Gulf Business November 2021 by Motivate Media Group

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Mental health: Why it is crucial for business

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Special report: UAE property market deep dive BD 2.10 KD 1.70 RO 2.10 SR 20 DHS 20

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PURE TECH + PROPERTY IS HIS VISION. HERE’S HOW HE IS BRINGING IT TO LIFE Ari Kesisoglu Property Finder president

GB TECH AWARDS 2021: WINNERS REVEALED

Gulf Business

CONTENTS / NOVEMBER 2021

The Brief An insight into the news and trends shaping the region with perceptive commentary and analysis

28 Winners revealed

The first edition of the exclusive GB Tech Awards was held in October

44 Mind matters As we re-emerge from the pandemic, mental health has taken centre-stage

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22 Plotting a tech future

Property Finder president Ari Kesisoglu on the process of creating a ‘pure-tech’ company

November 2021

CONTENTS / NOVEMBER 2021

71 Lifestyle

Roger Dubuis’ vision p.72

Dubai Watch Week 2021 p.76

Lotus: In the future lane p.80

“This vision[Vision 2030] represents the kingdom’s ambitions for the future...World Expo 2030 will represent an extraordinary opportunity to share with the world our lessons from this unprecedented transformation” – Saudi Crown Prince Mohammed bin Salman when announcing Saudi Arabia’s bid to host Expo 2030 in Riyadh

The SME Story Interviews with entrepreneurs and insights from experts on how the regional SME ecosystem is evolving

Editor-in-chief Obaid Humaid Al Tayer Managing partner and group editor Ian Fairservice Group director Andrew Wingrove andrew.wingrove@motivate.ae Editor Aarti Nagraj aartin@motivate.ae aartinagraj Deputy editor Varun Godinho varun.godinho@motivate.ae varungodinho Tech editor Divsha Bhat divsha.bhat@motivate.ae Contributor Zainab Mansoor editorial.freelancer@motivate.ae zzainabmansoor Senior art director Olga Petroff olga.petroff@motivate.ae Art director Freddie N. Colinares freddie@motivate.ae Photographer Joachim Guay

General manager – production S Sunil Kumar Assistant production manager Binu Purandaran Production supervisor Venita Pinto Chief commercial officer Anthony Milne anthony@motivate.ae Group sales manager Manish Chopra manish.chopra@motivate.ae Senior advertising manager Ravi Dutt ravi.dutt@motivate.ae Sales executive Sonal Sawant Sonal.Sawant@motivate.ae Group marketing manager Joelle AlBeaino joelle.albeaino@motivate.ae Group marketing manager Dominic Clerici dominic.clerici@motivate.ae

Cover: Freddie N. Colinares

Printed by Emirates Printing Press, Dubai

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November 2021

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Investments are subject to a variety of risks. You should consult your investment advisor directly before entering into any transaction. Bank Lombard Odier & Co Ltd, Abu Dhabi Global Market Branch is licensed under the supervisory authority of the Financial Services Regulatory Authority (FSRA) [FSRA Permission Number 180046] to: Advise on investments or credit, Arrange deals in investments and Arrange credit in and from Abu Dhabi Global Market and provides this material as a branch of Bank Lombard Odier & Co Ltd., with its Head Office in Geneva, Switzerland.

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Countries

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The Brief

The top 10 countries for expats to live and work The UAE has been ranked among the top five places worldwide 1. SWITZERLAND 2. AUSTRALIA

Top three reasons cited by expats for choosing to move to the UAE

3. NEW ZEALAND 4. UAE

Finance Future Leadership Social Innovation

8 9 11 13 16

56%

To improve their earnings

5. GUERNSEY

NOV

6. JERSEY 7. ISLE OF MAN 8. BAHRAIN 9. SINGAPORE 10. QATAR

49%

To progress their career

43%

To improve their quality of life

Source: HSBC’s latest annual Expat Explorer study

The office of tomorrow The pandemic was a call to action for organisations to update and reset their future of work agendas p. 10 gulfbusiness.com

November 2021

ILLUSTRATION: GETTY IMAGES/ALICEMOI

The Brief / Finance

COMMENT

Making the right call Is the next financial crisis coded in tech’s DNA, asks Bloomberg columnist Andy Mukherjee

hy should banking watchdogs worry about the consumer internet? The answer, as researchers have been warning for some time, lies in their “DNA loop,” shorthand for data, network, activity. It’s a powerful circuit, which regulators must be prepared to break if they want to stop the next financial crisis in time. The original data about consumers may come from e-commerce, social media or online searches; nothing to do with money. But in an ever-expanding successful network, it becomes easy to mine disparate bits of information to map users’ repayment behaviour, and set up lending operations to exploit that knowledge. User activity on payment and loan platforms generates yet more data. As Bank for International Settlements’ economists have previously shown, Latin American online commerce platform MercadoLibre’s machine learning-based scoring model is superior to what credit bureaus can tell a conventional bank about borrowers’ creditworthiness in Argentina. All this does wonders for financial inclusion, especially for small businesses

November 2021

that don’t have tax documents and other formal markers of repayment capacity. But an expanding DNA loop means a built-in ability to thwart competition from players who lack similar technology platforms. Thanks to the 94 per cent control of Alipay and WeChat Pay on mobile payments, Beijing saw the systemic risk first, and acted. Soon others may, too, have to follow suit. From online gaming to ride-hailing and after-school tutoring, China has cracked down on so much of its successful private sector that it’s easy to lose sight of how it all began: with November’s last-minute scuttling of Ant Group’s $35bn initial public offering, the biggest in history. The restructuring of Jack Ma’s financial conglomerate that was subsequently ordered by China’s central bank included separating out Ant’s two money-spinning consumer lending businesses, Huabei and Jiebei, from its ubiquitous Alipay payments network. Folded into a consumer finance unit that regulators approved a couple of months ago, the company’s ability to lend on its own or together with banks is now strictly capped by capital. The wisdom behind the move will

eventually be recognised by other regulators, though currently many of them have it backwards. Open banking rules in the European Union are forcing banks to share payments data with the tech industry, but the general data protection law is obstructing traffic in the other direction. From the Federal Reserve to the European Central Bank, regulators will all have to treat consumer internet platforms as systemically important financial institutions, and insist – as China has – on a structure where the holding company is well-capitalised alongside the operating units. For Beijing, reining in tech’s tentacles in finance goes beyond just the lending operations. Ant’s Yu’e Bao, once the world’s biggest money-market fund, shrank nearly 20 per cent in the June quarter. Other central banks will have to tackle a very similar challenge from stablecoins, blockchain-based tokens that mimic the value of fiat money. If Facebook-backed Diem, formerly known as Libra, takes off, these privately issued currencies could go from being a fringe asset for the crypto community to a “too-big-to-fail” repository of consumer wealth. Without proper regulation, stablecoin issuers will always have an incentive to boost profits by parking money in risky assets, which may be hard to liquidate in case of a run on the coin if users queue up to cash out. Depending on how mainstream they are by then, the tremors could lead to anything from a wobble in some asset markets to a full-blown financial earthquake. The public-good nature of money could itself be at risk if stablecoins and other digital innovations lead to closed loops reinforced by network effects of social media or e-commerce data, BIS general manager Agustín Carstens and his colleagues noted in a paper, “Regulating big techs in finance”. One way to ward off the threat is for central banks to compete with the private sector by issuing their own digital currencies. That’s a strong motivation behind Beijing’s e-CNY project. But regulating the tech industry has to be a concomitant second line of defence. It’s the overall DNA of the new kids on the block that regulators need to watch, not just their individual financial forays. gulfbusiness.com

ILLUSTRATION: GETTY IMAGES/MALTE MUELLER

The Brief / Future

Rehan Khan Principal consultant for BT and a novelist

COMMENT

Driven by dopamine The manner in which our digital lives operate today has been engineered in boardrooms to serve the interests of a select group of technology investors

n the autumn of 2017, Sean Parker, the founding president of Facebook, spoke openly at an event about the attention-engineering deployed by his former company. He said: “The thought process that went into building these applications – Facebook being the first of them to really understand it – was all about how do we consume as much of your time and conscious attention as possible? And that means that we need to sort of give you a little dopamine hit every once in a while, because someone liked or commented on a photo or post of whatever.” The manner in which our digital lives operate today has been engineered in boardrooms to serve the interests of a select group of technology investors. It hasn’t been curated to serve the interests of you or me as an individual to become more productive and fulfilled; it hasn’t been created to serve the interests of the organisations we work for, which are leaking productivity off the bottom line; and it certainly hasn’t been fashioned to serve the interests of our families which are becoming

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Platforms such as Facebook are using dopamine to keep us glued to our screens, living a life devoid of purpose

increasingly atomised. Isn’t it about time we decided to do something about this? Yet before any change can take place, it’s important to know the levers of change. In the telling statement from Sean Parker, attention merchants – platforms such as Facebook – are using dopamine to keep us glued to our screens, living a life devoid of purpose. What exactly is dopamine and how does it have this addictive effect on us? Dopamine was discovered during an experiment by McGill neuroscientists Peter Milner and James Olds. The scientists placed electrodes in the brains of rats, in a small structure of the limbic system (called the nucleus accumbens). The researchers discovered that this structure within the brain regulates dopamine production. Olds and Milner called it the pleasure centre. A lever in the cage allowed the rats to send a small electrical signal directly into this part of the limbic system. The rats liked it so much that they did nothing else. They forgot all about eating, drinking and sleeping. Instead the rats just pressed the lever over and over again until they died of starvation and exhaustion. You may be thinking these were rats and not people. Humans are not so different when it comes to how we are stimulated by dopamine. According to Dr Natasha Dow Schüll, who has done some really interesting research on gambling habits in Las Vegas, the average slot-machine player in a casino will spin the wheel 600 times per hour and be completely fixated in a game, immersed in an alternate reality. Some will even wear adult pants so they don’t need to take a comfort break. She says the same design principles used in slot machines are used for smartphone apps and games like Candy Crush and Angry Birds. The habits of gamblers can be extreme, but surely a person wouldn’t kill themselves in the pursuit of receiving a dopamine hit? Surely humans have more intelligence than rats that are stimulated to keep pulling a lever? Unfortunately, in 2011, a 30-year-old man reportedly died in Beijing, China, after playing video games continuously for three days. Another man was also reported dead in Taiwan in 2015 after a three-day video game binge. Others have died in similar circumstances in Guangzhou and Daegu, as well as other locations. People, like the rats in the McGill experiments, are starting to be chronically affected by seeking a dopamine fix. Each time we check a Twitter feed or Facebook update, or encounter something new, we get “reward hormones”. Yet, this is not the higherlevel reflective thought centre of the brain, but the novelty-seeking portion of it. Is this really how we want to be occupying our lives? November 2021

The Brief / Q&A INTERVIEW

Christos Adamantiadis CEO, Marsh Middle East and Africa

Explainer: Has hybrid working taken off in the GCC?

The types of roles that can be performed at 100 per cent remote mode are going to be more limited

How much of an acceleration did the pandemic provide to hybrid working?

While most companies shifted to remote working during the peak of the pandemic, many have now reverted back to all office days – even if an employee’s physical presence is not required. Will office working remain the norm in the region for the near future?

The new world of work will involve different combinations of work from home/work from office/work from afar regimes, depending on industry, type of activity, corporate culture, network bandwidth, etc. But without doubt, there are many benefits to colleagues being physically present in the office – from better collaboration and teamwork, to quick conversations that drive results, to stronger comradeship and creating a sense of belonging, just to name a few. 10

November 2021

ILLUSTRATION: GETTY IMAGES/ALEUTIE

If we look back, over the past 18 months most organisations had to pivot at great speed from largely conventional work models to remote working. And in doing so, they were forced to swiftly adjust their operating model and reinvent their delivery model; grapple with totally novel work-related challenges and practices; and experiment with new ways of working, taking risks which, only a few years ago, would have been unthinkable. Given how successful that transition proved to be, there now lies a window of opportunity for organisations to fundamentally rethink and transform their approach to their people and workplace. As a firm, we were already shifting to a hybrid model pre-pandemic and over the last 12 months we have opened four ‘smart offices’ across the Middle East and Africa.

We have also seen ‘Zoom fatigue’ take hold as many remote workers tire of constant meetings. How can that be better managed?

We can help to shape our organisational culture and advocate the benefits of ‘less screen time’ and ultimately a better work life balance. For example, we can influence and actively encourage Zoom-free days or afternoons, promote shorter meetings and enforce breaks. In all instances, as leaders, we will need to lead by example. It is also important to share hints and tips with colleagues on best meeting practices and invest in ‘chat’ technology to reduce both the need for meetings and excessive emails. gulfbusiness.com

The Brief / Leadership

Looking ahead, will we see younger employees value flexible working as a key driver for choosing a job/ switching companies?

This will be important for not only for our younger colleagues, but for all colleagues. An organisation’s culture should empower and entrust its team to deliver and drive results, whether they are travelling, in a physical office or working remotely.

“WE CAN INFLUENCE AND ACTIVELY ENCOURAGE ZOOM-FREE DAYS OR AFTERNOONS, PROMOTE SHORTER MEETINGS AND ENFORCE BREAKS”

Do you see an increasing trend of people working remotely from international destinations? Or will that remain restricted to certain niche sectors?

There are definite geographically and demographical opportunities for organisations to expand their talent

COMMENT

base beyond traditional sources. Remote working, to a degree, has removed any physical boundaries that previously limited access to talent pools across cities, countries and even continents. That being said, the ability to understand and act upon local market nuances and client needs means that the types of roles that can be performed at 100 per cent remote mode are going to be more limited. Lastly, what will the workplace of the future look like?

The pandemic was a “call to action” for organisations to update and reset their future of work agendas, to be more relevant and inclusive in a post-pandemic world and create a re-imagined future of work for all. What that future of work looks like depends on the organisation; it will definitely be more fluid, agile, involve greater employee choice. We believe in building a more people centric leadership culture, promoting colleague wellness and being more aware of and sensitive to mental wellbeing, empowering our colleagues to deliver in a hybrid environment, promoting diversity and enhancing the digital experience for both colleagues and clients.

