenities.
However, he notes that emerging destinations such as the Marasi Marina are gaining significant attention for their prime coastal locations and modern developments.
“While traditional villas offer a sense of privacy and exclusivity, there’s a growing trend towards high-rise luxury apartments, particularly among international buyers,” Phoenix shares while explaining that these vertical villas provide the convenience and amenities of a serviced residence, combined with the spaciousness and luxury of a traditional villa.
With a portfolio valued at approximately Dhs7bn, Phoenix is thrilled to be part of Sankari’s growth journey. “The first five years of a startup are always the most exhilarating as you build a team of passionate, versatile individuals who are willing to go the extra mile,” he adds.
Over the past 18 months, Sankari has cultivated a skilled team of seasoned real estate experts. Phoenix says the team’s deep understanding of Dubai’s real estate market is an asset to the luxury property developer.
Dr. Sankari’s vision for the luxury property developer extends beyond mere profit and growth; he shares while noting that “the family’s decision to affix their name to their first tower project reflects their unwavering commitment to excellence”. With the luxury property developer’s inaugural project now in the construction phase, Phoenix closes by emphasising Sankari’s commitment to preserving its founder’s legacy by contributing to Dubai’s skyline.
stc Bahrain: Driving digital transformation
From pioneering 5.5G and Web3 initiatives to revolutionising fintech with stc pay, stc Bahrain is redefining the digital landscape
Asubsidiary of stc Group, stc Bahrain, leads Bahrain’s digital transformation as an innovative, digital enabler, driving growth in the ICT sector guided by the Bahrain’s Economic Vision 2030.
Since entering Bahrain’s telecommunications market in 2010, stc Bahrain has led the evolution of the telecommunications landscape and emerged as a market leader through development of next generation network infrastructure, technology and services.
From piloting the foundation of 5.5G technology and launching the world’s first structured Web3 Launchpad programme to driving blockchain innovation, stc Bahrain continues to push ICT boundaries in cybersecurity, cloud computing, mobile payments, and connectivity solutions.
DIGITAL ENABLEMENT
stc Bahrain’s journey over the past decade has been marked by significant strides in digital enablement, achieved through collaboration with government entities, strategic partners and investors. Recent key milestones include the inauguration of 2Africa Pearls submarine cable system, new Data Center Park, and the launch of stc pay, all contributing to the kingdom’s vision of a digital-first economy.
stc Bahrain’s long-term vision is aligned with Bahrain’s digital future. “We are paving the way for innovation and growth by investing heavily in digital transformation, empowering both businesses and individuals,” says Engineer Khalid Al-Osaimi, stc Bahrain’s CEO.
He adds: “Our investments in the 2Africa Pearls submarine cable system and the Data Center Park are cornerstones of this transformation, guided by the Economic Vision 2030, establishing Bahrain as a leading ICT hub connected globally, reaffirming its position as a regional powerhouse.
“Moreover, these two flagship projects reflect Bahrain’s ICT sector goals to create a diversified and resilient knowledgebased economy with its sustainability focus of achieving net-zero carbon emissions by 2060. Having $2bn plus investments in Bahrain’s digital infrastructure over the last decade, stc Bahrain’s commitment continues to grow. The $300m investments in 2Africa Pearls submarine cable system and the state-ofthe-art Data Center Park, sets new benchmarks towards growth acceleration of a vibrant digital economy.”
EXPANSIVE CABLE NETWORK
The 2Africa Pearls submarine cable
Having $2bn plus investments in Bahrain’s digital infrastructure over the last decade, stc Bahrain’s commitment continues to grow.”
system is the GCC branch of the world’s largest 2Africa subsea cable system, with landings in 46 locations across 33 countries and connecting three continents - Europe, Asia, and Africa. This positions Bahrain as a key digital hub for the region. The Data Center Park will be Bahrain’s largest carrier-neutral data center campus and one of the region’s most environmentally sustainable data center projects.
Built on a 55,000 square metre area, the Data Center Park is designed for 30 MW, scalable up to 60 MW, providing critical infrastructure for data processing, storage, and delivery. These projects will attract foreign direct investment, technology startups and digital ecosystem players, including hyperscalers, multinational corporations, and infrastructure consortia, fuelling innovation and growth across diverse sectors, resulting in new jobs and a digitally skilled workforce.
BEYOND TRADITIONAL SERVICES
stc Bahrain’s progressive approach extends beyond traditional telecom services. stc pay, the company’s Central Bank of Bahrain-licensed mobile wallet subsidiary, is revolutionising fintech in Bahrain. Offering a range of financial services, including local and international transfers, bill payments, and prepaid Mastercards.
stc pay provides fast, secure, and convenient transactions. It also offers a compliant payroll solution aligned with the Wage Protection System, furthering Bahrain’s cashless economy vision. “stc Bahrain is also making strides in digital insurance solutions with its portfolio of Insurtech services,” comments Al-Osaimi on stc pay and its role in Bahrain’s fintech transformation.
stc Bahrain measures its success by tracking key indicators aligned with Bahrain’s economic growth and sustainability goals, including economic impact (from job creation and attracting foreign direct investment to contributing significantly to Bahrain’s non-oil GDP growth), digital ecosystem development, and contributions to sustainability performance through its projects.
“We are committed to building a stronger, more interconnected, and sustainable future for Bahrain,” concludes the CEO.
ICONIC INFLUENCERS
FROM REAL ESTATE AND FINANCE TO HOSPITALITY AND RETAIL, THESE DYNAMIC BUSINESS INFLUENCERS ARE SHAPING THE REGION’S ECONOMIC LANDSCAPE
ZUBIN KARKARIA
FOUNDER
AND CEO, VFS GLOBAL GROUP
GLOBAL AMBITIONS
ubin Karkaria founded VFS Global, the world’s largest outsourcing and technology services specialist for governments and diplomatic missions globally. VFS Global is headquartered in Dubai, UAE, and Zurich, Switzerland, and is a portfolio company of Blackstone, the world’s largest alternative asset manager. The Swiss-based Kuoni and Hugentobler Foundation and EQT, a global investment organization headquartered in Stockholm, Sweden, also hold minority stakes in VFS Global.
Z
CAREER TRACK
In 2001, Karkaria conceptualised VFS Global – as an outstanding example of disruptive innovation – and led the company to become a global leader in its space within four to five years of its inception. As of November, VFS Global serves 69 client governments with nearly 3,400 application centres across more than 150 countries, having handled over 300 million applications so far.
Karkaria was also the CEO of the Switzerland-headquartered Kuoni Group (of which VFS Global was a part) globally from 2015 until 2017 when the Group was split-up into stand-alone businesses following its privatization.
Joining Kuoni in 1991, Zubin handled several managerial roles before he was appointed as the CEO and MD of Kuoni India and South Asia in 2005 – managing the Outbound and Domestic tours division, the Business Travel division, and the Inbound Travel division, and simultaneously growing the VFS Global business. He was made a member of the Kuoni Group Executive Board in 2013, and in 2015 he became the first Asian to be appointed as the CEO of Kuoni Group. With a rich experience of over 30 years in the travel and tourism business and in developing
a truly global business, Karkaria has taken-on and overcome several challenges successfully. An economic value creator, his success lies in his sharp entrepreneurial sense combined with organisation building skills.
A visionary leader, Karkaria’s ability to understand and leverage technology has been instrumental in building VFS Global into a technology-led, innovative company that continuously enhances its market leadership position.
BUILDING ON PARTNERSHIPS
In 2002, VFS Global entered in a partnership with the Emirates Airlines to manage UAE visa services for its passengers across 180 countries, marking its first major foray into business with the UAE government. This was followed by the launch of VFS Global operations in the UAE in 2007. Recognising the Middle East’s growing potential, Karkaria established VFS Global’s headquarters in the UAE in 2013. Today, VFS Global has its operations in nine countries in the Middle East, with a workforce of over 1500. The company’s global digital and AI headquarters have been established in the UAE too, with investments in infrastructure, human resources, and advanced solutions.
In recognition of his immense experience and contribution to the broader travel and tourism related services, Karkaria has been part of several high-powered committees during his career. In June 2023, he was appointed on the National Tourism Advisory Council of the Ministry of Tourism, Government of India and before that, as an Executive Committee member of the World Travel & Tourism Council (WTTC), since December 2022.
ACCOLADES
Karkaria has received numerous accolades, including the prestigious Global Game Changers Award at the Indian Awards 2019 presented at the Houses of Parliament in London.
Other honours include the Pioneer of the Visa Services Industry award, Travel Entrepreneur of the Decade award, and appointment as the ‘Chevalier de l’Ordre National du Mérite’ (Knight of the National Order of Merit) by the President of the French Republic, François Hollande in 2016.
A commerce graduate from Mumbai University, Karkaria completed his Business Management studies and the Senior Executive Programme at London Business School, one of the world’s most prestigious business schools.
MOUNTASSER HACHEM
FOUNDER AND CHAIRMAN, MONTY GROUP
TECH POWERHOUSE
ountasser Hachem helms the Monty Group, a global technology powerhouse headquartered in the UK with 40 subsidiaries and operations across 19 countries.
With over 30 years of experience, Hachem has established himself as a pioneering force in the digital banking tech, and telecom industries. His entrepreneurial journey began in 1997 in the Middle East and soon expanded globally with Monty Mobile’s International A2P SMS Monetisation solution, becoming the third-largest SMS provider worldwide and expanding the company’s business portfolio to include VAS services, CPaaS, eSIM RSP among others.
MILESTONES IN THE MAKING
Under his leadership, Monty Group has achieved numerous milestones, including the launch of the neo-banking platform MyMonty and payment gateway MontyPay in 2022.
Monty Mobile’s significant achievements in the telecom sector led to the company being selected by GSMA to host two major conferences (WAS6 and WAS19) in Marrakesh (2017) and Istanbul (2024), each attracting over 1,000 telecom executives globally.
Between 2018-2019, his company secured more than 1,000 agreements with operators, enterprises, and aggregators, including over 30 exclusive A2P agreements.
Today, Hachem’s strategic vision and market intuition lie in driving financial inclusion for unbanked and underserved communities globally, while also catering to tech-savvy individuals, the younger generation, and businesses with innovative financial solutions. Through MyMonty, launched in Lebanon, Europe, The Gambia, and soon expanding to the US, Hachem envisions a seamless platform for everything money related offering much needed financial services like peer-to-peer lending, business wallets, micro-investments, digital savings programmes, and AI-driven financial planning tools.
Hachem is committed to breaking financial barriers and creating a global ecosystem that empowers every individual and enterprise to thrive.
Beyond fintech, Hachem ventured into mobile operator management by taking over Comium in The Gambia, a mobile operator on the verge of collapse. When others saw a lost cause, Hachem saw an opportunity. In just six months, he upgraded Comium’s network from 2G to 4G+, complemented by culturally resonant marketing campaigns and strategic initiatives. This bold transformation led to a 20 per cent market share growth in under two years.
Today, Comium is a rising star, offering innovative services like ComCach (digital wallet), ComShop (its own electronics outlet), and is poised to deliver 4G+ connectivity even in rural areas of The Gambia. This remarkable turnaround exemplifies Hachem’s ability to see potential where others see limits.