Ralph Ward and Dr M Muneer Ralph is a global board advisor and author and Muneer is co-founder and chief evangelist at Medici Institute

Time to take ESG seriously ESG is still a new language in most boardrooms, but it’s fast becoming a language your board must learn

arge conglomerates and SMEs, public and private firms, venture capital backed and bootstrapped startups – companies of all sizes across the world are facing pressure on environmental, social and governance (ESG) issues. Investors and regulators worldwide are pushing hard for solid, objective corporate ESG disclosure. In the US, the Securities and Exchange Commission has proposed a task force to examine ESG disclosure standards, seeking

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more objective, comparable data. The Biden administration and new leadership at federal enforcement agencies are making mandatory ESG and climate measures a high priority. Developing nations like India will also soon start following suit. ESG regulations are already starting to bite for businesses. Earlier this year, the European Union launched its Sustainable Finance Disclosure Regulation (SFDR) rules requiring asset managers and advisors to factor sustainability data into their

investments. This will drive solid, objective disclosure metrics, with penalties for failure. In Germany, asset manager DWS is now under investigation for false “greenwashing” disclosures on its investments. The concept of ESG in company strategy, operations and reporting is both so widespread and irresistible that business leaders have accepted that it will be an inevitable factor going forward. But most of the discussion and advice you encounter is still at the stage of preaching how crucial ESG has become – like pitching a sale, but never closing. Corporate board members are getting the message loud and clear: That ESG can’t be ignored. However, there’s very little tactical guidance on what they should actually do about it. How does your board build practical ESG discussion and oversight into its structure, agendas, reporting and actions? Who are the ESG resources you’ll need in the boardroom? How can you assure November 2021

The Brief / Leadership

relevant, actionable data on company ESG status? What ESG standards and reporting frameworks are out there, and which should guide your board? Most of the big concerns and activism agendas come under the environmental heading, but that covers several sub-concerns. Climate alone has many subsectors, and any of these might be your company’s hottest issue. Social matters bring controversies of their own, and the continuing discrimination against minorities and gender inequality make this a hot topic. Governance is the last letter in ESG, and often tends to lag behind as a concern. But this is the arena where items like board makeup and structure, voting rights, and shareholder powers are battled over. Governance covers the proxy voting tools used to advocate for the E and S matters, and activists know how to use these to good effect. There are several important steps that your board can do to make ESG part of its portfolio. All are important, but a first one should be structural. This requires several sub-steps: Your management team:

Start with identifying the management

players with responsibilities, powers and expertise on company specific ESG matters. Since ESG covers a wide turf, you’ll want broad input. The CXOs – finance, HR, legal, investor relations, and compliance or disclosure staff – all have a piece of ESG. If you’re a smaller, or closely held company, you likely won’t have all these titles,

but you’ll still need their expertise. An ESG shape-up can be a good motivator for venture or private companies to formalise how these tasks (which you now manage informally) should be allotted. Designating a “management” ESG committee not only makes results more likely, it tells your stakeholders that ESG is taken seriously. The board talent:

CORPORATE BOARD MEMBERS ARE GETTING THE MESSAGE LOUD AND CLEAR: THAT ESG CAN’T BE IGNORED. HOWEVER, THERE’S VERY LITTLE TACTICAL GUIDANCE ON WHAT THEY SHOULD ACTUALLY DO ABOUT IT. HOW DOES YOUR BOARD BUILD PRACTICAL ESG DISCUSSION AND OVERSIGHT INTO ITS STRUCTURE AND ACTIONS?

We have always advocated for the use of a board ‘skills matrix’ to assess the talents a board currently has, what it lacks, and how succession planning and training can fill gaps. Now, add ESG background and credentials to your matrix. Every board doesn’t need a climate scientist, an environmental lawyer, or a rep from a humanrights organisation. Start by digging into the environmental and social skills your current directors have tucked away in their CVs. How can you tap this experience to shape ESG oversight and credibility? What gaps can you identify on the board in managing company ESG challenges? Also, look into the backgrounds of current and potential board members for ESG negatives. You don’t want shareholders or activists to be the first to notice a director previously served on the board of a company with a major environmental disaster. How the board shapes itself to oversee ESG brings its own challenges. ESG should be integrated into the agenda of the full board, but this can push toward an ineffective check-box approach. Directors get a brief report that all is well on ESG (with lots of numbers and charts) and then move on. Start by looking at the bylaws and agendas of current committees and asking how they can take on specific pieces of the ESG spectrum. The audit committee incorporates ESG materiality measures, risk, and disclosures. Compensation should factor ESG goals into pay measures and incentives, top exec/median employee pay balances, and stakeholder concerns. The nominating/governance committee can serve as the board’s overall ESG wrangler, and also factor board skills into its work, board ESG education, and stakeholder communication ESG is still a new language in most boardrooms. But it’s fast becoming a language your board must learn.

November 2021

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ILLUSTRATION: GETTY IMAGES/IR_STONE

The board structure:

The Brief / Social

ILLUSTRATION: GETTY IMAGES/IMOLOTOVCOKETAIL

THE MAJOR CHALLENGES IN EFFECTIVE NEWSJACKING ARE: QUICK ACTION IS REQUIRED IN ORDER TO BE SUCCESSFUL; AND THE ISSUE NEEDS TO BE HANDLED DELICATELY SO AS NOT TO BE SEEN AS TOO “FORCED” to positively promote one’s own brand, but in the case of Twitter, it was a winning tactic. It allowed them to leverage the viral news story of Facebook being down, and contribute to the public conversation, while still maintaining a sense of humour and not coming across as opportunistic or too pushy in their efforts. Other major brands were also quick to Zaib Shadani COMMENT jump on the bandwagon to secure their time Managing director, in the limelight by engaging in conversation Shadani Consulting with Twitter. “Hi what can I get u” was how McDonald’s replied to Twitter – to which Twitter responded with a hilarious: “59.6 million nuggets for my friends”. Many others followed suit and used the thread to promote their products. Netflix used it as a way to highlight its hit show Squid Game and tweeted an image from the show depicting the “Twitter” contestant saving the How the temporary outage on Facebook’s life of a contestant labelled “Everyone”. The memes platforms was leveraged as a marketing just kept coming, turning into a proverbial windfall for Twitter. Even American movie star and singer opportunity by Twitter Dolly Parton couldn’t resist and posted a hilarious gif of herself. This mass migration to Twitter, as a result of hen Facebook and its platforms Facebook-operated social media platforms being Instagram and WhatsApp went down, was not only welcomed by the platform, down on October 4, 2021, it seemed but handled expertly. While the memes on Twitter like the impossible had happened. continued to be in ample supply, Twitter CEO Three of the main platforms that we use to regularly Jack Dorsey also got in on the fun, by replying communicate and stay connected were all offline to an unverified screenshot suggesting that the and many people were left struggling to figure out Facebook.com address was for sale, and tweeting how to fill in the social media vacuum. “How much?”. Enter Twitter. The company’s main account The major challenges in effective newsjacking are: tweeted a very timely and amusing “Hello literally Quick action is required in order to be successful; everyone”, which was instantly met with a barrage and the issue needs to be handled delicately so as “Hello literally of responses, amassing 2.4 million ‘likes’ in just four not to be seen as too “forced”. Twitter’s actions everyone” hours. Three short words that signified the start of during the six hours of the Facebook blackout instantly met with a an exceptional marketing campaign that displayed clearly demonstrated its ability to be fast, agile and barrage of responses, the subtle nuances of newsjacking at its finest. tactile in not only responding to the situation, but amassing 2.4 million Newsjacking is extremely difficult to pull off, as it also recognising how to address it in a witty and ‘likes’ in just four hours entails taking advantage of trending news stories relevant way.

Newsjacking done right

W gulfbusiness.com

November 2021

MAKE YOUR STATEMENT. The Mercedes-AMG GT 4-Door Coupé.

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The Brief / Alan’s Corner

Alan’s Corner Alan O’Neill Managing director of Kara, change consultant and speaker

Safe innovation

ILLUSTRATION: GETTY IMAGES/SORBETTO

Innovation is essential for every organisation and your culture needs to support an environment where it is encouraged, but not in a reckless or sloppy way

hat would the world be like if the great innovators never existed? Imagine if Thomas Edison’s light bulb never glowed, or if Alexander Graham Bell’s telephone didn’t ring. If Charles Babbage, the inventor of the first computer went in a different direction, what would Steve Jobs have done? But it’s not just technology that has benefitted from innovation. We have also benefitted from innovation in science, music, medicine, the arts, language, processes, systems and more. As the world around us changes at an exponential rate, so too are our suppliers, competitors, customers and our own people. The barriers to entry for new competitors are coming down all the time. Globalisation makes it easier for your customers to explore other options to yours. And for many of us, technology enables our competitors and new entrants to take big leaps at lower cost than in the past. The bottom line is that for each one of us to remain relevant in our chosen market, we have to be willing to continually update ourselves, possibly even reinvent ourselves – and innovate. I presented a keynote recently at a conference organised by the National Housing Federation in the UK. Housing associations are not-for-profit charities with a social purpose mandate to provide affordable housing. Their current business model goes back to the 1960s and they are taking a hard look at themselves to see how they need to change for the modern tenant, particularly after the Grenfell tragedy. Innovation will play a key role in this change journey and will include technology, collaborations, mergers, processes, organisational restructure and culture change. For some readers, that may not all seem like innovation. But for groups like housing associations that have been working a particular model for years, it is innovation for sure. You too may have a business model that has worked for many years with varying levels of success. But in this new world, what worked in the past is no guarantee of success in the future. To encourage innovation requires a fresh look at your culture. WHAT DOES IT TAKE TO ENABLE SAFE INNOVATION?

I often meet organisations with a so-called ‘blame culture’, where it is safer to keep your head down than to try new things and risk failure. People feel that they are witch-hunted for getting it wrong. For one company that I’m familiar with, executives don’t sleep the night before a big meeting. They dread the wrath of a bullying boss who exposes them for failing with a new product or for trying something new. 16

November 2021

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The Brief / Alan’s Corner

Clearly, that is shocking. That culture impedes growth and the organisation loses out in the long run. In saying that however, it’s not fair to expect an organisation to just turn a blind eye to failure when significant cost goes down the drain, not to mention the opportunity cost, the time wasted and the morale implications. So what’s the right balance? Encourage innovation – but not without structure

Leaders ought to encourage creativity and innovation, then reward and recognise outcomes. But they should make it very clear in advance what the criteria for success are. Then the individuals involved should apply rigorous project management or ‘design thinking’ methodologies to their concepts. Such plans should include scenario planning, cause and effect analyses, time limits risk analysis, and a business case. Lack of structure can lead to too much subjectivity and not enough objectivity. Make it safe to fail – but don’t accept incompetence

It’s totally appropriate and reasonable for innovation

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THE BOTTOM LINE IS THAT FOR EACH ONE OF US TO REMAIN RELEVANT IN OUR CHOSEN MARKET, WE HAVE TO BE WILLING TO CONTINUALLY UPDATE OURSELVES

to be encouraged. But it’s not realistic for individuals to be sloppy and wasteful and not get called out on that. As with all things in life, there is need for balance here. Whether it’s a success or a failure, discuss it openly and learn from it. Even when applying rigour as described here, not every idea will work out as expected. But the project is not a failure if learning is extrapolated, logged and communicated, so as to prevent a recurrence. THE LAST WORD

Innovation is essential for every organisation in every industry. And your culture needs to support an environment where it is encouraged, but not in a reckless or sloppy way. I’m a big fan of collaboration and inclusion, especially when it is safe and appropriate to do so. But be careful, collaboration without honesty and structure can lead to poor consensus. And poor consensus should not be an excuse for bad judgment. One person has to make a decision and be accountable at the end of the day.

November 2021

The Brief / Infographics

Feeling safe? The Safe Cities Index 2021 ranks 60 cities across 76 indicators, covering digital, health, infrastructure, personal and environmental security

SMART AMBITIONS The development of smart cities could be advantageous to urban security

LIST OF CITIES THAT HAVE A SMART PLAN AND EXPLICITLY FOCUS ON CYBERSECURITY AS PART OF THE SMART CITY INFRASTRUCTURE/ NETWORK

18 November 2021

Dubai Abu Dhabi Bangkok Copenhagen Frankfurt London Los Angeles Mexico City Moscow New York San Francisco Shanghai Singapore Sydney Taipei

5 LIST OF CITIES THAT HAVE A SMART PLAN OR PLAN TO INVEST IN ONE OVER THE NEXT FIVE YEARS

Amsterdam Baku Barcelona Beijing Bogota Brussels Buenos Aires Cairo Casablanca Chicago Dallas Dhaka Ho Chi Minh City Hong Kong Istanbul

The shift to cybercrime during the pandemic appears to be associated with a drop in physical crime

Jakarta Johannesburg Karachi Kuala Lumpur Kuwait City Lagos Lisbon Madrid Manila Melbourne Milan Mumbai New Delhi Osaka Paris

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OVERALL SCORE Copenhagen Toronto Singapore Sydney Tokyo

82.4 82.2 80.7 80.1 80.0

Digital

SCI2021: TOP FIVE cities overall and across five key pillars

Sydney Singapore Copenhagen Los Angeles San Francisco

83.2 82.8 82.2 82.0 82.0

REGIONAL OUTLOOK Abu Dhabi has been ranked the safest city in the Middle East and Africa OVERALL SCORE

66.9 Abu Dhabi

Dubai

Kuwait Cairo

64.6

Riyadh

49.4

Health Tokyo Singapore Hong Kong Melbourne Osaka

87.7 84.1 84.0 81.9 81.8

Digital

Health

43.7

55.1

Infrastructure

Personal

Environmental

Infrastructure Hong Kong Singapore Copenhagen Toronto Tokyo

93.4 92.1 89.0 88.6 87.7

Personal Copenhagen Amsterdam Frankfurt Stockholm Brussels

86.4 80.5 80.3 79.7 79.2

Environmental Wellington Toronto Washington, DC Bogota Milan

91.7 90.3 87.6 85.5 84.9

The wish for city leaders to use digital technology to become smart cities is nearly unanimous. In 59 out of 60 index cities, we found evidence of an existing smart city plan or intention to invest in this transformation in the coming five years”