In addition to his contributions to fintech and telecommunications, Hachem also spearheads innovation in travel connectivity with the Monty eSIM travel app. Recognising the increasing need for accessible, hassle-free, global mobile connectivity, Hachem envisioned and executed a solution that connects travellers to mobile data in over 190 countries without the inconvenience of physical SIM cards. The Monty eSIM app enables users to purchase competitive data packages with just a few taps, eliminating the high costs of roaming and the delays of procuring local SIMs.
Hachem is driven by a bold vision to liberate individuals and businesses from the limitations of traditional services that consume time and create unnecessary hassle. Through innovative solutions like MyMonty, MontyPay, and Monty eSIM Travel App, he aims to redefine convenience and efficiency in daily life. Be it transforming financial inclusion for underserved communities, modernising telecommunications, or streamlining global connectivity, Hachem is committed to empowering people with tools that simplify and enhance their experiences.
Issam Kazim
CEO, DEPARTMENT OF TOURISM & COMMERCE MARKETING (DTCM)
SECTOR: TOURISM
At DTCM, Issam Kazim oversees team development and global offices, and directs branding and promotion activities for Dubai. A subsidiary of the Department of Economy and Tourism (DET), he steers negotiations for global partnerships and contributes to overall city visitation growth by fostering relationships with stakeholders, partners, and investors. Since his appointment in February 2014, Kazim expanded the Visit Dubai digital ecosystem and transformed the visitor experience in Dubai through innovative tools. He spearheaded campaigns including #BeMyGuest and ‘A Story Takes Flight’ which have contributed to Dubai’s tourism growth. Instrumental in Dubai’s tourism development, he oversees marketing, branding, and partnerships. He engages with VIPs and government bodies, as a spokesperson for Dubai Tourism and board member of the Dubai Media Council.
Since his appointment in February 2014, Issam Kazim has expanded the Visit Dubai digital ecosystem and transformed the visitor experience in Dubai through innovative tools.
In his current role with Parkin since January, Mohamed Abdulla Al Ali encompasses over two decades of experience in project management within the public transport and infrastructure sectors.
Focused on the future of urban mobility and sustainability, he joined the Roads and Transport Authority (RTA) in 2007. Here, he helmed multiple departments for over 16 years within the organisation, including the buses, building, and strategic planning divisions. The Expo 2020 event’s transportation and traffic management system was led by Al Ali and his operational team. During COP28, he also helmed the operating team that provided passenger transportation services. Prior to this, he worked in the construction and building segments at e&. Also in the role of director of Innovation & Knowledge Department, Al Ali organised a newly established department facilitating innovation. He earned a bachelor’s degree in Civil Engineering and a master’s degree in Engineering Management from the American University of Sharjah. As a member of the International Transport Organisation, he leads the MENA region’s Mobility Working Group.
Mohamed Abdulla Al Ali encompasses over two decades of experience in project management within the public transport and infrastructure sectors.
Mohamed Abdulla Al Ali
CEO, PARKIN PJSC
SECTOR: PUBLIC PARKING PROVIDER
MA Yusuff Ali, chairman and managing director of LuLu Group International, has cemented his legacy as a visionary entrepreneur. Under his leadership, LuLu Group has grown into one of the largest retail conglomerates in the Middle East, with over 250 hypermarkets spanning the GCC, Asia, and beyond.
In 2024, Yusuff Ali led the company to a historic milestone with the successful initial public offering (IPO) of LuLu Retail Holdings on the Abu Dhabi Securities Exchange (ADX). The IPO offered 2.582 billion shares, representing 25 per cent of the company’s share capital, with an indicative price range of Dhs1.94 to Dhs2.04 per share. Due to overwhelming demand, the offering size was increased to 30 per cent, raising Dhs6.32bn in gross proceeds.
The IPO was oversubscribed by more than 25 times, with total demand exceeding Dhs135bn. It marked one of the largest IPOs in the UAE this year, highlighting strong investor confidence in the group’s robust financial perfor mance and growth strategy. The shares began trading on ADX on November 14.
Beyond business, Yusuff Ali is a celebrated philanthropist, supporting global initiatives in healthcare, education, and disaster relief. His accolades include India’s prestigious Padma Shri and numerous international awards for his leadership.
Despite personal challenges, including a helicopter accident in 2021, Yusuff Ali continues to steer LuLu Group.
In 2024, Yusuff Ali led the company to a historic milestone with the successful initial public offering (IPO) of LuLu Retail Holdings on the Abu Dhabi Securities Exchange.
Hosam Arab
CEO AND CO-FOUNDER, TABBY SECTOR: FINTECH
MA Yusuff Ali
CHAIRMAN AND MD, LULU GROUP INTERNATIONAL | SECTOR: RETAIL
Hosam Arab is a key player in the UAE’s entrepreneurial landscape. In 2011, he co-founded Namshi, an online fashion retailer that grew rapidly under his leadership. Emaar Malls acquired Namshi in 2019, marking a major milestone in Arab’s career.
Arab later turned his focus to financial technology, founding Tabby, a buy-nowpay-later (BNPL) platform. Tabby has attracted significant investment, raising $7m (Dhs25.7m) in June 2020 and $23m (Dhs84.4m) in December the same year.
Tabby, initially developed in the UAE, plans to move its headquarters to Saudi Arabia. The platform now serves over 16 million users across 40,000 brands and businesses. At the close of 2023, Tabby secured Dhs918.2m in Series D funding and a Dhs2.5bn debt facility from JP Morgan. The round, led by Soros Capital Management, Saudi Venture Capital, and Hassana Investment Company, valued Tabby at Dhs5.5bn.
During Saudi Arabia’s 24 Fintech event, Tabby announced its acquisition of Tweeq, a digital wallet licensed by the Saudi Central Bank. Tweeq, founded in 2020, offers digital accounts and money management tools, providing alternatives to traditional banking.
Tabby, initially developed in the UAE, plans to move its headquarters to Saudi Arabia. The platform now serves over 16 million users across 40,000 brands and businesses.
Tomaso Rodriguez
CEO, TALABAT
SECTOR: INTERNET SERVICES ONLINE FOOD ORDERING
Transforming the food ordering business in the Middle East, Talabat initially launched in Kuwait in 2004 and has become the MENA region’s largest food delivery service. In September 2019, Tomaso Rodriguez, a startup enthusiast, successful entrepreneur, and venture capitalist was appointed as the CEO. He boasts a global track record in the management of online service delivery platforms, and driving operations, and has helped steer Talabat to evolve into a premier online food ordering company. Previously, Rodriguez headed Grab’s food division, a Singapore-based
Sarah Al Suhaimi
Aleading super app. Here, he expanded the food delivery business from one city to over 200 cities in only 18 months. Prior to this, he was the general manager of a global carhailing app in Italy and Greece as well as the previous head of UberEATS’ regional operations – APAC. He is also a board member of several companies including Binghatti, CarSwitch Arabia, and Facily (Brazil).
Initiating his career as an investor with 360 capital partners, a European fund with $500 million under its management, Rodriguez later went on to launch Agency Management in Italy.
GROUP CHAIRPERSON, SAUDI TADAWUL GROUP
SECTOR: BANKING AND FINANCIAL SERVICES
forerunner in the financial sector, Sarah Al Suhaimi became the inaugural chairwoman of the Saudi stock exchange, a first for a woman in the Middle East as well as in Saudi Arabia. As the chairperson of the Saudi Tadawul Holding Group board of directors, considered the largest exchange in the Middle East, she spearheads Tadawul’s efforts to align operations and governing regulations to integrate the Saudi capital market with global peers. She is also the chairperson of Lazard in Saudi Arabia, the MENA region, and a board member at the Saudi Telecom Company, the General Authority of Statistics, the Saudi Arabian Airlines Public Agency, the Cultural Development Fund, and the Regional Voluntary Carbon Market Company. Also, Al Suhaimi is a We-Fi Leadership Champion and a trustee of the International Financial Reporting Standards Foundation.
From 2014 to 2021, she held the role of CEO of Saudi National Bank Capital (SNB Capital) and was a member of the Board of Directors. Al Suhaimi also served as vice-chairperson of the Advisory Committee of the Capital Market Authority (CMA) Board of Directors for two years. Previously, she helmed the asset and wealth management division at Jadwa Investment Company, where she was also the Chief Investment Officer and a member of the firm’s Management Committee.
Sarah Al Suhaimi spearheads Tadawul’s efforts to align operations and governing regulations to integrate the Saudi capital market with global peers. She is also the chairperson of Lazard in Saudi Arabia, the MENA region, and a board member at the Saudi Telecom Company.
After pursuing higher education at King’s College London where she achieved both a bachelor’s degree and an MBA in business management, Ganwani Ved returned to Dubai in the early 90s. She honed her skills in the retail industry while working at one of her father’s shopping malls at age 20. It was in 1996 that Ganwani Ved and her husband Nilesh Ved established the foundation of the Apparel Group to fulfil a niche for international retail brands in the Middle East.
Under her leadership, The Apparel Group today caters to millions of customers with over 85 brands across 14 countries. Its extensive network of over 2,300 stores and its diverse workforce of over 24,000 multicultural staff has solidified its position as one of the best retail companies in the UAE and now across the GCC and beyond.
Ganwani Ved’s philanthropic efforts include founding the social commerce platform NESSA and mentoring her daughters in launching brands like F5global, with proceeds helping to provide education to underprivileged children.
Under Sima Ganwani Ved’s leadership, the Apparel Group today caters to millions of customers with over 85 brands across 14 countries. Its extensive network of over 2,300 stores and its diverse workforce of over 24,000 multicultural staff has solidified its position as one of the best retail companies in the UAE.
Sima Ganwani Ved
FOUNDER AND CHAIRWOMAN, APPAREL GROUP
SECTOR: RETAIL
Amira Sajwani
MD, SALES AND DEVELOPMENT, DAMAC PROPERTIES; FOUNDER AND CEO, PRYPCO AND CO-FOUNDER, AMALI PROPERTIES | SECTOR: REAL ESTATE
In addition to her role at her father Hussain Sajwani’s DAMAC Properties, Amira Sajwani is also the founder & CEO of PRYPCO, a proptech platform. Her extensive experience in the real estate sector and her technological acumen have enabled partnerships with global financial institutions, prominent property agents, and sales agents. Across her different roles in DAMAC, PRYPCO, and Amali Properties, Sajwani delivers world-class quality to customers.
As a co-founder of Amali Properties, Sajwani introduced the venture alongside her brother, Ali Sajwani. Amali Island is their maiden project located at The World Islands, comprised of 24 exclusive ultra-luxury villas offering scenic views of the Dubai skyline, Palm Jumeirah, and Atlantis The Royal. In her capacity at DAMAC Properties, Sajwani manages the development of properties including involvement in design, construction, sales, marketing, analytics, and other strategic areas. Both domestically and internationally, she is also responsible for supervising the operations of DAMAC’s network of direct and independent sales agents.
Amali Island is their maiden project located at The World Islands, comprising 24 exclusive ultra-luxury villas offering scenic views of the Dubai skyline, Palm Jumeirah, and Atlantis The Royal.