ALL DATA ARE NORMALISED TO A SCALE OF 0 TO 100, WITH 100 THE BEST SCORE

The average pillar scores for cities in high-income countries The top 29 cities among the ones covered in the study are in high-income countries COLOUR LEGEND

OVERALL

Digital

Health

Infrastructure

79.5 68.6 75.8 72.6

86.4 82.5 84.8 65.5

Personal

Environmental

AsiaPacific Europe

North America Middle East 77.9 75.5 77.2 59

72.5 72

78.0 57.6

73.3 76.9

78 77.8 80.7 38.3

SOURCE: SAFE CITIES INDEX 2021, A REPORT BY THE ECONOMIST INTELLIGENCE UNIT

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November 2021 19

The Brief / Lightbox

Sudanese protesters burn tyres in the capital Khartoum to denounce overnight detentions of members of Sudan’s government by the army on October 25. Armed forces detained Sudan’s Prime Minister after weeks of tensions between military and civilian figures who shared power since the ouster of Omar al-Bashir 20

November 2021

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November 2021

PHOTO: PHOTO BY AFP VIA GETTY IMAGES

COVER STORY / ARI KESISOGLU

KEY TO THE WORDS: AARTI NAGRAJ

FUTURE PHOTO: JOACHIM GUAY

November 2021

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COVER STORY / ARI KESISOGLU

UAE-BASED PROPERTY FINDER HAS A VISION TO BE MORE THAN JUST A REAL ESTATE PLATFORM. HERE’S HOW FORMER

JARGAN ITRAA :SDROW

FACEBOOK AND GOOGLE EXECUTIVE ARI KESISOGLU

YAUG MIHCAOJ :OTOHP

IS BRINGING THAT PLAN TO LIFE gulfbusiness.com

November 2021

COVER STORY / ARI KESISOGLU

question that is frequently posed to CEOs and business leaders is about their “vision” for the company/organisation. Often, the response – while interesting and inspiring – is fairly generic. But for Ari Kesisoglu, the recently appointed president of Dubai-based real estate platform Property Finder, there is no ambiguity about his vision and plan for the company. “We want to build a true technology company here in the region,” he says. Given his background, that seems like a feasible vision. Prior to joining Property Finder, Kesisoglu served as the vice president for Middle East and Africa at Facebook, and preceding that, he worked for 10 years at Google where he held senior roles covering the EMEA region. But what exactly does a ‘pure technology’ company encompass? “What does a startup do? It solves a problem. Similarly, in our case, the problem that we’re solving is that we want to give people the ability to get the best life that they can within the budgets that they have. Think about how much your home means to you, how much it defines your life; the neighbourhood that you live in adds a lot to your quality of life. So, if you can live in a better home,

November 2021

in a better environment – whatever that means for you, your life will improve for the better. And that’s hopefully the problem that we’re solving,” explains Kesisoglu, delving deep into a topic he is visibly passionate about. “But that requires many things to happen. For example, we need to have all the properties that are available in the market to be listed on our platform. And we can achieve that through technology, because we work with our agency partners so that they can publish these details in an easy way. Or if you’re a consumer, you need to be able to browse fast and search [for the properties] on our platform. Now, here comes the detail of a true technology company, which is the focus on its products. I think, today, especially in 2021, it’s rather fair to say that most of the companies are technology-enabled; take technology out, your company will be a very different and less efficient place. But being a tech company means having a productcentric approach. The technology that you’re developing – that’s the main thing that you do. There are many other ways of operating – so you could be a very successful company based on your commercial success or your operational success. But what defines a tech company is that they’re very successful mostly thanks to their core technology. The other factors are still there, but we must have such a good product that both our users who are looking for properties, or agencies for whom we

are publishing properties – they must have a great time on our platform,” he elaborates. Since he started with Property Finder in January 2020, Kesisoglu has worked hard on bringing that vision to life. While the Covid-19 pandemic initially slowed the pace of the plan, he insists that Property Finder’s founder and CEO Michael Lahyani and the senior management remain aligned on transforming the company. “Most of what we have done so far is actually focusing on the basics – so ensuring we have a sustainable financial equation and making sure our business delivers results to our customers. The second big change is on the leadership front. We focused a lot on bringing amazing leaders to the company, and today if you look at our C-suite, it is impressive,” he states. Some of the new executives include Jakson Peters, who took on the role of CFO in February 2020, Ozan Sayar, who was appointed the chief strategy and transformation officer in April last year and Semih Decan, who took over as chief commercial officer in August 2020. “Apart from fine-tuning our offering, Property Finder used to earlier follow a corporate-mentality and one of my first goals was to transition [the company] to a startup mentality. It may seem like a rather insignificant change, but startups encourage an open-door policy, it welcomes members from across all teams and levels to voice their opinions, making room for fresh ideas and strategies that in turn contribute to the growth of a company,” he says. But Kesisoglu is also refreshingly honest when it comes to the challenges associated with bringing about change in a company that was launched 14 years ago and is well-established in the market. “This is a lot of change for anyone at Property Finder. So if you have been doing business in a certain way for so many years and suddenly, there’s this new guy coming in along with others – while yes, you are excited about where the journey will take the company – but that doesn’t change the fact that it’s a lot of change on a day-to-day basis. And if we want to continue to be a technology company, the pace of change will stay constant,” he asserts. gulfbusiness.com

COVER STORY / ARI KESISOGLU

MOST OF WHAT WE HAVE DONE SO FAR IS ACTUALLY FOCUSING ON THE BASICS – SO ENSURING WE HAVE A SUSTAINABLE FINANCIAL EQUATION AND MAKING SURE OUR BUSINESS DELIVERS RESULTS TO OUR CUSTOMERS. THE SECOND BIG CHANGE IS ON THE LEADERSHIP FRONT. WE FOCUSED A LOT ON BRINGING AMAZING LEADERS TO THE COMPANY, AND TODAY IF YOU LOOK AT OUR C-SUITE, IT IS IMPRESSIVE”

CHANGING TIMES The pandemic has been a major driving force for change across industries and real estate is no different, with proptech receiving a massive boost in adoption. Last year, with brief lockdowns and several restrictions, the property sector in Dubai and across the UAE slumped, prompting platforms such as Property Finder to find new alternatives to keep investors and users engaged. In April last year, the company launched a new feature called ‘live viewings’ to enable users to stream gulfbusiness.com

property viewings, query and leave real-time comments for agents broadcasting the properties. Along with live viewings, the platform also launched products such as 360 tours, virtual tours, floor plans and social media tours to help make house hunting a digital reality. With the situation now returning back to normal across the UAE, most people have started to revert back to old ways of property hunting – in person. But there are certain other trends which have changed for the longer term. “We are now much more comfortable doing things with our phones and computers. And with the pandemic, what

that meant for us specifically was that we had strong incoming traffic on our website. In the past, many people were more comfortable with hunting around for a property, looking at the street that they want to live in and the house, but suddenly, that dynamic almost completely disappeared. I think for property specifically, there was another factor, which was that as people spent more time at home, they started visualising more about their houses and started seeking bigger places,” elaborates Kesisoglu. “From a product point of view, we tried a couple of things. Some of them are going to stick – so for example we saw that posting videos of properties November 2021

COVER STORY / ARI KESISOGLU

FOR A PROPTECH COMPANY OR ANY STARTUP, THE NUMBER ONE THING IN MY VIEW IS – SOLVE THE PROBLEM. AND BE VERY CLEAR ABOUT THE PROBLEM THAT YOU’RE SOLVING. THE SECOND ADVICE IS – DO NOT UNDERESTIMATE THE BASICS OF DOING THINGS RIGHT”

November 2021

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COVER STORY / ARI KESISOGLU

Dhs104bn+ THE VALUE OF SALES TRANSACTIONS BETWEEN JANUARY TO SEPTEMBER 2021 IN DUBAI, THE HIGHEST SINCE 2017

15% THE INCREASE IN THE MEDIAN SALES PRICES OF OFF-PLAN APARTMENT UNITS IN DUBAI IN THE FIRST NINE MONTHS OF 2021

makes a huge difference. We had other things we launched such as live viewings. During the lockdown, the service had massive demand and we were able to help our agency partners do that because they weren’t able to do any physical viewings. Many of them adopted that, but after the lockdown, this didn’t stick that much, but the videos, the availability of more information, a better visual experience – all those stayed on,” he explains. Looking ahead, while technology penetration will continue in the property industry, some elements such as augmented reality and virtual reality – while already being implemented in parts of the world – will take longer to become mainstream, he adds.

HOUSING BOOM Moving from technology to brick-andmortar, with the Covid-19 crisis easing and the resumption of normal life underway – especially in places such as Dubai – the property market has started to see a strong rebound, with the data supporting this trend. The emirate has seen sales transaction values exceed Dhs104bn during the first nine months of this year – representing the highest value since 2017, according to data from Property Finder. Particularly, off-plan sales rose considerably in 2021, with the value of transactions reaching the highest that the Dubai real estate market has seen in over eight years (since December 2013). Off-plan median sales prices for apartments also increased by 15 per cent this year, while the rates for villa/townhouses grew by 10 per cent. There has also been an increased gulfbusiness.com

focus on the villa/townhouse segment as people look to move into bigger spaces. The total volume of properties sold within the segment – including both offplan and secondary units – rose by 39 per cent in the year to September 2021, while the value of those properties grew by 64.5 per cent during the period. “The most expensive houses have seen – probably – the biggest shift in demand. It’s very difficult to say exactly why, but Dubai also started to see nationalities that weren’t big buyers before such as Western Europeans, investors from the US etc. – especially at the upper end of the market,” explains Kesisoglu. Looking ahead, the growth trend within the Dubai property market looks set to continue as per data indications. “It would be very surprising if the trend slows down in the next couple of months. We have some leading indicators such as the number of properties coming to market, the number of mortgage applications and so on. We can see the data and it doesn’t look like the next couple of months will be too different unless there’s another big shock to the system. Beyond that it’s hard to say – the normal macroeconomic factors will take hold,” he says.

LIVING TOMORROW But beyond the short-term, what will the future of real estate look like? Are we going to be living in sci-fi movie type houses which can move and shift? Will the way we live be drastically different? Kesisoglu laughs: “I get asked this question a lot. Now if you have read the future forecasts from the Eighties and the Nineties, I don’t know why but a lot of

times they spoke about people having jetpacks by the 2000s. Well, it’s 2021 and we don’t have jetpacks, but we do have phones which are – depending on the angle that you’re looking from – as magical as jetpacks. In my view, that’s what civilization has proven, that 10 years is a short time frame to see massive changes in the way that the society operates. So my expectation isn’t that there will be massive changes in how buildings are built and the shapes of buildings, but that there will be huge improvements. So, how you find a house, how you design it, how you move in, what’s the experience of finding it, how much of the experience you can do from your phone – all those things will change and they will change very fast. But at the core of it, I would like to think I’ll still be sleeping in a bed in a room, and maybe with some fancier things like better oxygen, and hopefully, more environmentally friendly buildings. It’s going to be a different experience. But houses will be houses in 10-15 years time from now.” And what is his advice to those entering the proptech space as it prepares to accommodate the needs of future developers, investors and end-users? “For a proptech company or any startup, the number one thing in my view is – solve the problem. And be very clear about the problem that you’re solving. A common trap is to do technology for the sake of technology. It’s amazing and some things will come as a result of it. But technology itself, even when you’re a technology company, is an enabler for the problem that you’re solving. The second advice is – do not underestimate the basics of doing things right. So, at the end of the day, while technology is a huge factor, but if you are not serving your customers or users, not supporting them when they have a problem, then it doesn’t work. And three – and this is the biggest challenge that comes with an ecosystem that has a path ahead of it – is talent. It’s so much about the leaders that you have, the amazing people that you have inside the company,” he advises, adding, “For Property Finder, without great people, none of the dreams that I shared with you is going to be possible.” Going by that checklist, Kesisoglu certainly appears to have all the bricks in place to build his vision for the future. November 2021

FEATURES / GB TECH AWARDS

2021

TRAILBLAZERS HONOURED THE FIRST EDITION OF GB TECH AWARDS WAS HELD ON OCTOBER 20 TO RECOGNISE THE BUSINESSES AND INDIVIDUALS DRIVING THE TECHNOLOGY INDUSTRY’S GROWTH IN THE REGION WORDS: DIVSHA BHAT | PHOTO: JOACHIM GUAY & MARK MATHEW

November 2021

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A TOTAL OF 22 AWARDS WERE GIVEN AT THE EVENT

FEATURES / GB TECH AWARDS

DIGITAL TRANSFORMATION – XEROX

he Middle East region, in particular the UAE, is taking giant strides in terms of innovation and technological progress. Over the last decade, the country’s adoption of innovative technologies by the public and private sectors has boomed, driven by government-led visions such as the UAE’s National Artificial Intelligence Strategy 2031 which aims at positioning the country as a global leader in artificial intelligence by 2031. Accordingly, significant investments are being made in IT infrastructure build-out initiatives, as well as in efficiency-enabling technologies. In line with this increased focus on technology, Gulf Business, which has been in the GCC market for 25 years, held its first ever GB Tech Awards to celebrate the achievements of those shaping and driving the region’s tech industry. The event was held on Wednesday, October 20, to honour the success of businesses and individuals for their achievements in digital transformation, fintech, cloud computing, cybersecurity, blockchain and artificial intelligence, among others.

CONSUMER TECH – OPPO

TOP RESELLER – BUSINESS EXPERTS GULF

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AGROTECH – NETAFIM

CLOUD – ORACLE

November 2021

FEATURES / GB TECH AWARDS

Hosted by Gulf Business and Motivate Media Group at the Headlines Executive, Ibis, Dubai World Trade Centre, alongside Gitex Global, the awards were presented to some of the biggest names in the technology industry who delivered the most innovative digital products and solutions despite the challenges posed by the the pandemic. The event welcomed over 140 attendees. The judging panel included two industry experts from esteemed GCC organisations – Dr Lt Hamad Khalifa Al Nuaimi, head of Telecommunications division, ICT centre, Abu Dhabi Police HQ and Dr Jassim Haji, president, Artificial Intelligence Society, Bahrain. “We are privileged to have launched the first edition of GB Tech Awards where we honoured the innovators, out-of-the-box thinkers and builders of the region’s tech future,” commented Ian Fairservice, managing partner and group editorin-chief, Motivate Media Group.