Khadija Al Bastaki
SENIOR VICE PRESIDENT, DUBAI DESIGN DISTRICT
SECTOR: DESTINATION
Appointed to Dubai Design District’s (d3) leadership team in 2019, Khadija Al Bastaki is leading Dubai’s consolidation of key fashion industry events to establish Dubai as a global design hub. She officially endorsed Arab Fashion Week and approved its rebranding as Dubai Fashion Week. With a passion for art, design, and culture, her business expertise is solidifying d3’s vision and future growth strategies. Bringing extensive knowledge and expertise to her current position, she encompasses over 15
years of key management experience at Economic Zones World, Jebel Ali Free Zone, Tecom Group, and DP World. As an advocate for budding talent, Al Bastaki closely collaborates with In5 Design, Tecom Group’s startup incubator, and d3’s Dubai Institute of Design and Innovation. Steered by her leadership to launch a new campus in d3, in November 2023, partnerships were established with the L’ÉCOLE, School of Jewellery Arts, Milano Durini Design Association, and the Associazione Italiana Professionisti Interior Design.
As the founder and executive chairman, Kabir Mulchandani has overseen the rapid expansion of FIVE Holdings, a company that integrates luxury hospitality, innovative real estate, and world-class entertainment into its diverse portfolio.
Mulchandani’s entrepreneurial journey began in 2004, when he entered the real estate market in Dubai. Recognising the potential for synergy between real estate and hospitality, he founded FIVE Holdings in 2011. Under his leadership, the company has grown into an influential player in the global hospitality and entertainment industries.
Today, FIVE Holdings boasts a rapidly expanding portfolio that includes iconic properties and entertainment assets across the globe. The company’s flagship hotels include: FIVE Palm Jumeirah and FIVE Jumeirah Village in Dubai; FIVE LUXE on the Palm Jumeirah; FIVE Zurich in Switzerland, which marked the company’s expansion into the European market in 2022, and Destino Pacha Hotel Ibiza and El Hotel Pacha in Spain, reflecting FIVE’s growing footprint in Europe.
Beyond hospitality, FIVE Holdings has made significant inroads into entertainment, fashion, and music. Key assets include Pacha Ibiza Nightclub, one of the world’s most famous nightlife brands, FIVE Mode and The Pacha Collection, high-end fashion lines that combine the essence of luxury lifestyle with fashion-forward design, a range of lifestyle and nightlife assets such as Toy Room Clubs and WooMoonStorytellers, which span multiple international markets, FIVE Music, a joint venture with Warner Music Group, alongside the establishment of the FIVE Music Studio, adding to the company’s multifaceted entertainment strategy.
FIVE Holdings reported $245m in revenue for the six-month period ending June 30, 2024, and has a total asset value of $2.9bn. The company also employs over 3,060 people globally. These figures reflect the company’s explosive growth and its commitment to creating world-class experiences for its customers.
At the heart of FIVE Holdings’ business model is ‘Sustainable Indulgence’, a philosophy that blends luxury and sustainability. Under Mulchandani’s leadership, the company earned the world’s highest ESG ‘A’ rating from ISS Global Rating Agency.
Kabir Mulchandani
FOUNDER AND EXECUTIVE CHAIRMAN, FIVE HOLDINGS | SECTORS: HOSPITALITY, REAL ESTATE AND ENTERTAINMENT
Noor Sweid is the visionary behind Global Ventures, a venture capital firm with approximately more than Dhs1.1bn in managed assets, with hubs in Dubai, Abu Dhabi, Cairo, Jeddah and Lagos.
She is also a board member of Immensa, an additive manufacturing startup. Previous roles she has held include co-founding Leap Ventures, serving as the chief investment officer at the Dubai Future Foundation, and being a founding board member of Endeavor UAE. She also established ZenYoga, a network of yoga and Pilates studios, later acquired in 2014 by Cedarbridge. She previously held board director roles at MIT Sloan and is the founding chairwoman of MEVCA.
Sweid holds bachelor’s degrees in finance and Economics from Boston College and an MBA from MIT Sloan and her professional recognition includes being part of the first Finance Leaders Fellowship class and the Aspen Global Leadership Network.
In April 2008, Sweid became the first Arab woman to scale, take public, and manage a public company in the MENA region. This was her family’s business Depa’s listing on NASDAQ Dubai and the London Stock Exchange.
Noor Sweid also established ZenYoga, a network of yoga and Pilates studios, later acquired in 2014 by Cedarbridge. She previously held board director roles at MIT Sloan and is the founding chairwoman of MEVCA .
Dr Raja Easa Al Gurg
Noor Sweid
FOUNDER AND MANAGING PARTNER, GLOBAL VENTURES | SECTOR: INVESTMENTS
CHAIRPERSON AND MANAGING DIRECTOR, EASA SALEH AL GURG GROUP (ESAG) | SECTOR: DIVERSIFIED
Dr Raja Easa Al Gurg has shaped her leadership approach following the legacy of her late father, Easa Saleh Al Gurg, the group’s founder. She launched the Dubai Businesswomen Council and is a key member of the Dubai Chambers board of directors, the Dubai Chamber of Trade, and the Dubai Women’s Association.
She holds the position of vice chairperson of the boards at Mohammed Bin Rashid University of Medicine, and Health Sciences, the National Bank of Fujairah, and vice chair at the University of Dubai. She also disseminates insights to the advisory board of Coutts Bank. Moreover, she is a member of the board of trustees for Ajman University, vice chairperson of the University of Dubai, and board of trustees for Hamdan Bin Mohammed Smart University. In 2022, she was appointed as the honorary pro-chancellor at Heriot-Watt University in Dubai. She also holds the role of chairperson of the board of directors of the Al Jalila Foundation and contributes to the Easa Saleh Al Gurg Charity Foundation.
Dr Raja Easa Al Gurg holds the position of vice chairperson of the boards at Mohammed Bin Rashid University of Medicine, and Health Sciences, the National Bank of Fujairah, and vice chair at the University of Dubai.
The future of flight
ELIAS MERRAWE, VP - CIVIL BUSINESS FOR THALES IN THE MIDDLE EAST, SHARES THE COMPANY’S COMMITMENT TO SUSTAINABILITY, ITS STRATEGIC PARTNERSHIPS WITH UAE ENTITIES AND SUPPORTING THE UAE’S AMBITIOUS AVIATION GOALS
BY NEESHA SALIAN
In an era where the UAE aims to become a global aviation powerhouse, Thales is positioned as a pivotal player in the region’s aviation journey. Here, Elias Merrawe, VP of Civil Business at Thales in the Middle East, discusses how the company is driving technological advancements, from smart airports to AI-powered air traffic management.
The UAE has set ambitious goals to become a global aviation powerhouse. What do you see as the biggest opportunities for the aviation industry in the UAE and the wider Middle East region?
The Middle East’s exceptional growth as a global aviation hub is fuelled by three big strengths: its location as a transit hub for international travel; its thriving tourism industry; and its reputation as home to some of the world’s most respected, luxurious, and advanced airlines and airports. The nation’s allure as a tourist destination, with its projected economic impact, guarantees a constant influx of travellers which has been exponential since Covid-19 ended.
Let us take the UAE as an example. The country is projected to attract Dhs100bn in tourism investments and contribute a staggering Dhs450bn to the nation’s GDP by 2031. Thus, justifying an investment of nearly Dhs128bn for Al Maktoum airport.
Some of the world’s most celebrated airlines, including Emirates, Etihad, Air Arabia and flydubai are based in the UAE. These airlines have carved a space for themselves in the global landscape with their commitment to passenger experience and operational excellence. A large part of the global standing of Middle East-based carriers can be attributed to the fact that they, along with the local airports, are indeed revolutionising the passenger experience through the implementation of innovative technologies. Biometric and contactless solutions either have been rapidly adopted already or are being increasingly adopted. Behind the scenes, airport operations are transforming to usher in a new era of seamless, secure, and efficient travel. There are opportunities in the aviation industry that remain an area of focus for the next decades with fastgrowing digital and artificial intelligence
capabilities. Just imagine: the next generation of airports will look and feel like a mall without check-in counters, luggage being transported directly from houses into warehouses and then to the airplanes by drones, while all security checks are done before entering the airport.
This vision can be achieved if we maximise the utilisation of biometrics, advanced scanning devices, drones with secured corridors along with a robust cybersecurity system in place.
How is the company positioned to contribute to these opportunities?
Thales is a driving force in the digital front within the avionics, inflight entertainment, air and unmanned traffic management systems, radar, drone management, airport security, biometrics and cybersecurity domains. Our comprehensive, end-to-end solutions are actively shaping the future of air transport, tackling its most pressing challenges head-on.
Earlier this year, we strengthened our commitment to a sustainable future by partnering with the General Civil Aviation Authority (GCAA) and Etihad Airways. This landmark collaboration will significantly reduce the environmental impact of aviation within the Emirates flight information region.
Through this partnership, we empower airspace users to prioritise and reduce carbon emissions by optimising operations.
We are committed to being part of the ‘Make it in the Emirates’ governmental initiative which made us largely expand our UAE suppliers network. We aim to buy our components for major systems from the UAE, enhance supply chain reliability, increase efficiency, and continue delivering high-quality products/services to our
Elias Merrawe
customers. We are also nurturing the local talent pool so that we can encourage sustainable economic growth.
What are the key technological advancements driving the future of aviation in the UAE? How is Thales aligning itself with these trends?
The UAE’s vision for the future of aviation is one of seamless connectivity, pioneering sustainability, and a passenger experience elevated by world-class technology. Al Maktoum International Airport will be five times larger than the current Dubai International Airport and will be able to accommodate 400 aircraft gates to facilitate smooth operations. Thales is deeply aligned with this vision, developing and deploying solutions that are transforming the industry. From AI-powered air traffic management systems that optimise airspace capacity and reduce emissions to biometric solutions that expedite passenger processing, Thales is at the forefront of innovation. The group’s commitment to sustainability is evident in its support for sustainable aviation fuels, flight operations optimisation, energy-efficient technologies, and the integration of eco-design principles across its product portfolio.
How is Thales contributing to the industry’s sustainability goals through its solutions?
Our revolutionary flight management system, PureFlyt, is redefining aviation safety and efficiency, acting as the “brain” of the aircraft to optimise flight paths and significantly reduce the environmental impact of air travel. This trailblazing system leverages AI to calculate optimal trajectories, minimising fuel consumption, and noise pollution. Through these advanced capabilities, PureFlyt is projected to achieve a remarkable 3 to 4 per cent reduction in fuel consumption and CO2 and NOx emissions compared to previous-generation FMS solutions. As a company, Thales has set ambitious targets to reduce its operational CO2 emissions by 50 per cent by 2030 and achieve net-zero emissions by 2040. Furthermore, Thales committed to embedding eco-design principles into 100 per cent of its new products and services from 2023 onward. This commitment to sustainability is exemplified by the company’s pioneering work in developing “frugal
THE UAE’S VISION FOR THE FUTURE OF AVIATION IS ONE OF SEAMLESS CONNECTIVITY, PIONEERING SUSTAINABILITY, AND A PASSENGER EXPERIENCE ELEVATED BY WORLD-CLASS TECHNOLOGY.”
AI”. Recognising the increasing role of AI in its groundbreaking technologies, Thales’s leading researchers are prioritising energyefficient algorithms and backing hybrid AI, a powerful blend of knowledge-based and symbolic AI, to ensure that technological advancement goes hand in hand with environmental responsibility.
What are some of the projects that Thales is involved in that aim to reduce the environmental impact of aviation?
As part of our 2024 partnership with the GCAA and Etihad Airways, our digital tools enable the selection of optimal flight plans, allowing for more direct routes and realtime flight profile adjustments, paving the way for a more streamlined and sustainable airspace. This initiative will see the implementation of ‘Thales Orchestrator for Eco-Friendly Trajectories’, a solution that enables users to implement optimised trajectories with ease and efficiency, tangibly reducing the environmental footprint of air travel. We are also working with the GCAA and Tawazun Council to establish an ATM innovation lab within the UAE. Through this collaborative powerhouse, we aim to bring even more efficiency and sustainability to the UAE’s aviation ecosystem.
By optimising airspace capacity, we can drastically reduce congestion and minimise delays, enhance predictive analysis to anticipate and address potential air traffic challenges, and pioneer greener flight operations that significantly reduce aircraft CO2 emissions. Thales also proudly stands as a member of the Aviation X Lab with Emirates. Our goal is to create a future where air travel is not only safer and more efficient but also environmentally responsible.
How important are public-private partnerships to help advance the UAE’s aviation ambitions?
The UAE is undeniably a global aviation
powerhouse. Back in 1971, it used to make up 1 per cent of the GDP and today, it contributes to over 13 per cent. As tourism grows, this remarkable growth trajectory is set to continue.
This exponential expansion necessitates a complimentary surge in technological innovation, infrastructural development, and knowledge acquisition to ensure the UAE’s aviation ecosystem remains at the forefront of global advancement.
Public-private partnerships are the cornerstone of national transformative progress. If we look at it a little deeper, it comes down to the investment in R&D that companies make in ensuring that they are at the forefront of innovation. Thales invests close to EUR4bn a year in R&D, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G, which we then bring to our partners in the different countries that we operate in. It is through this that we can drive innovation, foster local talent, and shape a future where technological prowess and sustainable practices go hand in hand.
Dubai International Airport selected Thales’s state-of-the-art TopSky ATC system in 2022. This advanced system not only equips air traffic controllers with the tools to manage the complexities of one of the world’s busiest airspaces but also aligns with the UAE’s commitment to sustainability through optimised airspace management and reduced emissions.
We can even look at IFE systems where Thales is placing passenger needs at the heart of the travel experience. Soon, Thales’s AVANT Up IFE systems are going to be onboard the Emirates’ A350 aircraft, which promises passengers an unparalleled level of customisation, convenience, personalisation, and superior cinematic viewing experiences.
FOCUS ON FAKHRUDDIN PROPERTIES, DUBAI
LUXURY REDEFINED: WHERE SUSTAINABILITY MEETS OPULENCE
FAKHRUDDIN PROPERTIES IS LOOKING TO SHAKE UP THE DUBAI REAL ESTATE SECTOR WITH ITS ENHANCED FOCUS ON SUSTAINABILITY, WELLNESS AND TECHNOLOGY. IN THIS INTERVIEW, CEO YOUSUF FAKHRUDDIN, GIVES US INSIGHT INTO HIS REAL ESTATE PHILOSOPHY AND APPROACH
BY GARETH VAN ZYL
QDUBAI HAS REALLY POSITIONED ITSELF AS A GLOBAL HUB, COMBINING THE BEST OF EAST AND WEST. YOU CAN ENJOY THE MODERN AMENITIES AND LIFESTYLE OF THE WEST WHILE STILL EMBRACING YOUR OWN CULTURE AND BACKGROUND FROM THE EAST.”
Could you start by telling us a bit about your background and how you got into this field?
I was born in Dubai and studied abroad in the UK at the London School of Economics, where I completed my degree. After graduating, I returned to Dubai to join the family business. I’m the third generation in the business — my grandfather started it. We began as a relatively small trading company in Dubai, but over time we’ve diversified into various industries.
We’re now a diversified group. We have manufacturing operations in Dubai and India, a cosmetics and perfumes business, and a focus on the body care space. We also moved into real estate around 2002 with the advent of freehold property laws. Before that, we were involved in real estate on a smaller scale, mainly through projects in Ajman, warehousing, and similar activities.
The sustainability focus in real estate really gained momentum after Covid-19. That period highlighted Dubai’s position as a safe and organised destination during crises, which boosted its profile on the global stage. It showed the potential for long-term growth here.
Sustainability seems central to your projects. How did this become a priority?
Sustainability is something that resonates deeply with me. I value efficient systems — ones that can run independently once properly set up. Efficiency itself is a form of conservation. For example, I don’t like waste or excess consumption, which I think is one of the biggest challenges the world faces right now. It’s not just about consumption, but the overconsumption and the hidden costs that future generations will have to bear.
People inherently want to be sustainable. They care about the planet and the future but need a platform to act on those intentions. That’s where we, as developers, come in. If I design an apartment, it’s my responsibility to provide the systems that enable sustainable living. Without those systems, people can’t do it alone.
The Dubai property market is booming again. What’s your take on this cycle compared to previous ones?
This feels like the third major boom. The first was around 2008-2009, followed by another short-lived one during the lead-up to Expo 2020. This time, though, it feels different. It’s more grounded in fundamentals and long-term planning rather than shortterm money-making.
Dubai has really positioned itself as a global hub, combining the best of East and West. You can enjoy the modern amenities and lifestyle of the West while still embracing your own culture and background from the East. It’s a melting pot of cultures, and the city offers a level of security and quality of life that’s unmatched.
The leadership here has been instrumental in shaping this environment. Their vision and long-term planning inspire all of us, including how we strategise in our businesses. Even during the 2008 downturn, Dubai continued its infrastructure projects. Similarly, we continued building during that time, following their example of resilience and forward-thinking.
How has Dubai’s leadership influenced your business approach?
It’s all about the vision — forward-thinking
THE COMPANY HAS 17 SPECIALISED TEAMS WORKING ON ASPECTS LIKE WATER AND ENERGY EFFICIENCY, WASTE MANAGEMENT, RADIANT COOLING, REFILL STATIONS, AND EVEN EDUCATION. FOR EXAMPLE, WE’RE WORKING WITH INTERNATIONAL COMPANIES TO REDUCE LANDFILL WASTE BY 90 PER CENT FROM EXISTING BUILDINGS
and far-reaching. That inspires us to emulate that approach. We’ve always been conservative in our approach, operating within our means. For example, we don’t borrow from banks. Everything we do is funded through our own cash flow. We grow steadily, and even when a few projects are successful, we don’t rush to scale aggressively. It’s about sustainable growth.
What role does wellbeing play in your projects?
Sustainability and wellbeing are integral. Physical wellbeing is linked to emotional wellbeing, and I believe emotional wellbeing often drives physical health. When you live a connected life and can talk to others, many of your emotional stresses are alleviated, which translates to better physical health.
Our projects require a lot of planning and effort. We have 17 specialised teams working on aspects like water and energy efficiency, waste management, radiant cooling, refill stations, and even education. For example, we’re working with international companies to reduce landfill waste by 90 per cent from existing buildings. We’re also collaborating with government agencies to implement these practices across the system. It can be overwhelming, but we’re confident about delivering results.
The emotional wellbeing aspect is unique. Can you expand on that?
Absolutely. When we talk about wellbeing, it’s both physical and emotional. Emotional
Yousuf Fakhruddin , CEO, Fakhruddin Properties
wellbeing often starts with feeling connected – being able to talk to others and build a sense of community. That’s a core principle of our projects. The more connected we are, the better we feel emotionally, and that directly impacts physical health.
How are you incorporating technology, particularly PropTech, into your projects?
Technology plays a big role. We’re developing an app that integrates multiple systems — home automation, lift systems, community management, and more. It will also handle rentals, investments, and other aspects, all in one platform. There’s nothing like it currently on the market, and it’s a major step forward for proptech.
How do your projects align with initiatives like the UAE’s Net Zero by 2050 or the Paris Accord?
Those are lofty goals, but I focus on what’s practical and achievable. For example, you can’t eliminate air conditioning, but you
can make it more efficient. You can’t stop people from using certain products, but you can provide high-quality, organic alternatives. It’s about finding practical ways to help people act sustainably. The philosophy of “people, planet, profit” guides everything we do—it’s about balancing these three elements.
Can you share an update on your current projects?
Our first major project is expected to be delivered in about a year and a half, with others following every six months after that. Within three years, we’ll have completed several key projects. We’re also exploring more opportunities, primarily in Dubai.
You also operate in markets like Africa and the UK. What’s the strategy there?
In Uganda, we focus on affordable housing. It’s almost a service we’re providing because the margins are slim, but the impact is rewarding. Sustainability concepts are harder to implement there due
TECHNOLOGY PLAYS A BIG ROLE. WE’RE DEVELOPING AN APP THAT INTEGRATES MULTIPLE SYSTEMS — HOME AUTOMATION, LIFT SYSTEMS, COMMUNITY MANAGEMENT, AND MORE
to lower energy consumption, but we hope to introduce them over time.
In the UK, we’re working on high-end projects, but the scale is much smaller compared to Dubai. Dubai remains our primary focus because it offers unparalleled opportunities.
Finally, what’s your vision for the future of your company?
We want to grow steadily and continue promoting our concepts of connected living and sustainability. It’s not just about building new projects; it’s also about retrofitting existing ones. The goal is to build societies that are eco-conscious, well-connected, and focused on wellbeing.
EMBRACING SUSTAINABILITY, TECH AND LUXURY THROUGH TREPPAN LIVING
Fakhruddin Properties is aiming to reshape how real estate developers integrate sustainability, wellbeing, and technology into Dubai’s property market. Through its Treppan Living concept, the company has established a framework that it says aligns luxury developments with practical and environmentally conscious solutions. This approach targets setting a new standard for creating communities that prioritise both individual and collective wellbeing.
At the heart of the Treppan Living philosophy is the integration of three core pillars: sustainability, wellness, and advanced technology. By merging these elements, Treppan Living seeks to create a balance between luxury and responsibility.
SUSTAINABILITY
The developments are designed to minimise environmental impact through energy-efficient building systems, eco-conscious materials, and innovative waste management practices. These measures ensure that residents can adopt a more sustainable lifestyle, contributing not only to their immediate surroundings but also to
the broader community. Fakhruddin Properties aims to redefine what it means to live luxuriously by embedding sustainability into every aspect of its projects.
WELLNESS
Treppan Living developments are tailored to promote both mental and physical health through thoughtfully designed spaces and amenities. These include relaxation areas, recreational facilities, and wellnessfocused features that foster balance and happiness. The philosophy extends beyond aesthetics, prioritising connected and supportive communities as a foundation for wellbeing.
TECHNOLOGY
By incorporating AI-enabled systems and advanced home automation, the developments enhance energy efficiency, convenience, and security.
These smart technologies allow residents to seamlessly manage their homes while reducing their ecological footprint. Fakhruddin Properties demonstrates how technology can elevate the living experience while supporting broader sustainability goals.
Treppan Living and its signature projects
MAIMOON GARDENS
LOCATION: JUMEIRAH VILLAGE CIRCLE (JVC), DUBAI
Located in Jumeirah Village Circle, Maimoon Gardens is designed to cater to a growing demand for eco-conscious housing in Dubai. This residential development combines modern amenities with sustainability-focused features, aligning with Dubai’s broader push towards environmentally friendly urban living.
Key features include concierge and valet parking, automated smart homes, and wellness-centred amenities such as dedicated recreation areas. Food and beverage outlets and fully furnished interiors add to the convenience offered by the project.