BLOCKCHAIN – DLT LEDGERS

TOP VENDOR – NUTANIX

November 2021

DATA ANALYTICS – NETAPP

ARTIFICIAL INTELLIGENCE – UNIPHORE

CYBERSECURITY – ENTRUST

INTERNET OF THINGS – HPE

FINTECH – EFG HERMES (VALU)

MANAGED SERVICES – DIGITAL OKTA

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FEATURES / GB TECH AWARDS In order for companies to transform and to get from surviving to thriving, they need to focus on building a data driven organisation and accelerating digital adoption. Every IT leader needs a big round of applause for keeping their customers, vendors or shareholders connected and meeting their expectations. Each and every recognition counts and eventually raises the bar that will push IT leaders to deliver, be agile and continuously innovate for their businesses. Clearly, the thing that’s transforming is not the technology, but technology that changes you”

TOP SI – FINESSE

—Jayakumar Mohanachandran, group chief information officer, Easa Saleh Al Gurg Group

CIO OF THE YEAR – JAYAKUMAR MOHANACHANDRAN, EASA SALEH AL GURG GROUP

BEST PAYMENT SOLUTION PROVIDER – EURONET MIDDLE EAST

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STARTUP OF THE YEAR – IMMENSA

MARKETER OF THE YEAR – SWETA KANORIA, HUAWEI MIDDLE EAST

TECH ENABLER OF THE YEAR – HUMAN LOGIC ENTERPRISE TECH – CISCO

TOP VAD – SPIRE SOLUTIONS

AR/VR – TAKELEAP

November 2021

FEATURES / GB TECH AWARDS

Tom Urquhart

The GB Tech Awards was a one of its kind event that showed the appreciation for the heroes who worked hard towards the best use of the technologies and adopted changes in the business environment. The most beautiful time we spend is when we celebrate with each other, and the GB Tech Awards made sure it was safe and sound with great hospitality”

HPE

Lt Colonel Dr Hamad Khalifa Al Nueimi

OPPO

— LtColonel Dr Hamad Khalifa Al Nueimi

David Fairservice and Akram Raffoul

Uniphore

November 2021

DLT Ledgers

Gulf Business

Andrew Wingrove

EFG Hermes

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FEATURES / GITEX 2021

: S Y R G E O I L T O N N O H R C F E T EW N E H T

R DE T A E N T L EVE E N ICA OBAL E TH F I L RIV IGN EX G D S A LL IT NG ED G T WI I M A UD CO TH L E S C B ON CTOR TO C Y Y E WA NTL ES T E TS I A IV EC N S O HE R D PR I ION ES. T IC AN G RE LOGI UBL A P O IC FR CHN THE A D TE S BY Y AN EW N T M AS OF N ATIO ONO E N OV LE EC DD PTIO INN NAL I IO HE EM DO TH HE A ED T REG S E T IN WCA F TH O O SH URE T FU

November 2021

S RD

A SH

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FEATURES / GITEX 2021

s the region undergoes rapid transition, the Middle East offers several opportunities for technological innovation. The recently concluded 41st edition of Gitex Global provided a unique international opportunity for tech companies of all sizes to meet and connect in person. The event highlighted mega tech trends shaping the region and the world, including artificial intelligence, fintech and blockchain, among others. The themes were explored across six events – Gitex Global, Gitex Future Stars, Ai Everything, Future Blockchain Summit, Fintech Surge and Marketing Mania. The show also witnessed over 3,500 participating exhibitors from 140 countries – including 600 startups, besides 120 government entities. New conferences and projects such as Gitex Global Leaders Vision, Women in Tech, and Code Infinity made their debut at the event.

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A wide range of announcements were made at the show introducing innovative solutions, forging new tech partnerships and unveiling expansion plans.

Region’s quest for innovation The inaugural edition of Gitex Global Leaders Vision included policymakers, innovation and investment agency

leaders from the Middle East and Africa, laying forth their national goals and strategies for a tech-driven future. With the aim of having the world’s largest per capita percentage of coders within 10 years, the UAE announced October 29 as its annual ‘National Coders Day’. At the Gitex Global Leaders Vision, Omar Sultan Al Olama, Minister of State November 2021

FEATURES / GITEX 2021

for Artificial Intelligence, Digital Economy and Remote Work Applications, highlighted the initiative and discussed plans for the UAE’s Coders’ Society, bringing together the 60,000 coders who are already residing in the UAE. He also believed that the country could excel in developing women coders, bringing new employment opportunities for the female population throughout the Emirates. The Dubai Digital Authority revealed that the Dubai Paperless Strategy had met 98.86 per cent of its goals, including 43 government agencies going completely paperless. On December 12, the Dubai government will issue its last paper transaction. Wesam Lootah, CEO of Smart Dubai Government Establishment, stated that the day would mark the completion of the Dubai Paperless Strategy, which started in 2018. He claimed that the strategy had saved 13 million hours of manual transactions and 325 million sheets of paper, equivalent to 39,000 trees. The Abu Dhabi Digital Authority director general, Dr Mohamed Abdelhameed Al Askar, also called for cross-border cooperation in maturing digital human rights. He stated that rights would include guaranteed internet access for everybody, with digital connectivity being optional. He also added that Salem Al Marri, deputy director general of the Mohammed Bin Rashid Space Centre

November 2021

digital ethics law must mature to secure privacy, balance free expression with individual protection, place digital fluency at the centre of education, optimise digital consumer rights, and raise cybersecurity awareness. Brigadier Khalid Nasser Al Razooqi, director general of Artificial Intelligence at Dubai Police, Omar Sultan Al Olama, Minister of State outlined new initiatives aimed for Artificial Intelligence, Digital Economy at making Dubai the safest city and Remote Work Applications in the world which included the During the event, Hub71, Abu Dhabi’s launch of a GPS bullet vehicle global tech ecosystem, formed a partnercamera tracking system and the world’s ship with AWS to help tech startups build first floating smart police station on the scalable and secure cloud-based services World Islands. that would accelerate their growth. Jida While Dubai’s Roads and Transport Itani, chief operating officer, Hub71, Authority presented AI-powered techsaid: “Our support infrastructure for the nology to ensure safer cycling tracks, startup community continues to expand Salem Al Marri, deputy director genthe more we learn about our founders’ eral of the Mohammed Bin Rashid Space needs. Joining forces with Amazon Web Centre, confirmed that Dubai would look Services unleashes opportunities for our to have the majority of components for startups, who will be able to take more its next satellite made locally by startups advantage of cloud solutions as they look and SMEs. at scaling their businesses.” The startup pavilion In addition, Azimut, in collaboration Gitex Future Stars, the region’s largest with Gellify Middle East, launched a tech event for startups, witnessed the MENA-focused VC Fund to raise $50m participation of 600 companies and in capital for smart city, healthcare, talent from the music, fashion, arts, digital commerce, fintech, industry 4.0, and sports industries. The platform and tourism startups using technologies also opened up new avenues for such as artificial intelligence, internet of economic diversification. Furthings, blockchain and cybersecurity. thermore, entrepreneurs and The startup platform also inauinvestors in the creative econgurated CodeInfinity – the region’s omy discussed how technology first and only developer event to might be leveraged to revoluempower young programmers. Microtionise the creative sector. soft announced a strategic partnership On the last day of the event, with industry leaders during the show the Dubai World Trade Centre to bridge the regional IT skills gap and also announced the rebranding address demand and supply challenges of Gitex Future Stars to across businesses. In addition, the comNorth Star Dubai to showcase pany collaborated with Oracle and Red increased focus on sustainabilHat as founding partners for Gitex ity for emerging tech companies. – CodeInfinity. gulfbusiness.com

FEATURES / GITEX 2021

The event also witnessed a panel discussion on data-driven economic reasoning. The panel discussed how regulators, companies and consumers cannot compromise on freedom of choice but must, at all times, offer ethical frameworks.

Towards a hybrid world As the world looks forward hopefully towards the tapering of the pandemic, many people wonder about the future of businesses that have implemented new technologies. Many of these improvements are expected to be permanent, with features such as flexible scheduling that allows employees to work from home when necessary. According to Gartner research, 75 per cent of hybrid or remote knowledge workers say their expectations for working flexibly have grown, and four out of 10 employees are at risk of leaving if they are forced to return to an in-person office environment. “A hybrid work model is here to stay. And the best scenario is when you give that flexibility to your employees to work from home or anywhere. But in the hybrid work model, we need to address a couple of things. Firstly, the experience to continue to be productive with solutions and devices. Secondly, also to make sure the endpoint data centres are secured,” says Haidi Nossair, senior director – client solutions group – MERAT, Dell Technologies. With remote and hybrid work environments introducing new challenges, cybersecurity needs to remain a

gulfbusiness.com

THE DUBAI DIGITAL AUTHORITY REVEALED THAT THE DUBAI PAPERLESS STRATEGY HAD MET 98.86 PER CENT OF ITS GOALS, INCLUDING 43 GOVERNMENT AGENCIES GOING COMPLETELY PAPERLESS. ON DECEMBER 12, THE DUBAI GOVERNMENT WILL ISSUE ITS LAST PAPER TRANSACTION

their organisations are currently using a hybrid model or a remote one and exploring a hybrid work style. However, 54 per cent of employees reported up to six instances of lost productivity owing to network access concerns, and leaders cite home internet security (21 per cent) and sensitive corporate data leaks (20 per cent) as their top security challenges. Addressing the region’s threat landscape and hybrid work models, Attivo Networks has introduced specific new solutions. Meanwhile, to meet the challenges in a hybrid work model, it is also essential to rethink how to upgrade systems to achieve the best results, says Jabra. “With the drastic change brought by the pandemic, people are now more physically separated than ever. Hence, organisations need to adapt as quickly and think of ways on how to effectively conduct remote meetings without compromising the audio and video settings,” comments Nicolas Bliaux, managing director - Eastern Europe, Russia and CIS, Middle East, Turkey and Africa, at Jabra. The company is addressing this demand via improved video technology and intelligencedriven solutions. “Making life look and sound better in this new hybrid working world has never been more necessary,” adds Bliaux.

The future of digital revolution

priority. To better understand the security demands of the emerging hybrid workplaces, Entrust polled 1,500 executives from the manager level to the C-suite and 1,500 full- and part-time workers at the entry and associate levels. The study interviewed workers in 10 countries across four global regions, revealing executives’ present intentions for the new hybrid workplace and employee perceptions on their work arrangements and the goals of their organisations. A total of 80 per cent of executives and 75 per cent of employees reported that

The Middle East, particularly the Gulf Cooperation Council (GCC), has always been ahead of the game in terms of technological adoption. The public and private sectors have taken a major step in creating a strong digital infrastructure that fosters innovation and opens up new economic opportunities. According to Gartner, IT investment in the Middle East and North Africa is expected to rise 4.5 per cent year-onyear to $171.3bn in 2021. The growing demand for local IT companies and projected investments will strengthen the region’s economy. Not only will technology have a significant influence on how the Middle East economies operate, but it will also have a beneficial impact on the people who live here. The region appears to be on its way to becoming a significant participant in the technology landscape. November 2021

BRAND VIEW

The evolution of the digital economy By 2023, it is expected that 75 per cent of global organisations will have a complete digital transformation implementation roadmap in place, up from 27 per cent in 2020, says Steven Yi, president - Middle East at Huawei

hile many organisations in the region are now advancing a digital transformation agenda, it is an opportune time to reflect on what this journey means when performed at scale. Analysts have predicted that more than 65 per cent of global GDP could be digitalised as soon as 2022. On both a national and international level, the fruits of digitisation benefit everyone, and the Middle East is actively contributing to this thriving and global digital economy.

38 November 2021

Indeed, much has been achieved in recent decades when cultivating advanced ICT infrastructure in the Middle East. Countries in the region were among the first in the world to embrace 5G, as just one example. Many are now also at the forefront of domains such as AI and cloud computing, as well as smart city development. The Covid-19 pandemic was a spark that triggered a full-on digitisation process in every corner of the region. In collaboration with our industry partners, we have found that the combined application

of innovations in 5G, AI, cloud computing, and IoT are already producing significant gains in helping nations to rebound from the pandemic. These technologies will soon underpin all business sectors in the Middle East because of their ability to enhance productivity, increase sustainability and create new value in both existing and future industries. Let us look at just a few scenarios where this is taking place currently. As a result of a new generation of ICT technologies, regional telecom operators have seen faster revenue growth and have been able to

open up new revenue streams within other verticals. In the O&G and power generation sector, drones and robotic patrol machines

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Steven Yi, president Middle East at Huawei

“Our experiences over the last year in particular have made nations realise more clearly that we are interdependent as a global community. Global integration and economies of scale can make the whole world more efficient”

are substantially improving maintenance and inspection productivity. In ports, crane operators are increasingly moving to office environments, and can now oversee multiple cranes simultaneously in real-time with full data visibility, reducing operational expenses. Today’s ICT solutions are also enabling healthcare organisations to better share data across hospitals, government departments, and even among countries. Perhaps most importantly, evidence shows that digital innovation of this kind has the net effect of creating more jobs. Huawei commissioned a team at the London School of Economics and Political Science to study this precise topic in recent years. While some jobs will undoubtedly be lost with widespread automation, for example, the study found that the situation should be manageable for the economy to absorb these workers into other employment. The study also found that the countries with some of the highest use of automation through robots – countries like South

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75%

OF ORGANISATIONS GLOBALLY WILL HAVE COMPREHENSIVE DIGITAL TRANSFORMATION IMPLEMENTATION ROADMAPS BY 2023, UP FROM 27 PER CENT IN 2020

Korea, Germany, and Japan – often have comparatively low unemployment rates. To realise the potential of this digital economy moving forward, it must, by default, be an open and transparent ecosystem. Our experiences over the last year in particular have made nations realise more clearly that we are interdependent as a global community. Global integration and economies of scale can make the whole

world more efficient. To achieve these gains, we must work together openly and share both the risks and value. That means applying unified technology standards as well as developing shared protocols for emerging technologies and applications. This is the only route to shared progress and prosperity. Nations must also develop valuecreation paths that align with their most suitable archetypes. These paths must recognise nations’ inherent strengths while still being anchored by their economic and technological realities. By 2023, it has been predicted that 75 per cent of organisations globally will have comprehensive digital transformation implementation roadmaps, up from just 27 per cent in 2020. The cultivation of a larger, more inclusive ICT talent ecosystem will be pivotal in the Middle East, in particular, to support these value-creation paths. Ultimately, the principle of creating an open, co-operative, and standards-based technology ecosystem within the Middle East is speeding up the gains that both industries and nations are able to reap. We are encouraged to see almost all national development frameworks now prioritise this joint-innovation mindset. Through deeper cooperation, the technology sector can create lasting value for all nations, empowering people, enriching societies, and supporting nations in the realisation of their national development visions.

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FEATURES / HEALTHCARE

HEALTHY OUTLOOK UAE-BASED INVESTMENT COMPANY YAS HOLDING HAS BEEN RAPIDLY EXPANDING ITS HEALTHCARE DIVISION THIS YEAR. HERE’S WHY THE COMPANY IS BULLISH ABOUT ITS FUTURE POTENTIAL WORDS: AARTI NAGRAJ

he healthcare industry received unprecedented demand, pressure, as well as scrutiny during the onset of the Covid-19 pandemic. Being a health crisis, the onus was on the healthcare ecosystem worldwide to support patients, find solutions and stop the spread of the virus. With the situation now easing across many parts of the world, the sector – both globally and regionally – is looking to adopt new technological solutions to offer better quality care and cope with the new expectations facing it. For UAE-based investment firm Yas Holding – which has diversified operations across several industries including healthcare – the growing potential that the industry offers has been a key driver that has led to expansion and acquisitions in the last year. Yas Holding’s healthcare division – GlobalOne Healthcare Holding (GHH) – has been rapidly growing

November 2021

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FEATURES / HEALTHCARE Ashraf Radwan, CEO of GHH

We see digital transformation, AI and robotics transforming the way hospitals, insurers and government authorities operate. We predict great potential for telehealth applications and remote diagnostics as transformation agents for hospitals to significantly impact how they operate and drive their outpatient care models”

its portfolio which now includes biopharma, manufacturing, medical supply chain, hospital and clinic management, healthcare technology, and occupational health and wellness. In September, GHH completed the 100 per cent acquisition of Gulf Inject from Ras Al Khaimah-based pharmaceutical company Julphar for an undisclosed sum. Founded in 1994, Gulf Inject – which has a production facility in Dubai’s JAFZA – manufactures 65 products including injectables, IV infusions, antibiotics, local anaesthetics and hypertonic solutions which are used for the treatment of critical and chronically ill patients. Earlier in the year, GHH also acquired a majority shareholding in Geltec Healthcare, whose manufacturing unit in Dubai is one of the largest soft gelatine capsule manufacturing and packaging facilities in the region, with the scope to expand into various other dosage forms. Last year, it also bought WellPharma Medical Solutions, which operates the UAE’s most advanced IV solutions manufacturing facility. gulfbusiness.com

Outside the UAE, Yas Holding also recently announced a strategic partnership between its healthcare management company, Global Medical Solutions International and Al-Azhar Al-Sharif in Egypt to manage and operate the Al-Azhar University Specialised Hospital. “The transient disruption in the supply chain triggered by the pandemic has been coupled with a need to have effective and agile contributions to research and development (R&D). The role of both of these factors has expedited our investment decisions in GHH. Expenditures on healthcare, predominantly driven by the government sector, have rapidly increased in the last couple of years, which in turn has created a golden opportunity for the private sector to follow confidently,” states Ashraf Radwan, CEO of GHH. Forecasts back this growth in the market. A report by Mashreq and Frost and Sullivan last year stated that by 2025, at least 30 per cent of the medical devices and between 30 to 40 per cent of pharmaceutical products consumed in the

GCC region will be manufactured locally. “Meeting the challenges presented by the pandemic, namely the immediate delays to surgeries, global supply chain shocks, requirements for infection control and the need for mega testing labs and drive-through facilities, has been a primary focus across the GCC healthcare scene. It has been a challenge to which the UAE has responded with strength and agility,” says Murshed Al Redaini, group CEO of Yas Holding.

THE TECH TOUCH

That technology has become all-pervasive due to the impact of the pandemic is now well-established. The Mashreq report also found that the pandemic has catalysed GCC healthcare service providers to ramp up investments in digitisation and telehealth to drive future growth and improve operational efficiencies post Covid-19. Annual investment in digital November 2021

FEATURES / HEALTHCARE

infrastructure is expected to increase by anywhere between $500m to $1.2bn, an increase of 10 per cent to 20 per cent by 2022, compared to previous estimates of 3 per cent to 4 per cent, it found. A recent report conducted by Informa Markets, organisers of Arab Health and Omnia Health Insights, which surveyed regional healthcare agents, dealers and distributors, clinics, medical practices, consultancies and manufacturers, found that 45 per cent identified technology as the best opportunity for business growth in the GCC, with digitisation creating the most significant impact. “Technology is challenging the current status quo in every part of the Suresh Vaidyanathan, healthcare value chain. We see digital group CFO at Yas Holding transformation, AI and robotics transforming the way hospitals, insurers and government authorities operate. We providers, the role of human capital and predict great potential for telehealth being able to respond with agility to the applications and remote diagnostics as changing needs of patients, will mean the transformation agents for hospitals to ability to attract and retain talent will significantly impact how they operate be critical to maintaining outstanding and drive their outpatient care models. patient care, particularly as the world Soon hospital activities may be limited competes for talent.” to ICU, emergency, specialised care and Supporting the market to meet surgeries,” explains Radwan. this growing demand is Yas Holding’s “Technology has – and will continue healthcare HR outsourcing company, to play – a transformative role in the Global Medical Solutions (GMS), way we do business. GHH has ambitious which offers placement and retention plans in the making to be in the game strategies. “Operating since 2006, GMS early, with potential investments in this now employs and outsources over sector,” he adds. 2,800 staff, placed in over 50 hospitals/ INJECTING TALENT clinics across the country. Notably, it is While the healthcare sector is firmly on a unique business that is duly registered a growth path, post-Covid normalisation by the UAE’s Ministry of Health to will continue to pose ongoing challenges license medical professionals on behalf for industry operators as they re-adjust of their customer’s medical facilities,” to a new normal. “We believe these says Radwan. changes will happen organically over PLANS AHEAD time, however, encouraging an uptake Looking ahead, the biggest trends set in elective surgery and outpatient to shape the regional healthcare sector consultations will be critical to are predictably linked to technological normalising the health and wellbeing of advancements. “We anticipate strong our populations,” states Radwan. growth in e-health, telemedicine, “In sync with the shifting demands remote/virtual consultation as well placed by patients on their healthcare

30-40%

of pharmaceutical products consumed in the GCC region will be manufactured locally by 2025, according to a report by Mashreq and Frost and Sullivan

November 2021

as online pharmacies. The adoption of AI is also expected to substantially increase within the healthcare space,” predicts Suresh Vaidyanathan, group CFO at Yas Holding. “For Yas Holding, healthcare will continue to be a key sector primed for growth along with other verticals including agriculture, food, education, aviation and technology. Yas seeks to expand its revenue streams in the coming years across these sectors. Within healthcare, the investments are intended to be diverse, spanning biopharmaceuticals, distribution, licensing, technology and manufacturing,” he adds. Looking at GHH specifically, the company is planning to expand and grow in three different verticals including – Pharma and biotech value chain: Covering manufacturing, distribution and in/out licensing business Hospital and patient care: Spread across hospital operations, management and supply chain Global healthtech: Focusing on AI and telemedicine investments “We see strong potential for growth, both locally in the UAE and regionally. We are particularly excited about our biopharma in and out-licensing company, BioVenture, and our recent acquisitions in Geltec Healthcare and Gulf Inject. Through these investments, we expect to licence and produce an impressive range of products, including cutting edge biopharmaceuticals, injectables, generic IV infusions, antibiotics, local anaesthetics and hypertonic solutions. We expect these complementary product portfolios and supply chain networks to open new markets across the Middle East and North Africa for the group,” explains Radwan. The company is also looking for further opportunities to acquire businesses that complement its growth model and drive further efficiencies across the healthcare system. “As an integral part of the wider Yas Holding Group, we will always be looking for opportunities to acquire new business while pursuing opportunities through our existing enterprises. We have a pipeline of strategic expansion projects, and are looking to double our revenues in three years,” he adds. gulfbusiness.com

SAVE THE DATE NOVEMBER 23, 2021

ONE OF THE MOST HIGH-PROFILE EVENTS IN THE GCC, ATTRACTING THOSE LEADING THE REGION’S BUSINESS LANDSCAPE.

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FEATURES / MENTAL HEALTH $1 TRILLION BY 2030

GLOBALLY, 68 PER CENT

of the respondents cited mental health as a very important inﬂuence on personal health and wellbeing

the economic burden of the pandemic on young entrepreneurs and achievers

ALL IN THE MIND

OVER 80 PER CENT

of all primary health concerns are stress (emotional and mental) induced

THE PANDEMIC HAS TRIGGERED A BROADER DELIBERATION ON HOLISTIC WELLBEING, INCLUDING MENTAL HEALTH, AND WHY IT IS KEY FOR ENSURING A PRODUCTIVE WORKFORCE WORDS: ZAINAB MANSOOR

41 PER CENT AND 43 PER CENT of oﬃce-based workers in the UAE and Saudi Arabia respectively, prefer to work from home full-time in some capacity

IN 2020, ONLY 51 PER CENT

35.9 PER CENT

of startup founders rated their mental health state as ‘bad’ with 44.2 per cent spending a minimum of two hours weekly trying to de-stress 44

November 2021

of WHO’s member states reported that their mental health policy or plan were fully aligned with international and regional human rights instruments gulfbusiness.com

FEATURES / MENTAL HEALTH

lose to completing its second year, the Covid-19 pandemic has impacted each of us in unfathomable ways. Considered most daunting of its effects initially were its implications on physical health and the resulting economic fragility that left businesses fraught and economies reeling. However, equally disconcerting, though less deliberated, was its influence on mental health – of the general public and employees in particular. Whether behind counters or in front of desktops, managing customers or delivering projects, employees faced an incredible amount of stress, their wellbeing plagued amidst rising levels of economic uncertainty, tall expectations and sheer exhaustion. “Covid started the conversation about how important emotional and mental health is to a healthy business and/or country,” notes Dr Saliha Afridi, clinical psychologist and MD at The LightHouse Arabia, an accredited provider of Mental Health First Aid (MHFA) training in the UAE. “For the first time in history the impact of employee wellbeing was so directly apparent within the corporate sector. Governments and corporations had to pay attention and mental health could no longer be seen as something that falls under ‘personal issues’.” Numbers back a broad consensus that the pandemic’s impact on mental health and wellbeing has been colossal. According to a study by Oracle and Workplace Intelligence last year, the year 2020 was the most stressful year in history for the global workforce. The study, which Dr Saliha Afridi also surveyed workers in the UAE, found that a staggering 91 per cent of people in the country said that their mental health issues at work impacted their home life negatively, while 77 per cent said that they would prefer to talk to a robot rather than their manager about anxiety and stress at work. Meanwhile, entrepreneurs across the MENA region also faced considerable pressure, a report by EMPWR, WAMDA and Microsoft for Startups suggested. As many as 35.9 per cent of startup founders rated their mental health state as ‘bad’ gulfbusiness.com

MENTAL WELLBEING IS A PRIORITY NOW MORE SO THAN EVER BEFORE. BUSINESSES ARE HAVING TO RESPOND TO EMPLOYEE HEALTH CONCERNS OR ELSE RISK THE COSTS RELATED TO STRESS AND BURNOUT. IN EFFECT, THERE IS NO TURNING BACK AS EMPLOYERS TAKE THE RESPONSIBILITY OF FINDING WAYS TO OFFER THEIR TEAM THE SUPPORT AND FLEXIBILITY THEY NEED” with 44.2 per cent spending a minimum of two hours weekly trying to destress. Given that only 2 per cent of healthcare budgets across the MENA region are currently deployed to tackle mental health, the impact of the pandemic on young entrepreneurs and achievers could cause an economic burden of $1 trillion by 2030, the report added. “Mental wellbeing is a priority now more so than ever before. Businesses are having to respond to employee health concerns or else risk the costs related to stress and burnout. In effect, there is no turning back as employers take the responsibility of finding ways to offer their team the support and flexibility they need, which ultimately is to their benefit,” says Sawsan Ghanem, joint managing director of PR firm Active DMC.

While the pandemic’s bearing on people’s lives may have been varied, depending on the degree of impact, one principle continued to ring true for all: people are in greater need of support, be it from colleagues, employers or in the form of relaxed policies. “Employees should be mindful of significant changes they may see in team members – personality or work performance because it may be a sign that a person is struggling,” says Sneha John, clinical psychologist at Medcare Camali Mental Health Clinic. “Managers should make themselves available to staff to talk about fears, to answer questions and to reassure them about work and other issues that might come up. Adopting an employee assistance programme developed by academic professionals could help equip supervisors with resources to recognise and handle problems related to mental wellbeing. November 2021

FEATURES / MENTAL HEALTH

“Wellness webinars and one-on-one consultations by mental health professionals should be a regular practice in organisations. Employers should create opportunities for confidential conversations in a Sneha John one-on-one setting. Empathy and assurance from a manager can go a long way in providing a safe space for employees,” she adds.