On the sustainability front, Maimoon Gardens claims to offer advanced air quality systems, hydrogen-enriched drinking water, and waste management solutions aimed at reducing landfill contributions. The inclusion of AI-enabled home automation and energy-efficient systems reportedly enables energy savings of up to 30 per cent. These features position the project as an example of how developers are beginning to incorporate sustainability into mainstream housing.
HATIMI RESIDENCES
LOCATION: DUBAI ISLANDS, CENTRAL ISLAND
Hatimi Residences, part of the Dubai Islands development, offers a mix of ne-three bedroom apartments, three–four bedroom duplexes, and our-bedroom penthouses. Designed under the Treppan Living philosophy, the project aims to combine luxury living with environmentally friendly and wellness-focused initiatives.
Key features include health clubs, a floatation spa, and greenhouse cafés, along with advanced technologies such as AI-enabled smart living systems and hydrogen-enriched water systems. The development also promotes community engagement through curated events and wellness programmes.
While the inclusion of green technologies and sustainable design principles is commendable, the challenge will be ensuring these features deliver on their promises in practice. With flexible payment plans, Hatimi Residences also positions itself as an investment opportunity in a market increasingly geared toward luxury living with a focus on sustainability.
50 years and counting: Jumbo’s next chapter
Marking its golden anniversary, Jumbo celebrates ‘Trust that Transforms’ – a commitment that resonates through its customers, brands and a growing team
UAE-based electronics retail giant Jumbo has consistently contributed to shaping the UAE’s dynamic retail landscape. Since its inception in 1974, Jumbo has led the way in electronics retail in the country.
As one of the founding sponsors of the Dubai Shopping Festival (DSF) and a key supporter of its 1996 launch event, Jumbo played a pivotal role in shaping the UAE’s vibrant shopping culture, transforming it from a simple transaction into an engaging experience.
Five decades later, Jumbo continues to serve as a trusted advisor and go-to destination for customers across the UAE. Today, the brand’s omnichannel network combines in-store expertise with the convenience of Jumbo.ae, providing a seamless blend of online and offline service.
One of the earliest and most significant milestones for Jumbo was its partnership with Sony. A crowning achievement of this collaboration occurred in 1982 when Jumbo shipped 44,000 Sony colour TVs to broadcast the Asian Games in India, enhancing the viewing experience with high-quality visuals and solidifying Jumbo’s reputation as a trusted distributor of premium consumer electronics.
ONE-STOP EXPERIENCE IN EVERY STORE
At Jumbo’s 17 stores across the UAE,
customers find more than just products; they gain access to a team of experts who recommend the right solutions.
Jumbo managed flagship locations, like the Sony store in Dubai Mall and specialised Dyson kiosks, offer immersive experiences for customers. The same commitment to quality extends online through Jumbo.ae, and with Jumbo managing e-commerce platforms for brands like Sony and Dyson, customers can access this expertise from home.
As the largest partner for du, Jumbo also supports connectivity needs with 34 stores and a dedicated telesales team, making sure customers are well-equipped and connected across the UAE.
A FULL SUITE OF AFTER-SALES CARE
The customer relationship doesn’t end at the point of sale. Jumbo Serve offers premium after-sales support through the UAE’s largest electronics service network.
With 13 service centres and a team of engineers, Jumbo Serve handles
Another key element of the brand portfolio, Jumbo Unwired provides a complete smart home experience.
everything from repairs to upgrades, installations, and smart home setups.
Covering over 40 global brands, this extensive support network ensures that customers have reliable, top-tier service for years after their initial purchase.
Jumbo is also committed to catering to customers’ ongoing needs through Jumbo Services, which extend beyond traditional after-sales care. This includes Jumbo Salama, an extended warranty programme designed to provide customers with extra peace of mind for their purchases.
Customers can also avail of the Trade-In Programme, which allows them to exchange their old devices for newer models, offering an easy upgrade path to the latest technology.
BRINGING SMART HOMES TO LIFE
Another key element of the brand portfolio, Jumbo Unwired provides a complete smart home experience. Featuring a range of products from leading brands like Sony, Amazon, Bose, Dyson, Xiaomi and Eufy, Jumbo Unwired offers end-to-end support that includes personalised assessments, expert recommendations, and hands-on installations. Customers can trust Jumbo Unwired to bring intelligent, connected solutions into their homes, turning them into seamless, smart living spaces.
THE FUTURE OF JUMBO RETAIL
Jumbo’s focus remains on delivering exceptional customer experiences both in-store and online. Plans are underway to expand the number of stores across the UAE and GCC, venture beyond electronics retail and get into new business lines , and strengthen the service offerings thereby continuing to build on its operational expertise and customer service journey.
Meanwhile, Jumbo.ae, the brand’s e-commerce platform, is poised to provide the same personalised, high-quality experience as its physical stores, ensuring customers receive trusted advice and seamless support at every touchpoint.
The future-forward brand is poised to expand towards new horizons, offering the UAE more ways to experience the best in electronics and service.
Lifestyle
Tastes tea-rrific
We showcase globally loved Sri Lankan tea brand Dilmah’s unique approach to tea production, its focus on sustainability, and its plans for the future p.55
“Members in the UAE are leveraging WHOOP not just for fitness but as a comprehensive tool to understand their bodies better. The focus on recovery and sleep aligns well with the highperformance lifestyles.”
Stephan Muller, GCC director of the wearables brand, WHOOP
ADIDAS ADIZERO DESERT RUNNER
The brand launched its much-anticipated Adizero Desert Runner collection, a tribute to the essence of the region: the desert. To celebrate the launch of the exclusive limitededition running shoe, adidas unveiled its first-ever anamorphic art piece in the UAE. Created by globally renowned American artist David Popa, the expansive 100-metre-wide anamorphic art piece in Sharjah’s Al Madam area pays homage to the boundless potential of the desert.
MCLAREN 750S: A SUPERCAR THAT MAKES A STATEMENT
THE 750S ISN’T JUST ANOTHER SUPERCAR — IT’S A BOLD DECLARATION OF PERFORMANCE, DESIGN, AND ENGINEERING EXCELLENCE
BY SHIVAUM PUNJABI
The McLaren 750S is not just another supercar — it’s a statement of intent. With a racing pedigree spanning 58 years, McLaren’s transition from track-focused machines to road-going masterpieces has been nothing short of impressive. With the 750S, McLaren may have just raised the bar for the entire supercar segment.
Despite the challenges the company faces with recalls and build quality issues, the 750S is a testament to McLaren’s ability to blend cutting-edge performance, design, and everyday usability into one extraordinary package.
THE LOOKS OF IT: AERODYNAMIC MASTERY
At first glance, the McLaren 750S may
seem like a more refined version of its predecessor, the 720S. While they share some genetic similarities, a third of the car is entirely new.
The 750S exudes McLaren’s signature aggressive stance, with sharp lines and a fluid form that seems to have been chiselled by the wind itself.
Every curve on this car isn’t just for show; it’s meticulously crafted for function. The revised front splitter, rear diffuser, and active rear wing work in unison to provide maximum downforce, ensuring the 750S stays glued to the tarmac, no matter how fast you push it.
The dihedral doors? They’re a showstopper. Opening them instantly turns heads, making you feel like the star of the show. It’s not just a car; it’s an event.
THE INSIDE STORY
McLaren has upped the ante in the 750S, especially when it comes to the interior. The fit and finish feel notably improved, offering a more refined experience compared to previous models. The updated centre screen is designed to better manage heat, and, crucially, it now comes with Apple CarPlay, a feature that was sorely missing in its predecessor. However, McLaren could still use a bit of a crash course in ergonomics — storage space is practically non-existent, and adjusting the seats can be a challenge. But let’s be honest: in a car like this, who cares about cupholders when the driving experience is the real focus?
THE BEAUTY OF THE BEAST
The 750S is a car that begs to be put to
the test. Under the cover sits a twin-turbo V8 engine, producing an exhilarating 740 horsepower. The power is instant, with the car rocketing from 0-100 km/h in a blistering 2.8 seconds.
Its top speed of 331 km/h is nothing short of mind-blowing. This is a supercar designed for the enthusiast who lives for the thrill of acceleration and speed.
But here’s the twist: the 750S isn’t just a track monster. It’s also surprisingly comfortable for daily driving. In ‘comfort’ mode, it offers a relatively smooth and relaxed ride — perfect for city commutes or a Sunday cruise. But when you switch to Sport mode, the 750S comes alive.
The car hunkers down, ready for an aggressive dash to your favourite Michelinstarred restaurant. The pops and crackles from the exhaust in Sport mode are a delightful soundtrack that hints at the car’s more visceral side. For track lovers, ‘track’ mode is where the 750S truly shows its prowess
Despite McLaren’s recent struggles, the 750S is a game-changer. It combines blistering performance, jaw-dropping design, and a level of versatility that few supercars can match. If you’re searching for a highperformance road car that can handle both daily commutes and track-day thrills.
— aggressive, precise, and ready to set new lap records.
The brakes are powerful, though they require a firm push to engage. It’s a characteristic that adds to the car’s personality, giving it a sense of rawness that many purists will appreciate.
HIGH ON HYDRAULIC POWER
The hydraulic power steering on the 750S deserves special mention. It’s sharp,
THECAR’S SPEED OF 331 KM/H IS NOTHING SHORT OF MIND-BLOWING THIS IS A SUPERCAR DESIGNED FOR THE ENTHUSIAST WHO LIVES FOR THE THRILL OF ACCELERATION AND SPEED
precise, and incredibly responsive, offering exceptional feedback to the driver.
Whether you’re negotiating tight corners or powering through high-speed straights, the steering lets you feel exactly what’s happening with the car, making every manoeuvre an exercise in confidence.
Paired with the car’s aerodynamic enhancements and sticky tyres, the 750S handles with a level of finesse that allows you to push its limits without hesitation.
FINAL VERDICT: MCLAREN’S BEST YET
Despite McLaren’s recent struggles, the 750S is a game-changer. It combines blistering performance, jaw-dropping design, and a level of versatility that few supercars can match. If you’re searching for a highperformance road car that can handle both daily commutes and track-day thrills, the 750S is the one to beat.
Prices for the McLaren 750S start at Dhs1.5m, and for that price, you’re getting not just a supercar, but an engineering marvel. After experiencing its capabilities, I’d gladly sign up to own one. It’s that good.
WEARS THE FUTURE
STEPHAN MULLER , THE GCC DIRECTOR OF WHOOP, SHEDS LIGHT ON HOW THE COMPANY IS TRANSFORMING WELLNESS IN THE REGION, THE UNIQUE FEATURES THAT SET THE BRAND APART AND HOW WEARABLE TECHNOLOGY IS EMPOWERING INDIVIDUALS TO ENHANCE THEIR PERFORMANCE AND WELLBEING
BY NEESHA SALIAN
WHOOP, a leader in the wearable fitness tech space, is redefining what it means to optimise health with cutting-edge data and insights. In this interview, Stephan Muller, the brand’s GCC director, delves into the company’s mission to transform the wellness landscape in the UAE and the broader GCC region. Muller discusses the features that
set WHOOP apart, its growth in the region, and how wearable tech is shaping the future of fitness.
How is wearable technology revolutionising the fitness and wellness industry?
Wearable technology is transforming the fitness and wellness industry by providing real-time, personalised insights
into health and performance. Unlike traditional approaches, wearables like WHOOP focus on understanding the body’s unique rhythms — offering data on strain, recovery, sleep, and overall wellness. This allows members to make informed decisions about their training, recovery, and lifestyle choices, bridging the gap between fitness and holistic well-being.
Pics: Supplied
Lifestyle / Wellbeing and Wearables
What sets WHOOP apart from other wearable fitness trackers in the market today?
WHOOP is unique in its focus on recovery, sleep, and strain. It’s not just a tracker — it’s a 24/7 health coach. The data-driven insights from WHOOP go beyond steps or calories to help members understand how their body responds to stress, sleep quality, and daily activities. Unlike most wearables, WHOOP offers a subscription model that includes hardware, software, and analytics. Its accuracy and focus on recovery resonate strongly with professional athletes, fitness enthusiasts, and wellness seekers alike.
What has been the reception to WHOOP in the UAE and the broader GCC region? Are there particular features that resonate more with consumers in this area?
The Middle East has witnessed significant growth in the wearables market, driven by a rising interest in health, wellness, and smart technology, and we are well-positioned to lead this evolution by offering a product that aligns with the region’s emphasis on both performance and luxury.
Having said that, the reception of WHOOP in the UAE and wider GCC has been incredibly positive. Consumers in this region are highly tech-savvy and healthconscious, and they appreciate the focus on holistic well-being.
Features like recovery tracking and personalised sleep data have been especially impactful, aligning with the local culture of balancing high-performance lifestyles with wellness, and creating a more comprehensive approach to performance as a whole.
Have you seen any shifts in member behaviour or adoption patterns in the UAE since the launch of WHOOP?
Yes, there’s been an increasing demand for wearables that go beyond fitness tracking to provide actionable insights into overall wellness. Members in the UAE are leveraging WHOOP not just for fitness but as a comprehensive tool to understand their bodies better. The focus on recovery and sleep aligns well with the high-performance lifestyles prevalent in the region.
Tell us about WHOOP’s partnership with the recently concluded Dubai Fitness Challenge (DFC). How did this collaboration align with the company’s mission?
The WHOOP partnership with the DFC underscores our commitment to empowering individuals to unlock their potential through data-driven insights. We were an association partner and the official wearable for DFC and we could not be more proud considering everything that the initiative stands for.
By supporting this community-focused initiative, we were able to showcase how our technology helps members optimise their fitness and recovery. This collaboration aligned seamlessly with our mission to improve human performance by promoting a balanced approach to exercise, recovery, and overall health.
Could you elaborate on the key technology driving the brand’s wearable products? What unique features do they offer compared to traditional wearables? WHOOP is powered by advanced biometric
sensors that provide precise monitoring of metrics like heart rate variability (HRV), resting heart rate, stress and respiratory rate. Unlike traditional wearables that focus on steps or distance, WHOOP uses this data to provide actionable insights into recovery, sleep performance, and strain management. Its algorithms are designed to adapt to each individual, offering highly specific personalisation. This is where we differentiate ourselves, we do more than tell you what you’ve done, WHOOP can suggest what to do next.
How do continuous heart rate monitoring and recovery tracking contribute to a member’s fitness journey?
Continuous heart rate monitoring enables WHOOP to calculate strain and recovery with exceptional accuracy, guiding members on when to push their limits and when to prioritise rest. Recovery tracking, based on HRV, resting heart rate, and sleep quality, ensures users can make data-informed decisions to avoid overtraining and achieve sustainable fitness gains. This balance is critical to achieving long-term performance improvements.
How does the focus WHOOP put on recovery benefit members, and how does the device help balance exercise and rest for optimal performance?
Recovery is often the missing piece in many fitness journeys. WHOOP provides a Recovery Score every morning, helping members understand how their bodies are adapting to previous stressors. By combining strain, recovery, and sleep data, the device guides members to balance exercise
Stephan Muller
Lifestyle / Wellbeing and Wearables
and rest, avoiding burnout and optimising performance. This approach ensures not just short-term results but long-term health benefits.
What innovations in sensors or technology can we expect to see in future iterations of the brand’s wearable devices?
WHOOP is constantly innovating. Our goal is to deepen personalisation and expand the utility of wearables beyond fitness, into areas like precision health and mental well-being.
How popular is WHOOP among professional athletes, and how does the device cater to both high-performance members and fitness enthusiasts?
WHOOP is trusted by some of the world’s top athletes, from Olympians to elite footballers, because of its precision and focus on recovery and performance optimisation. These include Ronaldo, LeBron James, Michael Phelps and Rory McIlroy. At the same time, WHOOP created a user-friendly interface and key features like WHOOP Coach that give actionable insights to make it just as valuable for casual fitness enthusiasts who want to improve their health and wellness.
What steps does WHOOP take to ensure member privacy and data security? How does WHOOP comply with local data protection regulations in the UAE, particularly in terms of member data collected from fitness tracking?
Member privacy and data security are core to WHOOP values. We employ industry-leading encryption and anonymisation methods to protect member data. For example, with our partnership with OpenAI for the AI integration of WHOOP Coach, we have a zero-retention policy in place which means OpenAI cannot use this data to train their algorithms and
WHOOP cannot access your specific data for research purposes without your specific consent.
In the UAE, we comply with local data protection laws and ensure all data handling practices meet the region’s strict regulatory requirements.
Our privacy principles are as follows:
• Members control their data.
• Our employees only access members’ personal data when required to provide services and support.
• We do not sell members’ personal data.
• We use only aggregated or de-identified wellness data to better understand human performance.
How does WHOOP see the future of wearable fitness and health tech evolving over the next three to five years?
The future of wearables lies in deeper personalisation and expanded health capabilities. The idea of seeing the results of all your hard work and effort in almost real-time will be prioritised. We anticipate innovations in areas like precision nutrition, mental health monitoring, and integration with broader health ecosystems. WHOOP will continue to push the boundaries of what wearables can do, evolving from fitness trackers to essential tools for holistic health management.
“With our partnership with OpenAI for the AI integration of WHOOP Coach, we have a zero-retention policy in place which means OpenAI cannot
use
this
data to train their algorithms and WHOOP cannot access your specific data for research purposes without your specific consent.”
TRADITION TO THE TEA
DILMAH CHAIRMAN DILHAN C FERNANDO SHARES INSIGHTS ON THE LEGACY OF THE GLOBALLY LOVED TEA BRAND AND ITS COMMITMENT TO QUALITY, SUSTAINABILITY AND THE FUTURE OF TEA
BY NEESHA SALIAN
Dilmah Tea, a global tea company founded by Merrill J Fernando, has been a pioneer in the tea industry for decades. In an exclusive interview, his son and now Dilmah chairman Dilhan C Fernando shares insights into the company’s commitment to quality, sustainability, and innovation. Fernando discusses the challenges and opportunities in the evolving tea market, the importance of ethical sourcing, and the company’s efforts to promote tea culture globally. He also sheds light on Dilmah’s unique approach to tea production, its focus on sustainability, and its plans for the future.
The global tea market has seen significant changes in recent years. How has Dilmah adapted to evolving consumer preferences, particularly regarding sustainability and ethical sourcing?
My father – Dilmah Founder, Merrill J Fernando – set out in 1985 to make the world a better tea. He devoted his life to tea and, wishing to make Dilmah a business that is also a matter of human service, he formed our family company on a foundation of quality and integrity, with a heart of kindness. He passed away last year at the age of 93, although we honour the inspiring legacy of kindness he leaves, with a minimum of 15 per cent of the pretax profits
used to build schools, and hospitals, fund scholarships and vocational training for the less fortunate, nutrition, welfare, healthcare and housing for plantation workers. A further 5 per cent is used by our Dilmah Conservation for biodiversity conservation and restoration, environmental education and awareness, and climate action. That emphasis on kindness to people and nature is our greatest resilience today.
With the rise of specialty teas and artisanal blends, how does Dilmah maintain its position in the premium tea segment while staying true to its Ceylon roots?
We are tea growers, driven by a passion for tea. Maintaining the perspective of a tea grower in a tea category corroded by discounts and compromise is difficult, but we believe that where quality – taste and goodness - are concerned, we must always focus on doing what is right, and not what is profitable. When we do that, the profit will find us, because quality will always triumph. Having our own tea gardens, amongst our greatest joys is the expression of the art of teamaking, and our Uva Seasonal Flush is an example of that. Each month we produce single estate teas in our luxury collection, including our 85 Reserve, t-Series Designer Gourmet Teas, and others.
Dilmah Tea recently hosted an exclusive event in Dubai in November, featuring the Uva Seasonal Flush tea. Could you elaborate on what makes this particular tea unique and why it was chosen for this event?
Ceylon Tea acquired its desirability as a
result of our emphasis on high-quality teas made in the traditional, orthodox way, blessed with significant natural diversity of aroma and taste. From among the seven tea-growing regions of Ceylon, teas grown in the remote Uva region were known for their pleasantly mellow character. During the autumnal, southwest monsoon, however, they are transformed for a brief moment – dry and desiccating winds barrel through the mountainous region, causing a natural seasonal, wintergreen character in the teas. This rare and exotic seasonal character expresses the fingerprint of Nature in teas that are made with respect to nature - handpicked and handmade in the artisanal, orthodox style.
A changing climate meant that we have not had a Uva Seasonal Flush Tea for five years, and that makes this one very special. Bright, with complex minty, eucalyptus merging with floral notes and soft astringency – it’s an exceptional tea.
As the parent company of Resplendent Ceylon, which operates luxury resorts in Sri Lanka, how does Dilmah integrate its tea heritage into the guest experience at these properties?
Tea is hospitality in Sri Lanka, and as a boutique, luxury resort company our Relais & Chateaux resorts are imbued with tea inspiration. Ceylon Tea Trails was the first of our resorts, where tea-inspired cuisine is complemented by fine teas, in the extraordinary setting of Ceylon’s most historic tea-growing region. Adding to the allure of our Cape Weligama and Wild Coast resorts is a tea experience where the taste of the goodness of nature’s healing herb is presented in its purest form as well as in tea inspired gastronomy and mixology. Tea is elegant, and natural serenity, and that is what we invite our guests to experience.
Dilmah has been a pioneer in promoting tea and food pairings. Could you share insights into how this concept has been received globally and its impact on tea appreciation?
Tea has a very special relationship with food, in that it has the ability to dignify food by pushing and pulling flavour and texture, unlike any other beverage. In partnership with fine food, chefs can deliver inspiring gastronomic experiences by using well-paired teas to highlight the texture in perfectly roasted Chilean Seabass,
or the flavor in Ecuadorian cacao, even illuminating something as mundane as a salad Nicoise. It is a complex relationship, although with expertise, fine food pairs perfectly with fine tea. We have shared the concept in Masterclasses from Santiago to Sydney and with over 6,000 hospitality professionals at our Dilmah School of Tea, and the appreciation of the combination has been phenomenal. That is accelerating now, with the global no-low trend for nonalcoholic or low-alcohol experiences. Tea offers the elegance of fine beverage, with beautiful stories behind each artisanal tea.
The Middle East, especially Dubai, is a significant market for luxury brands. What strategies has Dilmah employed to cater to the tastes and preferences of consumers in this region?
We recently celebrated a relationship of 33 years with Emirates Airlines, where our collaboration has produced exceptional inflight and lounge tea experiences designed to complement Emirates’ hospitality. In the same way, the work we have done with ICCA (International Centre for Culinary Arts) has helped us to share our passion for tea, framed in the unique perspective of tea growers.