RINGING IN CHANGE Work from home emerged as a lifeline for the business continuity in the thick of the Covid-19 crisis. While preventive measures and widespread vaccination campaigns did encourage employees to return to their offices, the pandemic

work to all levels across the company, enabling any employee whose job could be performed virtually to request for remote work. Last month, Amazon also offered greater flexibility to its employees. “For our corporate roles, instead of specifying that people work a baseline of three days a week in the office, we’re going to leave this decision up to individual teams,” Amazon’s CEO Andy Jassy said in a message to the employees. Meanwhile, in June, multiservice platform Careem launched a pilot programme, asking employees in the UAE to return to the office one day every week. This programme is ongoing, until further notice. Several companies are also trialing the ‘condensed’ workweek concept to afford

MANAGERS SHOULD MAKE THEMSELVES AVAILABLE TO STAFF TO TALK ABOUT FEARS, TO ANSWER QUESTIONS AND TO REASSURE THEM ABOUT WORK AND OTHER ISSUES THAT MIGHT COME UP” sparked a broader discussion on holistic wellbeing. In the weeks and months following the health crisis, professionals showed intent to reset their priorities and opt for a flexible approach to working, necessitating key changes in policy books. According to the 2021 Cigna 360° Wellbeing survey, 41 per cent and 43 per cent of office-based workers in the UAE and Saudi Arabia respectively, prefer to work from home full-time in some capacity. Several companies across the globe are aligning policies in line with the rising trend to ensure greater productivity and provide employee satisfaction. PwC has reportedly allowed 40,000 of its US-based employees to work remotely full-time. Meanwhile, Facebook said that as of June 15, it has opened up remote 46

November 2021

employees greater flexibility. “Whether or not a four-day week is the right solution for a business to stay competitive, a serious discussion over flexible and reduced working hours is something that all organisations will have to address in a world where technology not only defines our social habits but also our working lives,” opines Ghanem.

SOUND INVESTMENT Recognising the significance of mental health leads to the next logical step – seeking help. However, ‘non-traditional medical costs’ associated with mental health may prove to be an out-of-pocket expense, deterring employees from seeking assistance.

“This is still a huge problem in the mental health space. We need to see massive change at a policy level whereby insurance providers and corporate entities are mandated to cover mental health coverage in even the most basic of insurance policies,” says Dr Afridi. “Health coverage is currently based on a historical idea that mental and physical health are two separate parts of a person’s health and wellbeing – this belief is outdated and false. Insurance companies clearly understand and know that poor mental health will result in serious physical health issues. In fact over 80 per cent of all primary health concerns are stress (emotional and mental) induced.” The World Health Organization’s (WHO) Mental Health Atlas 2020 report highlighted a global shortfall in mental health investment. In 2020, only 51 per cent of WHO’s member states reported that their mental health policy or plan were fully aligned with international and regional human rights instruments, shy of the 80 per cent target. Offsetting financial costs associated with mental wellbeing and granting employees access to quality support services will result in greater inclusivity.

TAKING CHARGE With people taking a holistic view to health, conversations around mental wellbeing are becoming louder. According to the Cigna survey, globally, 68 per cent of the respondents cited mental health as a very important influence on personal health and wellbeing, while physical health came in at 67 per cent. “Employees are more aware of their healthcare needs today and are looking for an enhanced health insurance package that offers peace of mind. This has potential to move from being a “nice to have” for many employees, to a “must have” that may well influence career decisions,” it added. With equitable mental healthcare, distinct conversations around related support services and greater cognisance on overall employee wellbeing, the quote, “It doesn’t get easier. You just get stronger” could warrant a change in 2022. It could get easier too. gulfbusiness.com

CONGRATULATIONS TO THE WINNERS

CIO OF THE YEAR

ARTIFICIAL INTELLIGENCE

TOP VAD

Jayakumar Mohanachandran Easa Saleh Al Gurg Group

Uniphore

Spire Solutions

INTERNET OF THINGS

MARKETER OF THE YEAR

HPE

TOP SI

Sweta Kanoria Regional lead Middle East region - Huawei CONSUMER TECH

AR/VR

Takeleap

Finesse MANAGED SERVICES

Digital Okta

BLOCKCHAIN

OPPO

DLT Ledgers

ENTERPRISE TECH

FINTECH

Cisco

EFG Hermes (valU)

AGROTECH

CYBERSECURITY

Netafim

Entrust

DIGITAL TRANSFORMATION

DATA ANALYTICS

TOP RESELLER

Business Experts Gulf STARTUP OF THE YEAR

Immensa TECH ENABLER OF THE YEAR

Human Logic

Xerox

NetApp

CLOUD

TOP VENDOR

BEST PAYMENT SOLUTION PROVIDER

Oracle

Nutanix

Euronet Middle East

BRAND VIEW

The art of ‘gladiator sales’ Motivated sales professionals are entertaining, educational and positive self-starters who are visionaries and leaders, writes Dariush Soudi, chief gladiator at Be Unique Group

ales is one of the most controversial of professions. Most people imagine a salesperson to be the one who sells you goods or services that you don’t really require, and when things go wrong, that person is nowhere to be seen. But things have changed considerably in recent years. Often, a client knows more about the products than the salesperson. And thanks to the power of the internet, clients can do all the research and even get price estimations prior to meeting the salesperson.

48 June 2020

Unfortunately, the sales industry has not kept pace with this change. We find the market filled with demotivated sales personnel who are not trained, know little about the company they work for and even less about the products they are selling. Sales is all about adding value. It’s about fulfilling a client’s needs. And the only way to find out what a customer truly requires, is by asking great – and right – questions. The first rule in sales is: People buy from people they like and trust.

A salesperson can build trust by acquiring the following skills: 01. Be happy, motivated, confident and humble 02. Be knowledgeable about your own products, services and research the prospects of the industry that you operate in 03. Be clear about how your services or products add value to a client’s business. After all, why will a prospective client part with their hard-earned money if you don’t know and explain

gulfbusiness.com

BRAND VIEW

Rejection THE ABC OF SALES STANDS FOR “ALWAYS BE CLOSING”

04.

05.

06.

07.

08.

how much money the client is going to make or save Have in your arsenal of tools at least 20 open-ended questions ready to ask the prospective client Remain professional at all times. Ensure that you arrive at least five minutes prior to the meeting. Do your research on the location of the client’s office and avoid calling in the last minute, asking for the address. Clean your equipment (it’s amazing how many meetings I have been to where the laptop is filthy, or the pen people use is broken) and make sure that you dress presentably Have your business card with you on hand and your proposal printed and in a file. Check that your laptop is fully charged and working with all files opened and ready at the click of a button An important point is to ensure that your mobile phone is switched off during the meeting with the total focus given to the client Make sure that the appointment is confirmed a day prior to the visit. It is possible that the client has forgotten to book the appointment. This proves that you are a professional who values their time

Closing the deal: It amazes me how most sales people just leave it to the prospective client to call them. This portrays a lack of confidence in what they are offering. It’s a sign of a professional salesperson to just nudge clients over the finishing line. A true salesperson constantly analyses the body language of the customer and also pays attention to the things they say. Those signals offer amazing information on how the meeting is going. The ABC of sales stands for “Always Be Closing”.

gulfbusiness.com

Gladiator sales There are two types of sales people in the market. There are the order takers and then there are the true “gladiators”. The order takers don’t have to do much. Clients come to them asking them to fulfill orders and their requirements such as “I need to order enough chocolates to fill those shelves” or “I need those shoes in black and this is my size”. H owever, profes sional “gladiator ” sales professionals are a different breed of people. They know that no one has woken up that day wanting to buy their products or services. Through many practice sessions and role plays, they have prepared themselves for battle. They are confident yet humble because during those grueling and often boring sessions, they have prepared themselves for all eventualities. They are ready. They know that sales is a numbers game and through daily proactive action plans, they will win and finally make their way to abundance and financial freedom.

“Gladiators are hungry but not desperate, they know people will believe in them as they carry certainty in all that they do – the way they walk, the way they talk and the way they carry themselves”

With every rejection, they know they have to dust themselves off and start all over again. Gladiators are hungry but not desperate, they know people will believe in them as they carry certainty in all that they do – the way they walk, the way they talk and the way they carry themselves. They only talk positively about opportunities. The environment doesn’t affect their success. The weather doesn’t change their moods. They are motivated and driven by goals far bigger than their own needs. They desire better things in life for their family and the people who need them most. They don’t fear failure or success and have a great relationship with money. Irrespective of their upbringing, they keep studying how great leaders conduct themselves and whenever they are faced with a challenge, they ask: “What would this champion do in this situation”. The gladiator knows that the answers are always there if they ask the right question. Through their attitude, they create wants and desires in society. They are prepared for hard negotiations to make sure they have a win-win deal in the end. That is the only way the new relationship with a customer lasts. Then they close the deal. Gladiators know that victory can be taken away from them any minute, so they are relentless until the prospect commits. After every success they shout ‘next’. The gladiator celebrates life as he knows there is no guarantee of a tomorrow. He makes the most out of each day because he is aware that time is his most valuable commodity and that he should not waste it. Through their presence and actions, gladiators inspire others – whether that’s people who want to do business with them or tribes who will follow them. Their success will leave behind an amazing legacy far beyond their lifetime. Gladiator sales professionals are entertaining, educational, positive, motivated and hungry, self-starters who are visionaries and leaders. They understand that hard work and growth makes them ‘lucky’ (labour under calculated knowledge) in life. Find the gladiator within you because we all deserve abundance in life, irrespective of our situation. Win your way to financial freedom through gladiator sales.

June 2020 49

FEATURES / GB AWARDS

GB AWARDS 2021:

MEET

WITH THE 2021 EDITION OF THE GULF BUSINESS AWARDS SET TO BE HELD LATER THIS MONTH, WE INTRODUCE YOU TO OUR ESTEEMED JUDGING PANEL FOR THIS YEAR

ith the UAE firmly out of the Covid-19 crisis and events underway across the country, the ninth edition of the Gulf Business Awards will be hosted in-person on November 23 at the Central Park Towers, DIFC in Dubai. The event will applaud the companies and business leaders in the Gulf region who have innovated amidst a challenging economic scenario and steered their organisations to success. The Covid-19 crisis has reshaped the regional economy tremendously, with all sectors now gradually recovering and reinventing the way they operate. At the 2021 edition of Gulf Business Awards, we would

like to acknowledge and celebrate the companies and business leaders across the banking, energy, healthcare, investment, real estate, retail, transport and logistics, retail, tourism and hospitality sectors who are spearheading this change effectively. To reflect the growing influence of technology in the region, we included several tech-focused awards last year. Having successfully launched our own specialised platform – GB Tech Talk – and hosted our first ever technology awards last month, we have narrowed it to Technology Company and Technology Business Leader of the Year awards for 2021. As always, one business leader and

company will be selected for the prestigious accolade of overall ‘Business Leader of the Year’ and ‘Company of the Year’. We will also hand out special awards recognising the Sustainability Company of the Year, SME of the Year, Disruptor and Businesswoman of the Year. Gulf Business will also present the coveted Lifetime Achievement award to one special individual for their outstanding contribution to the region’s economic landscape. The award winners will be chosen by an independent judging panel that includes esteemed industry and business leaders. Here they are:

THOMAS KURUVILLA Managing partner, Arthur D. Little Middle East A member of the global board of consulting firm Arthur D. Little and the managing partner of its Middle East operations, Kuruvilla serves telecom operators, ministries and other public organisations and family conglomerates in his role. Since joining Arthur D. Little in 1998, he has been actively involved in complex strategy development, organisation design and transformation projects across the Middle East and South East Asia to deliver significant and tangible impact – not just for his clients but also at a wider, national level. Prior to joining Arthur D. Little, Kuruvilla worked at Larsen & Toubro as an Industrial Automation engineer. He was also selected as a pilot officer with the Indian Air Force. In addition to consulting, Kuruvilla regularly teaches various management courses at MBA schools across the globe. Outside work, he spends time on natural farming and Ayurvedic plants.

DR SONIA BEN JAAFAR CEO, Abdulla Al Ghurair Foundation for Education The CEO of the Abdulla Al Ghurair Foundation for Education, one of the largest privately funded philanthropic education foundations in the Arab world, Ben Jaafar is focused on its mission of promoting education for over 200,000 Arab youth. With more than 20 years of experience in the education development sector globally, Ben Jaafar fosters partnerships to promote high impact sustainable solutions to educational challenges. The former managing director of EduEval Consulting, she has spearheaded major projects that focus on ensuring inclusive quality education and cultivated partnerships with governments, international agencies, and multinational corporations. Ben Jaafar has a PhD in Educational Leadership and a master’s degree in Curriculum Studies from the University of Toronto. Passionate about education for good, she says: “I am a mum who is trying to make the world a better place.”

November 2021

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FEATURES / GB AWARDS

THE JUDGES NEIL PETCH Founder and chairman, Virtugroup After launching Virtuzone as the first private company formation business in the region over 10 years ago, Petch has led the company to set up more than 45,000 businesses, making it the largest and fastest-growing setup operator in the Middle East. As the chairman of the holding company, Virtugroup, Petch also leads VirtuVest, an in-house angel investment vehicle; Virtuzone Mainland, a provider of directorship services, corporate sponsorship and facilitator of Dubai and Abu Dhabi company setups; and Next Generation Equity, a citizenship-by-investment firm. Petch has also held leadership roles in several companies. He helped establish ITP, which he oversaw growing from two to 600 employees and spearheaded the launch of over 60 digital and print titles. As managing director of ENG Media, he launched the Coast FM radio station and numerous magazines. He has also served as chairman of Dubaibased interbank financial brokerage GMG. Petch has also been appointed a member of the ‘Ease of Banking’ panel organised by the Dubai Chamber of Commerce.

IAN FAIRSERVICE Founder and managing partner, Motivate Media Group With media in its infancy, Fairservice identified the opportunity to launch the county’s first magazine and set up his media business, Motivate Publishing, in June 1979. Together with his partner Obaid Humaid Al-Tayer, the former UAE Minister of State for Finance, he has seen the company develop into one of the most successful media houses in the region. Publishing a wide range of award-winning magazines and books along with diverse media interests across digital, content, events and cinema, Motivate has a team of more than 150 media professionals in a network of Middle East offices. What’s On, Gulf Business, Emirates Woman, Identity, Golf Digest, Campaign and Business Traveller are some of Motivate’s best established consumer and trade brands with websites that reach an audience of more than two million people each month. The company has several successful joint venture partnerships including its cinema advertising business, Motivate Val Morgan. During the past few years, Fairservice has also diversified the group’s interests to include joint ventures with global content and influencer marketing platform VAMP from Australia, social listening and research specialists MavenMagnet from the US and acclaimed British documentary filmmakers Lorton Entertainment.