We work with some of Dubai’s finest hospitality operators to offer tea-inspired experiences, tea gastronomy, and tea mixology, extending to signature, single estate, and seasonal teas. Our focus is on sharing our passion for tea, and that starts with education. We have educated thousands of hospitality professionals in the region and building on that we offer teas that are picked, perfected, and packed garden fresh at source. Where tea is concerned, freshness delivers better flavour and natural antioxidant goodness.
Beyond traditional tea offerings, how is Dilmah innovating in areas like wellness teas or functional beverages to meet contemporary health trends? Tea is uniquely rich in natural, antioxidant
goodness. The herb was first discovered as a medicine, and modern science has proven the ancient wisdom shared by Lu Yu, who first discovered tea. Adding the cognitive health benefits of L-theanine, tea is said to offer wellness ranging from reduced risk of heart disease, and stroke, protection from cancer, reduction of the impact of stress, reduced risk of dementia, improved gut health, and a host of other benefits. Having expanded our offering to include tea extract - our Elixir of Ceylon Tea - and Iced Tea, we also offer ayurveda infusions, linked to the 3,000-year tradition of holistic health that is inspired by Sri Lanka’s extraordinary biodiversity. We grow many of the herbs and spices that are prized for their health benefits, and in addition to our Uva Seasonal Flush, also present our Dilmah Finest Ceylon Cinnamon. True Ceylon Cinnamon is said to have potent health benefits including the effect of cinnamaldehyde in preventing the initiating and development of cancers and protecting from type 2 diabetes and dementia.
Looking ahead, what are Dilmah’s plans for expanding its global footprint, and how does the company envision the future of tea culture worldwide?
For many years, the tea category was terribly commoditised by the discount culture in mainstream retail. We have a new generation of consumers – Gen Z – that are conscious consumers, mindful of the welfare of people and nature in making their choices, motivated by natural wellness, and desiring taste adventure framed in nature and heritage.
Tea offers all that, and so our vision for the future is a fresh perspective on the past. Loose-leaf tea, artisanal and single estate teas, high-quality iced teas, and quality linked to ethics and wellness.
This bodes well for artisans, and as tea growers these trends are validation of the uncompromising focus we maintained on the mission my father embarked upon in 1950 - to offer the world better tea.
OF BEANS AND BIG DREAMS
From its flagship opening on Paris’s Champs-Élysées to rapid expansion across the GCC, Bacha Coffee’s CCO Maranda Barnes discusses the evolving coffee landscape and the brand’s unique approach to offering refined experiences
BY NEESHA SALIAN
In an era where speciality coffee culture is flourishing globally, Maranda Barnes, chief commercial officer and spokesperson for V3 Gourmet, shares how Bacha Coffee is elevating the art of coffee in the GCC.
With the revival of its heritage brand rooted in Marrakech, Bacha Coffee has taken the luxury coffee experience worldwide, capturing the hearts of
coffee aficionados with its intricate craftsmanship, rich flavours, and immersive settings.
From its flagship opening on Paris’s Champs-Élysées to rapid expansion across the GCC, Barnes discusses the evolving coffee landscape, Dubai’s rise as a culinary hub, and the brand’s unique approach to luxury that intertwines tradition with innovation.
V3 Gourmet has been a major player in the speciality coffee market. How has the growth of the speciality coffee scene in the UAE and wider GCC influenced your business strategy?
Since we revived the heritage Bacha Coffee brand, which originates from Marrakech, we have taken our concept and selection of over 200 rare and exceptional 100 per cent Arabica coffees global, and now have
Pics: Supplied
a presence across GCC, Asia, Europe, and Northern Africa.
Since we entered the GCC in 2023, we noticed an immediate demand for our coffees and the unique concept which we bring to the global coffee market: a vast choice of exceptional, speciality coffees, an experience that is unique and sensorial, attention to detail in every touchpoint, truly knowledgeable staff, traditional coffee preparation, and the art of coffee gifting. Consumers in the GCC are ready for another level of coffee appreciation as they have a more sophisticated understanding of coffee quality, roasting and preparation.
Interestingly, while not everyone has the time to brew coffee for themselves daily, more coffee enthusiasts are now investing in home brewing — a trend that was uncommon a decade or two ago. This shift in consumer behaviour has presented us with a unique opportunity to cater to evolving tastes.
Our coffee boutiques, coffee rooms, takeaway concepts, and e-commerce platforms offer an elevated experience, but we ensure that there is a wide variety of speciality coffees – from brews you would drink as part of your daily routine, to rare harvests – as well as attainable products, to meet the needs of a growing prestige market that embraces gourmet products and lifestyles.
Dubai is emerging as a global culinary destination. In your view, what are the key factors driving Dubai’s rise, and how does V3 Gourmet contribute to this vibrant culinary ecosystem?
Dubai’s emergence as a global culinary
destination can be attributed to several key factors. First, its diverse population brings together a wealth of culinary traditions and influences, fostering a unique gastronomic landscape. The city’s commitment to tourism and hospitality has also encouraged the establishment of high-quality dining experiences that cater to a wide range of tastes. Additionally, the government’s support for culinary initiatives and international awards and recognition, such as MICHELIN Guide and Gault&Millau plays a significant role in promoting the city as a culinary hub. This environment not only attracts world-renowned chefs but also encourages local talent to innovate and push the boundaries of gastronomy.
Our brands contribute to this vibrant culinary ecosystem because of our acute attention to the sustainable consistency and quality of our offerings.
Our focus on rare and speciality coffee allows us to set the standard for the industry in the region, providing unique experiences and unmatched service that celebrate both the craft of coffee-making and the joy of sharing great products.
As a brand that encompasses luxury foods beyond coffee, what are some key luxury food trends you see emerging in the UAE and GCC?
One notable trend is the shift towards immersive dining experiences. Consumers are seeking more than just a meal; they want an entire experience that includes storytelling, unique pairings and interactive elements. This trend extends to events and tastings that engage all the senses.
We embrace this trend by conjuring emotions and creating flavours that linger beyond our coffee rooms. From our intricate décor to the meticulous attention to detail in our packaging, every element is crafted to transport our guests to another world.
Moreover, every detail, whether visible or hidden, plays a crucial role in achieving this atmosphere.
Our focus is on providing an unparalleled experience, making Bacha Coffee not just about drinking coffee but about the art of refined living.
It’s about creating extraordinary moments that linger long after the last sip.
The Gulf region is known for its dynamic growth and openness to innovation. What challenges and opportunities do you see in the GCC market for speciality coffee and luxury foods?
The GCC market for speciality coffee and luxury foods presents significant opportunities, driven by a growing consumer demand for high-quality, unique products.
As consumers become more knowledgeable about quality, varietals, and the various methods of coffee preparation, there’s an increasing appreciation for speciality offerings.
The region’s cultural diversity allows brands to innovate and experiment with new flavours, while the rise of e-commerce enhances accessibility and convenience for consumers.
As someone deeply embedded in the luxury food and coffee industry, what’s your vision for the future of speciality coffee and gourmet foods in the GCC? We wish to elevate the quality of coffee appreciation and bring these to the entire GCC – and beyond.
Our vision is first and foremost to concentrate on the quality of the cup, and the flavour profiles, and to provide customers with choices that appeal to their individual
Maranda Barnes
palates. Alongside this, we are constantly working to cultivate authentic, innovative and refined epicurean products and experiences, to lead the industry and shape the aspirations of luxury consumers.
Throughout the group, luxury is defined through attention to detail and perpetual innovation, with the intention to inspire dreams and emotions through our products, packaging, locations, service and the expertise of our teams.
What inspired you to focus on creating a luxury coffee brand? How has your vision for Bacha Coffee evolved since its inception?
Our interest in coffee has spanned many years, but it was during our time in Marrakech, Morocco, that we discovered the palace of Dar El Bacha, which means ‘house of the Pasha.’ The story of this historic place, along with the exquisite coffee served there, deeply fascinated us. We immediately recognised the potential to revive this beautiful heritage and share the finest 100 per cent Arabica coffees on a global scale.
Today, the Bacha Coffee experience can be enjoyed in cities like Marrakech, Singapore,
We offer over 200 Arabica coffees, sourced from more than 35 of the most renowned coffee-producing countries.
The Bacha Coffee Library serves as an excellent starting point for discovering the world’s best harvests, with each coffee harvest hand-roasted separately to ensure the highest quality and flavour.
You recently announced the opening of a flagship store on the Champs-Élysées in Paris with a EUR20m investment. What does this new store represent for Bacha Coffee’s entry into the European market?
Bacha Coffee has experienced remarkable growth since our first international outpost in Singapore in 2019. We’ve become a household name across Asia and the Middle East and now we are excited to turn our focus back to Europe, where we opened a small boutique at the Ritz Paris in 2022.
Europe is a cornerstone in our global expansion strategy and the opening of our flagship store in Paris will be just the beginning, with several more openings planned for 2025 and beyond.
BACHA OFFERS OVER 200 ARABICA COFFEES, SOURCED FROM MORE THAN 35 OF THE MOST RENOWNED COFFEEPRODUCING COUNTRIES
The opening of our flagship store on the Champs-Élysées represents a significant milestone for Bacha Coffee as we expand into the European market. Paris being one of the world’s most iconic cities and a global hub for luxury and culture, was the perfect location for us to showcase the essence of our brand. This EUR20m investment is not just about establishing a presence in Europe — it’s about introducing the art of fine coffee to a discerning audience who values exceptional quality and refined experiences.
For Bacha Coffee, this flagship store is more than a retail space; it is an immersive journey into the world of speciality coffee. We are offering a destination where coffee lovers can explore unique single-origin beans from around the world, paired with the elegance and craftsmanship that our brand stands for.
As we make our mark in Europe, we are committed to delivering the same level of sophistication and excellence that has defined Bacha Coffee’s legacy, while also embracing the rich coffee culture that exists in Europe.
This is just the beginning of our expansion plans, and we’re excited to be part of Europe’s vibrant luxury landscape, bringing the Bacha Coffee experience to new heights.
Dubai, Abu Dhabi, Qatar, Kuwait and Paris.
DEC 2024
CAMPAIGN AGENCY OF THE YEAR MIDDLE EAST AWARDS (DUBAI, UAE)
FEB 2025
CAMPAIGN BREAKFAST BRIEFING (DUBAI, UAE) Ramadan Advertising & The Year Ahead
MAR 2025
CAMPAIGN CMO ROUND TABLE (DUBAI, UAE)
SEPT 2025
CAMPAIGN BREAKFAST BRIEFING (DUBAI, UAE) The Future is Now
MAY 2025
CAMPAIGN
SAUDI BRIEFING (RIYADH, KSA) Strategy & Technology
CAMPAIGN BREAKFAST BRIEFING (DUBAI, UAE) Out of Home
DEC 2025
CAMPAIGN
AGENCY OF THE YEAR MIDDLE EAST AWARDS (DUBAI, UAE)
A dedicated hub for the regional startup and SME ecosystem
Innovating for the future The SME Story
We speak with two dynamic entrepreneurs and explore how their unique approaches are shaping the future of urban living and food operations
BY NEESHA SALIAN
What inspired you to start this business?
I am a Dubai-based entrepreneur, building my third company, two of which I started in the UAE. Originally from Pakistan, I’ve worked across MENA and South Asia for over two decades.