ANDREW WINGROVE Group director, Motivate Media Group A well-known figure in the UAE media scene for over 17 years, Wingrove has launched magazines, websites, brands and events including the Time Out Restaurant Awards, Ahlan Hot 100, Esquire and Architectural Digest. He also previously served as the group lifestyle director at Dubai World Trade Centre, driving the brand development of events such as World Art Dubai, the Motor Show and Gitex Shopper. Now at Motivate Media Group as group director, Wingrove plays a leading role in the company’s new business development and international partnerships as well as in driving forward the luxury lifestyle and business titles. He is also introducing a broader range of events and content partnerships across the region.

gulfbusiness.com

November 2021

LOOK SMART, LIVE SMARTER

BRAND VIEW

The spectacular growth of SPACs Are SPACs becoming a serious alternate funding avenue for private companies? Entrepreneur and investor Shailesh Dash shares his perspective in this monthly column

hat is a Special Purpose Acquisitions Company (SPAC)? A SPAC, referred to as a “blank cheque company”, has no operations or assets but is formed with the sole purpose of raising capital through an IPO to eventually acquire or merge with another company. SPACs are formed or sponsored by a team of institutional investors, reputable investment professionals from the world of private equity or hedge funds. The money raised is put into an interest-bearing trust account, while the management or sponsor searches for acquisition targets within a period of two years. If they are unsuccessful in concluding any deals during that period, the money raised will have to be returned to investors along with interest. A SPAC framework is in many ways similar to an IPO. The main difference is that in a SPAC, capital is seeking a suitable company in a ‘deSPAC’ transaction, while in an IPO, a company is looking at raising capital. 2020 was the year for SPACS: Although SPACs have been around for decades, their popularity was largely subdued with occasional deals as the last resort for capital raising by companies. However, the scenario began changing since 2015, when it resurfaced as a viable alternative for fund raising. The year 2020 witnessed unprecedented activity, in both deal volume and value, mainly due to the Covid-19 crisis. The record rise in SPAC deals was driven by two distinct factors – the favourable pricing/valuation in an uncertain market environment, and the record levels of private capital easily available as an alternate funding avenue. What has changed since 2015? SPACs have become a more serious investment vehicle in the last few years owing to better management and superior operational capabilities of sponsors/advisors. Moreover, SPACs have become increasingly popular due to growing awareness and legitimacy of the process, which is much simpler and faster compared to traditional IPOs. Recently, highprofile business leaders such as Richard Branson, hedge fund manager Bill Ackman of Perishing Square and venture capitalist Peter

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terms of volume and value respectively compared to 2020. However, the average deal size in 2021 so far is $282.7m – lower than the average deal size of $336.1m in 2020, according to data from spacinsider.com. Global growth: The SPAC boom was largely confined to the US; however, it is now beginning to spread in other parts of the world, especially Europe and Asia. Leading exchanges such as Amsterdam, Singapore and Hong Kong are allowing listing of SPACs to remain competitive. Although it is very early, SPACs are also gaining popularity in the MENA region, following the exponential rise in other parts of the world. Anghami, an Abu Dhabi-based music streaming platform and Svvl, a Dubai-based provider of mass transit and shared mobility, were two companies that decided to go public through a SPAC. The success of these companies might provide a favourable alternative for regional startups and early-stage companies to follow a similar route. SPACs are here to stay: Looking ahead, the growth witnessed in 2020 and 2021 might not be sustainable but SPACs are likely to remain a preferred option for companies going public, especially smaller and early-stage businesses looking for quicker turnaround time, lower cost and favourable valuations. Moreover, the positive momentum will also largely depend on the track record and market perception of the advisors/sponsors and their ability to attract promising merger targets. The only constraint might arise from the expected changes in the regulatory environment after regulators expressed concerns over the reporting and governance of such financial institutions. Having said that, SPACs are well-positioned to witness the next phase of evolution with a growing number of startups turning unicorns.

SPACs have become increasingly popular due to growing awareness and legitimacy of the process, which is much simpler and faster compared to traditional IPOs Thiel have jumped on the trend to form their own SPACs. Collectively, these factors have given an impetus to the rise of SPACs. Spectacular rise in deal activity: A closer look at the number of deals and value over the past five years, and especially after 2020, shows the spectacular rise of SPACs. While 20 SPAC-led deals raised $3.9bn in funds (average deal size of $195.1m) in 2015, that rose to 46 deals raising $10.8bn in 2018 and 59 deals raising $13.6bn with an average deal size of $230.6m in 2019. Then came 2020, which marked the re-entry of SPACs as an alternate avenue for capital raising, especially in the US. Last year, 248 SPAC deals raised $83.4bn, an increase of 320 per cent in terms of volumes and 512 per cent in value compared to 2019. The positive momentum continued in 2021 with 471 SPACS raising $133.2bn (as of October 15, 2021), an increase of 190 per cent and 60 per cent in

Disclaimer: This column is purely for academic and educational purposes. Nothing mentioned here should be taken as solicitation to trade or a recommendation of a specific trade

June 2020 53

FEATURES / TECHNOLOGY

DATA CENTRE ADMINISTRATORS CONFRONT INCREASINGLY COMPLEX DEMANDS, SUCH AS PROVIDING ADDITIONAL PROCESSING POWER WHILE CONSUMING LESS ENERGY IN A SMALLER SPACE

A DIGITAL FUTURE IN RECENT YEARS, POWER MANAGEMENT SYSTEMS HAVE ADVANCED TO THE POINT WHERE THEY ARE VERSATILE AND EASILY ADAPTABLE TO NEW REQUIREMENTS

WORDS: DIVSHA BHAT

safe, efficient and dependable power supply and intelligent power distribution management are essential for data centre operations. No data centre could support its clients’ systems without electricity, and operations would swiftly come to a halt. Any interruption or fluctuation in electricity might also have catastrophic effects, including the loss of crucial data. As a result, electricity should be a primary concern when building and arranging the systems.

MEETING COMPLEX DEMANDS Data centre administrators confront increasingly complex demands, such as providing additional processing power while consuming less energy in a smaller space, keeping within budget constraints, and ensuring mission-critical dependability. These requirements frequently result in a culture of predictable change that does not compromise the ultimate product. But, unfortunately, it can strain certain existing 54

November 2021

data centres, rendering them unsustainable for various reasons. Data centres require a substantial amount of energy to provide constant power supply with minimum disruptions. Facilities must also be kept at the appropriate temperature for the systems housed within them. Additional equipment such as humidifiers and monitors is also required for the everyday operation of data centres. Power management systems have improved in recent years to the point where they are versatile and easily adaptive to new requirements. They are also scalable in terms of modification and expansion, and they often have the lowest long-term cost of ownership. Also, compared with traditional, largescale data centre power solutions, which require segment-based construction, distributed bidding, and onsite installation and testing, a fully modular solution significantly shortens the construction time needed and improves O&M efficiency. “Traditional construction methods

involve multiple vendors and complicated engineering designs, which can take months to draw up, usually resulting in complex communications during construction and multiple interface standards once the job is done. This is far from conducive to efficient, convenient maintenance,” says Sanjay Kumar Sainani, global SVP and CTO of Huawei Digital Power. “For instance, Huawei’s FusionPower6000 3.0, also known as PowerPod, which provides power supply and distribution solutions for large-scale data centres, is convergent and prefabricated in the factory, with AI-based management ensuring steady operations. The solution assists power supply and distribution systems to move towards fully digital Operations and Maintenance (O&M),” he adds.

HUAWEI CONNECT As we prepare for a post-pandemic world, ICT technologies will play a fundamental role in developing intelligent society and the future of digital economies. At the Huawei Connect 2021 held earlier this year, the company reaffirmed its commitment towards continuous innovation for faster digitalisation. In his keynote speech, rotating chairman Eric Xu spoke about how helping industries adopt technologies is a critical aspect of Huawei’s mission to bring digital to every person, home and organisation for a fully connected, intelligent world. “Digital development relies on digital technology. For digital technology to stay relevant, we must continue to innovate and create value. Cloud, AI, and networks are three critical digital technologies,” he said at the time. gulfbusiness.com

Prestige

NOV POWERED BY

VIEW FROM THE TOP

WITH THE DUBAI PROPERTY MARKET WITNESSING A STRONG 2021, REAL ESTATE COMPANIES ARE BULLISH ABOUT FUTURE GROWTH Villa is courtesy of an exclusive listing in Jumeirah Islands by Linda’s Real Estate

The UAE’s – and particularly Dubai’s – residential property market has had an exceptional 2021, with prices reaching record highs. We speak to some of the top real estate agencies in the country to understand the current market dynamics and what they are planning ahead

LOAI AL FAKIR CEO, Provident Real Estate

What was the most significant thing for you and your company in 2021?

2021 has been full of wonderful moments and so to pick one would be difficult. It was certainly a huge moment moving into our new 12,000 sqft office in the Marina. I will be forever grateful to all the people that are with me now but also the others that have been by my side over the last 13 years. This new space represents all the hardwork put in, the long days, the daily battles, the problem-solving and the emotional rollercoaster rides we all experience in this industry. Beyond just selecting a large office in a wonderful location, our primary objective was to provide a home away from home so the team could be comfortable and inspired to achieve even more. The knock-on effect has further given us the opportunity to expand the departments and services we offer from the Provident platform. We have established ourselves as so much more than just a real estate company in the traditional sense; we are now a service provider offering all things related to the industry. Property Management delivers our customers options from a hands-off approach to their portfolios all the way 56

November 2021

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Cover story

through to snagging inspections or full property development and renovations. Primestay is possibly our fastest growing department. Our short-term lease and holiday homes team are servicing the demands of this growing sector. The desire for tenants and landlords to have flexibility with their properties is extremely popular. The potential for greater revenue through this method is also very attractive leaving us with the task of helping them maximise their investments. Premier Finance offers honest, transparent and impartial advice to those seeking a quality consultancy. And as for our core business of residential and commercial sales and leasing, it has grown and adapted while maintaining high standards. Our diverse team has excelled in delivering record breaking numbers. What was the one thing in 2021 that completely threw you off guard?

The market came back on so fast. It was like someone turned on a light switch. While we have a lot of confidence in the Dubai market, I don’t think anyone could have expected this. We reacted well however, as we have a culture of adapting and accepting challenges. What are you doing over the next six months to take your business to the next level and differentiate your company from the rest?

A company is only as extraordinary as its people. This is something we very much believe in. We will be developing a training platform which is tailor made for each and every consultant. The programme will help harness, nurture and encourage everyone so they can play to their own strengths and express themselves as individuals. In addition to our training, we will continue to evolve and make improvements in every aspect of the company and its various departments. We love what we do and we look forward to what the future brings.

CARL ALLSOPP COO, Allsopp & Allsopp

What has been your biggest achievement this year?

Opening three new businesses, Allsopp & Allsopp Recruitment Consultancy, Short-Term Lettings and Home Maintenance. We identified that coming out of the pandemic there would be a huge surge in rehiring and attracting new talent to the region. We leveraged our contacts and hiring experience internally to set up Allsopp & Allsopp Recruitment, placing candidates with huge multinational companies who are looking to expand their footprint. In addition, in response to receiving multiple enquiries from clients looking to rent properties short term, we launched our short-term lettings department this year. Tenants were becoming less likely to gulfbusiness.com

commit to annual leases due to affordability and uncertainty as a result of the effects of the pandemic. We also found that expats moving to Dubai were more inclined to rent a place short term instead of renting a hotel room as they settled into their new life in the city. They were looking for a home away from home rather than a holiday destination to get a true feel for their new life before making a more long term commitment. We were quick off the mark to cater to this new client trend and are seeing it as a very lucrative part of our business. Lastly, Home Maintenance is a natural fit for our business to help our clients maintain their homes during the rental of a property or during ownership. What was one thing that took you by surprise this year?

The most surprising aspect of 2021 was the continuation of a high level of luxury transactions. When the pandemic hit worldwide no one could predict what the outcome would be and if you were to tell me at the start that luxury sales across Dubai would take off, I wouldn’t have believed you. In some cases, we were getting calls from clients who wanted to be collected for viewings from hotels who ended up buying high-end properties while on a holiday or a business trip. For luxury property sales to become the growing trend after such a turbulent time has been extraordinary. However, it does make perfect sense. The way Dubai jumped straight to action when the pandemic hit had a huge impact on the future of the real estate industry. Dubai started to open its doors to the world earlier than many other countries and with property prices in the emirate being so favourable when compared to those across Europe, it encouraged investors to set their sights on Dubai as they could see the potential for a high return on investment as well as the opportunities that are available in the UAE in terms of business. The UAE November 2021

Cover story

government announced its growth and innovation plans for the next 40 years when most other countries were focusing on the disturbance caused by the pandemic. What are your plans for the immediate future?

Allsopp & Allsopp is a forward-thinking company and we are always looking to advance wherever we can. It’s an aspect of our culture that will never change. The next six months will be exciting as we reap the rewards of the decisions we’ve made at the beginning of this year with the launch of our ShortTerm Lettings department and more recently, our Allsopp & Allsopp Home Maintenance division. As these departments grow, we set our sights on expanding into new offices and warehouses. With Expo bringing more visitors to Dubai, I predict a significant increase in expats settling in the city. As a result, we are in the process of signing an agreement with a multinational co-working company to significantly increase our footprint across the UAE. We are also in the process of setting up an international division to help our clients purchase properties overseas.

NOA WARDMAN Director, Linda’s Real Estate

Linda’s Real Estate launched late last year – how has it been so far in 2021?

When you set up a new company, there are usually a lot of significant milestones. We started the year with great excitement and enthusiasm, we launched with a strong name and concept, and closed our first quarter in operation with a bang. However, the most important thing, in my opinion, is that we built the core of our team and the foundation of our business model. We successfully introduced Linda’s Real Estate and its core values to the market, and I truly believe our concept will change the way people perceive real estate agents and their services in today’s market. What was one thing that happened in 2021 that you least expected?