I began my career in the UAE with the British Council, which exposed me to the region’s digital transformation opportunities. After bootstrapping a successful venture with my wife, I exited to start jalebi.io with my co-founder, Rizwan Ahmed Khan.
Rizwan, a seasoned digital product leader who played a key role in The Entertainer’s $100m exit, shared my passion for
F&B. Together, we saw that food and beverage (F&B) operators were overwhelmed by operational challenges, from inventory management to minimising waste.
The pandemic only made these issues more urgent. We spent 18 months conducting customer discovery, learning the intricacies of the F&B industry before building jalebi.io — a scalable, data-driven solution that integrates inventory management and future-proofs businesses.
This journey has been about deeply understanding the value chain and developing technology that addresses both today’s problems and tomorrow’s challenges.
Talk us through your business model and what makes it unique.
Jalebi.io is the world’s first inventoryled F&B operating system, designed to unlock working capital by addressing inefficiencies in supply chains. Our platform offers real-time insights that help operators optimise food costs, minimise waste, and implement traceability across production, taking post-COVID operations in mind.
Our business model is a combination of SaaS subscription and results-driven incentives based on the savings and efficiencies we deliver to our clients. This alignment ensures our success is directly tied to that of our customers.
Zohare Haider, co-founder, Jalebi.io
Another aspect that makes Jalebi unique is that our system is built with input and feedback from industry experts for the use of F&B operators. The ongoing industry inputs and insights continue to power our innovations and help shape the future of our system.
Backed by global investors, we’re driving a transformation in the F&B industry, focusing on scalable and impactful solutions.
Tell us about the tech powering your business.
Our API-led platform is built on AWS, ensuring top-tier security, scalability and reliability. While jalebi.io is an end-to-end solution from inventory to POS, it also integrates with existing systems, making it easily adaptable for F&B operators. We utilise AI to automate restocking, provide real-time data, and optimise stock levels, reducing waste and improving profitability.
Our technology is possibly the world’s first and only ESG-focused F&B operating system, streamlining operations and supporting sustainability goals together. By combining simplicity and intelligence, we empower operators to run more efficient, data-driven businesses, helping them succeed in an increasingly competitive market.
Food waste contributed five times more CO2(e) than the entire aviation industry, adding 3.3 gigatonnes, each year. A one-fifth reduction will offset air travel emissions. It’s an understatement to think what we are doing isn’t essential to preserving life.
Can you share details about your growth plans and any recent funding rounds?
Since commercially launching in July 2024, after beta testing and co-building an MVP with paying customers since January 2023, jalebi.io has grown by 245 per cent
JALEBI.IO ONBOARDED MORE THAN 60 BRANDS AND HAS A WAITLIST OF OVER 400 OUTLETS
month-on-month, with an annual contract value increase of 1,200 per cent, and a $1.5m annual recurring revenue (ARR) pipeline.
We’ve onboarded more than 60 brands and have a waitlist of over 400 outlets. Supported by major investors like Techstars, Hub71, STC, and Waad, we’ve also been endorsed by the Korean Government’s KISED initiative and selected for Cohort 8 of the Mohammed Bin Rashid Innovation Fund’s (MBRIF) Innovation Accelerator Program.
Our focus is now on closing our seed round and scaling to eight-digit ARR, reaching profitability, and expanding into global markets, where we aim to drive significant impact with our innovative technology.
What are some key milestones you’ve achieved so far?
Jalebi.io has expanded into multiple markets, including the UAE, Saudi Arabia, Oman and Spain. We’ve been recognised with several accolades, including the UAE’s Future100 award and a sixth place ranking in Deloitte’s Fast50.
These milestones highlight our commitment to transforming F&B operations globally. We’ve co-developed our platform with over 40 pioneering operators, positioning jalebi.io as the go-to solution for sustainable, tech-driven excellence in F&B operations.
What advice would you give to aspiring entrepreneurs?
Entrepreneurship is hard and messy, and it’s not for everyone. The shine you see is only 10 per cent of the journey; the rest is grit and perseverance. But building something that creates value, solves problems, and empowers lives is irreplaceable.
Persistence is key — understand your market through thorough research. Before launching jalebi.io, we interviewed hundreds of restaurateurs and operators to understand the market gaps. Only after did we start building a product.
Building a strong team is just as important. Surround yourself with people who complement your strengths and bring expertise from within the industry.
Be patient and confident in your decisions. Success takes time, but preparation will make the journey worthwhile.
Tell us about your background. What inspired you to start this business?
I am an architect and urban designer and have designed and built many projects in the MENA region. I am accredited by the American Society of Civil Engineers and have also studied green building technologies at Lund University – Sweden. I have 18 years of experience in technology, urban psychology, green building technologies, and urban design. This has helped me lead Diverse on its mission to transform cities through technology. What inspired me to start the business is that I realised that the way we currently design, build, and operate our cities is leading to huge social, environmental, and economic problems for example. According to the World Health Organization (WHO), 99 per cent of the global population breathes air that exceeds WHO air quality limits, especially in urban areas. Around seven million premature deaths annually are linked to air pollution. Cities are responsible for circa 75 per cent of the global greenhouse gas emissions. Additionally, studies show that people living in cities have an increased risk of facing negative mental impacts like depression, and anxiety disorders. Emerging technologies such as virtual reality, digital twins, artificial intelligence, and others have a huge potential to solve some of these
Hasan Algarhy, founder and CEO, Duverse
problems that are far from being utilised. We crafted our human-centric tech solutions to lead the change and transform the way we design, build, and operate our cities.
Talk us through your business model and what makes it unique.
Our business model is mainly B2G and B2B where we work on a contract basis with government organisations and businesses to meet the ESG regulations and enhance the way we design, build, and operate in our cities.
What sets Duverse apart is its unique combination of expertise, recognition, global partnerships, and resilience. The team brings multidisciplinary expertise spanning urban planning, technology, psychology, and business growth, blending field and academic experience to drive Duverse’s growth. This deep knowledge base gives the company a strong foundation for tackling complex challenges with technical precision and insight. Moreover, Duverse stands out in the UAE’s innovation ecosystem, being the only startup in the region selected for prestigious accelerators like DIFC and the Mohammed Bin Rashid Innovation Fund, as well as being recognised by the Ministry of Economy as a Future 100 company, solidifying its role in shaping the future economy of the UAE. The company’s branding is further fortified by its trademark registration with the
Ministry of Economy, enhancing its reputation and distinctiveness in the market.
Additionally, Duverse’s strong international presence is reflected in its partnerships with technology leaders from around the globe, introducing innovative solutions to the UAE and the broader region. Through reseller agreements in over seven countries — including Canada, Turkiye, Nigeria, and South Africa — Duverse’s offerings reach a diverse audience, extending its impact and market reach. Finally, since its inception in 2022, Duverse has demonstrated remarkable resilience, consistently achieving growth in both clientele and revenue despite the challenges typical of a young startup. This resilience underscores the company’s ability to adapt, innovate, and thrive, positioning it as a leading force in the industry.
Tell us about the technology driving your business.
We leverage advanced technologies including digital twins, virtual reality and artificial intelligence (AI) to achieve sustainable urban resilience. A digital twin is an advanced virtual model that replicates not only the physical attributes and operational behaviours of a physical entity but also its cognitive processes and decisionmaking capabilities. This digital counterpart integrates AI and machine learning (ML) algorithms to simulate the reasoning, perception, and learning processes of the
entity it represents. By leveraging data from real-time sensors, historical data, and cognitive computing techniques, digital twins can predict outcomes, optimise performance, and provide insights into complex systems, enabling proactive and intelligent decision-making across various industries. Duverse’s team, armed with extensive multidisciplinary experience, has developed software, plug-ins, and algorithms that could be integrated within highly advanced digital twins to assist cities, and urban planners in designing, building, and operating smart, and human-centric cities.
Can you share details about your growth plans and any recent funding rounds? What are some key milestones you’ve achieved so far?
Our growth plan is to expand our customer base in the UAE and the region including Saudi Arabia, Kuwait, and the Middle East and Africa region in general. We are currently raising $4m in our seed round.
Over the past 18 months, Duverse has successfully acquired over 10 clients and started generating revenue within just eight months. In 2023, the company was selected by the UAE’s Ministry of Economy and the Minister of Governmental Development and the Future as a Future 100 company. Additionally, Duverse was one of the 10 startups chosen by the DIFC Innovation Hub for the inaugural cohort of the DIFC Metaverse Accelerator Program. Most recently, in 2024, Duverse was selected for Cohort 8 of the Mohammed Bin Rashid Innovation Fund’s Innovation Accelerator.
What advice would you give to aspiring entrepreneurs?
Let your main focus be on acquiring customers, projects, and growing your business. Do not be afraid to make mistakes and fail. Failure is a key ingredient of success and an indication that you are still trying. Yet, keep pivoting until you succeed. You might need to change your model, your approach, your offering, and even the locations you are operating in. Yet, there are three constants in the equation of success: persistence, patience, and adaptability.
DBLC: Committed to supporting investors in Dubai
The director of Digital Business Development and Partnerships at DBLC, shares insights on the new initiatives and their impact on Dubai’s business environment
BY NEESHA SALIAN
The Dubai Business Registration and Licensing Corporation (DBLC), part of the Dubai Department of Economy and Tourism (DET), recently unveiled a range of cutting-edge digital tools designed to enhance the investor experience in Dubai.
Announced at GITEX Global 2024, these innovations are a key element of the ‘Invest in Dubai’ ecosystem, aimed at simplifying business operations and boosting investor confidence by integrating advanced technologies, including artificial intelligence (AI).
The Dubai Unified Licence simplifies the investor’s journey from initial idea to full operation, allowing them to focus on growth. We also launched DET’s AI-driven chatbot.
In an exclusive interview with Gulf Business, Jassim Al Gallaf, director of Digital Business Development and Partnerships at DBLC, shares insights on the new initiatives and their impact on Dubai’s business environment.
What are the key initiatives that DBLC introduced at Gitex?
We were excited to introduce several major initiatives at GITEX Global this year. Using the Dubai Unified Licence, we are enhancing the investor journey and improving access to add-on services through our integration with partners and service providers on the Invest in Dubai platform.
This initiative is focused on building trust, streamlining processes, and providing businesses with fast-track access to essential services like banking and telecom support.
How do these initiatives support the economy of Dubai?
These initiatives are all directly linked to Dubai’s strategic focus on enhancing the ease of doing business in the emirate, which is a key component of the D33 agenda announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
By reducing the time it takes to complete business transactions, improving compliance, and providing a reliable source of information for investors, these initiatives aim to foster confidence and trust in the market.
Moreover, by encouraging virtual interactions through digital platforms, we can engage with a broader global investor base. Whether you’re setting up a business from overseas or already operating in Dubai,
these initiatives make it simpler, faster, and more efficient.
What are your expectations for the year ahead?
At DET, we have a very ambitious vision for the year ahead. Our primary focus will be on digitising, modernising and simplifying every aspect of the business registration, licensing, and operations ecosystems.
This includes launching new initiatives that further integrate our services with other government entities, streamlining policies, and making procedures even more investor-friendly.
We want to significantly enhance the ease of doing business in Dubai over the next 12 months. This means improving not only the processes but also the overall investor experience.
We’re also keen to continue building on the momentum we’ve achieved by introducing more digital-first solutions that will make business operations smoother, more transparent, and more efficient for both local and global investors.