In all honesty, I thought Covid-19 would have been a ‘blast from the past’ by the start of the new year, but it was not and the crisis was still very real. We survived through it with great strength and determination. Although the pandemic has changed the ways we operate internally and interact with our clients, we have seen a magical recovery of the Dubai real estate market with up to a 44 per cent increase in the volume of transactions and 56.28 per cent growth in value when compared to H2 2020. This reminded me of the early days of 2007 and 2008, which I thought we would never witness again. I would not say it was completely unexpected as I have always believed in Dubai and the vision of a brighter future in the UAE, but I was quite amazed by the speed and the momentum of the 58

November 2021

recovery. It was also quite inspirational to see the solidarity of UAE residents and how we have all complied with the rules and regulations allowing Dubai to be a safer place, even as other far more developed countries struggle with the consequences caused by the pandemic. What are your future plans? What differentiates your company from the rest?

Having just completed our first year in the business, we have a lot of inspirations, aspirations and great plans ahead. Our goal is to master the business concept that we have created and continue providing our clients with more than just a transaction. We are here to be unique in our vision and approach, to offer only personalised service rendered by our agents who live in the communities they serve, and can connect with their clients and their families on a personal level. Our agents understand the journey of selling, buying and renting homes, so whether you are new to Dubai or an expat for over a decade, we can help you and do it right because we have been there ourselves. What’s more, we are looking at expanding our reach to more than just mums, as we are now opening our doors to all experienced agents and residents within our communities to join us to make this market a better place.

ARON LOMAX Managing partner, Treo Homes

What has been your landmark achievement in 2021?

2021 has been a great year for us and has very much been focused around sustainable growth within our business. During the course of this year we have expanded our current gulfbusiness.com

Cover story

office, allowing us to have dedicated training facilities with some great interactive technology to make it as fun as possible. I have a passion for training, but unfortunately in this market many companies have little to no training and it brings down the reputation of agents. I am making it my mission to have the most trained and informed staff in Dubai. We also opened our first branch in Manchester, England, which is highly significant for us as we have always wanted to do this ever since the day we opened the company. Anything specific from 2021 that particularly surprised you?

This year, as we have been expanding, we have been looking to bring in candidates in various non-sales roles within the company and I have been shocked at how hard it is to find good talent in certain fields. For some of the roles we have been searching for candidates for over six months without finding anyone that has really impressed us. This is obviously a massive challenge for us and I never considered hiring to be one of the biggest challenges of 2021. What will the next six months look like for your company?

My main aim for the business in the next six months is sustainable growth backed by strong training programmes. We recently completed our new training academy that includes 25,000 words of content including Life Cycle of a Deal which is essentially the ‘masterclass of Dubai real estate’. We believe that investing time into the people within our business will pay dividends in the mid-to-long term and create a well informed and highly educated sales team.

SIMON BAKER Managing director, haus&haus

How has the past year been for your company?

By May 2021, we had already exceeded the turnover for the whole of 2020. As such we sat down and re-evaluated our targets for the next four years, coming up with a plan to expand all arms of the business. This culminated in the opening of another 5,000 sqft retail space dedicated to off-plan sales, haus holidays short term rentals, property management and commercial – while also freeing up more space in our main 8,000 sqft retail office for residential sales and leasing teams. Was there anything in particular this year that caught you off guard?

After a very turbulent start to 2020, I can honestly say that 2021 has only been positive – all of our teams have gone from strength to strength as we have grown aggressively on the back of the very positive market sentiment. A refreshing change after five years of downward trend witnessed between 2015 and 2020. Looking ahead, what are your short-term plans to grow the business?

With an increase in revenue we have been able to reinvest heavily into the business so we have the very best platform for the team. Expanding our marketing division has been a focus to ensure all teams have the best support when it comes to lead generation. To top off an amazing year, our new TV series called Dubai Hustle is set to air in early 2022. gulfbusiness.com

November 2021

Where to stay? The most sought-out areas in Dubai’s residential real estate market, with details about the average sales and rental rates SALES: APARTMENTS

SALES: TOWNHOUSE/VILLAS

Top 5 searched areas

3 Bed 10.90%

Dubai Marina

4+ Beds 10.82%

Dubai Hills Estate

14.50%

9.20%

Downtown Dubai 12.30%

Others 47.50%

Palm Jumeirah

SEARCH BY UNIT TYPE

2 Bed 20.30%

4 Bed 13.13%

Arabian Ranches 6.40%

Others 55.89%

Palm Jumeirah

7.90%

SEARCH BY UNIT TYPE

6.00%

Business Bay

DAMAC Hills 2

1 Bed 16.50%

7.20%

5.40%

Jumeirah Village Circle 5.80%

Mohammed Bin Rashid City 4.10%

2 Bed 4.37%

Studio 4.80%

AVERAGE PRICE PER TYPE OF UNIT

3 Bed 15.79%

AED MILLIONS * AED THOUSANDS

Studio

AVERAGE PRICE PER TYPE OF UNIT

AED MILLIONS

2 Bed 1.1 1.4 1.6

400* 670* 750* 1 1.1 1 Bed

3.8

3 Bed 650*

1.2 1.6

2.1

2 Bed

1.9 2.9 3.2

8.9

4 Bed 1

June 2020

1.7 1.8

2.9 3

1.4

3 Bed

3.6

4.4

10.2

September

5 Bed 1.4

2.5

4.5

5.5

RENT: APARTMENTS

5.1 5.6

1 .7

RENT: TOWNHOUSE/VILLAS

Top 5 searched areas

Top 5 searched areas 3 Bed 7.58%

Dubai Marina

2 Bed 17.97%

Downtown Dubai 7.90% Others 42.84%

Business Bay 7.00%

SEARCH BY UNIT TYPE

Jumeirah Village Circle 5.70%

4 Bed 13.39%

Dubai Hills Estate 6.10% Others 52.48%

5.10%

SEARCH BY UNIT TYPE

Umm Suqeim

3 Bed 17.99%

Studio 10.20%

4.20%

7.60%

Al Barsha

1 Bed 21.41%

Al Barsha

4+ Beds 9.46%

Jumeirah

11.20%

Arabian Ranches 4.80% 2 Bed 6.68%

AVERAGE PRICE PER TYPE OF UNIT

AED THOUSANDS

Studio

AVERAGE PRICE PER TYPE OF UNIT

AED THOUSANDS

2 Bed 30 32 44

90 110 119 127

1 Bed

3 Bed 45 47

140 140 145 155 160

2 Bed

4 Bed June 2020

65 69

110

1 38

September

3 Bed

175 180 182 200

260

5 Bed 100 100

131

164

260

195 249 250 250 325 SOURCE: PROPRIETARY PROPERTY FINDER DEMAND DATA, JULY-SEPT 2021

November 2021

gulfbusiness.com

Opinion/Residential “THE CURRENT RATES OF MID-LEVEL PROPERTIES WITHIN THE SEGMENT ARE MORE OR LESS SIMILAR TO THE LEVELS SEEN IN 2013/2014”

A N A LY S I S

Firas Al Msaddi CEO, fäm Properties

Growing space With prices of villas and townhouses rising in Dubai, is now a good time to exit or to enter the market?

s most people know, villas, townhouses and plots which have permissions to build villas/townhouses across Dubai have witnessed an increase in both the value and the number of transactions as a result of the drastic change in consumer behaviour post Covid-19. Most people who can afford to move from apartments with shared facilities to independent properties like villas and townhouses have made a move. In fact, this is a worldwide trend and not just a Dubai market trend as people want less of shared common areas with spacious living becoming the new luxury.

gulfbusiness.com

In addition to the significant global consumer motive to switch to villas and townhouses due to the pandemic, in Dubai, prices for villas and townhouses became extremely attractive as the segment was underpriced. Moreover, the massive difference in service charges between villas/townhouses and apartments have motivated more people to make a move. For instance, in Business Bay, service charges for apartments range from Dhs16 to Dhs25 per sqft – so for an excellent 3,000 sqft apartment, you pay annual service charges of Dhs48,000 to Dhs75,000. Whereas you could pay an average of Dhs3.5 per sqft for a villa or townhouse, so for a similar 3,000 sqft property, the service charge will be an average of Dhs10,500 per year. The lack of supply for villas in light of the incremental demand has also pushed prices up. Villas/townhouses and plots for them saw values rising by anywhere between 30 per cent (in places such as Dubailand) to 150 per cent (in Jumeirah Bay) when compared to the prices during Q1/Q2 2020 during the peak of Covid-19 lockdowns. That being said, is now a golden opportunity to exit or to enter the villas/townhouses market? Well, I believe that the substantial increase during the past nine months in the prices of villas/townhouses have helped shift the segment from being absolutely underpriced to a fair level. The current rates of mid-level properties within the segment are more or less similar to the levels seen in 2013/2014. Whereas the luxury segment has exceeded the 2014 price point. Yet when you look at that increase and you consider a timeline of six to seven years, you realise that we are indeed not in an overpriced bubble. So I still see some room for a slow and steady price growth for villas/townhouses in Dubai. However the mid market apartments (in Downtown Dubai, Business Bay, Dubai Marina, Palm Jumeirah) may offer better capital gain opportunities in the short-to-medium term. Lastly, the segment of luxury apartments has also witnessed a very rapid price increase in the last 12 months, yet similar to the villa/townhouse market, this segment was underpriced and it has now come back to its fair price point. November 2021

A N A LY S I S

Sam McCone Managing director McCone Properties

Adopt a longer-term approach Investors rushing to buy off-plan properties in Dubai must avoid focusing on the shortterm market trends

ubai’s property market has been performing exceptionally over the last 12 months. Even though there has been more demand for ready properties, specific off-plan projects, such as Emaar Beachfront, Tilal Al Ghaf and Arabian Ranches, have also seen a substantial price increase in that period. This all makes sense as the Covid-19 pandemic has driven many Dubai residents to desire more indoor and outdoor space, which comes with villas and townhouses. In addition, Dubai’s excellent handling of the pandemic has driven many overseas buyers to want to invest in the emirate. These buyers are always more attracted to premium waterfront real estate. As a result, we have seen developers focus their new project launches on selling to this demand. This year alone, Emaar has launched five new towers in Emaar Beachfront, three villa developments in Dubai Hills and two new phases in Arabian Ranches 3. 62

November 2021

The truly remarkable thing is that all these projects have sold out within a matter of days despite the prices of these projects being in line with what is available today in the ready market. For example, in Arabian Ranches 3, the latest townhouse phase was called Bliss and the three-bedroom townhouses sold for around Dhs1.8m. For the same money (and maybe even less), a buyer can pick up a ready villa in neighbouring communities like Mira, Serena, or Town Square. So the question that needs to be asked is why a buyer would choose an off-plan property over a ready property when the price would be the same or possibly even higher? My answer would be that I think many buyers here in Dubai think too short term. They see now that villas and townhouses are in such high demand that they believe that it will undoubtedly continue to rise if they buy now. They fail to see that these projects will take at least three years to complete and handover. By the time they do, the market conditions may be significantly different from what they are today. For example, the sideeffects of everyone wanting more space because of the lockdowns enforced during Covid-19 are likely not to be as prevalent. Many tenants and buyers alike may choose to swap the suburban townhouse for the prime location and excitement of, say, an apartment in Downtown Dubai. Some may argue that if the buyer is an enduser, it doesn’t matter what the market conditions are later down the line. However, an end-user may still need to finance the last instalment of their off-plan purchase, and if their asset isn’t performing well, then they may not get the total financing required from the bank. Plus, any buyer wants to ensure that their property performs well and that they’ve made a safe investment. That is why I now stress the need with my buyers, particularly those open to buying offplan, to have a longer-term view of the market. They need to detach themselves from what is in fashion today and think about what the market may look like by the time the property completes.

“THE QUESTION THAT NEEDS TO BE ASKED IS WHY A BUYER WOULD CHOOSE AN OFF-PLAN PROPERTY OVER A READY PROPERTY WHEN THE PRICE IS THE SAME OR POSSIBLY EVEN HIGHER?” gulfbusiness.com

Opinion/Commercial

A N A LY S I S

Behnam Bargh Director, CRC

given that remote working has seen a massive spike during the pandemic, our figures clearly say the market has awoken. Managers and decision-makers have realised that work from home is not a permanent solution and that a physical office is still essential for most businesses. So why are prices on the rise? Well in the early 2000s, Dubai’s commercial property market saw a massive increase in the supply of office space, and as a result, there was oversupply in the market, which caused prices to decrease and led to the construction of any new major commercial developments being stopped. However, increasing demand in the last few years absorbed the majority of this oversupply, and we are at a turning point where demand is starting to outstrip supply. With no new major developments on the horizon, this trend is set to continue, and as such, prices have to go up. RENTS STABILISE

The commercial boom Dubai’s commercial market is currently at a turning point where demand is starting to outstrip supply

fter an uncertain year due to the global pandemic, 2021 has seen a big shift for Dubai’s commercial property market, with an increase in prices for both sales and leasing. After years of limited supply and decreasing prices, the market started recovering with a surge in demand for sales. The rental prices have been at a nine-year low up to this year, but now, for the first time in five years, have started rising and stabilising. As a result, we have seen intensive buying of office spaces, both by investors and end-users, resulting in a 132 per cent increase in office sales in the first eight months of 2021, according to CRC data. SALES SURGE

Such impressive growth rates haven’t been seen for years when it comes to the commercial property market. While the notion that office sales are up to such an extent might sound counterintuitive, gulfbusiness.com

Rental prices for offices have begun to see signs of change for the first time in five years. Rents at prime office addresses have started to stabilise as demand builds up among tenants for bigger floor spaces and flexible fit-outs. With demand for these spaces increasing, potential investors and buyers see new opportunities in the market. This is especially the case when one considers that Expo 2020 is expected to bring in new business opportunities for the city. As new companies decide to enter the Dubai market, this will only increase demand for office spaces. Demand is primarily focused on prime office spaces that are move-in ready. This means buyers are looking for spaces that are fully fitted and ready so that they do not have to spend money before tenants sign a leasing contract. Therefore, it is the expectation that current landlords who own shell and core spaces will convert them to be fully fitted and even furnish them to satisfy current demand. INCREASING DEMAND FOR WAREHOUSES

The demand for warehouses has soared from late 2020 and this trend has continued in 2021 as many businesses are shifting their working models to hybrid or online. In additions, a number of commercial and recreational entities such as gyms and children indoor playgrounds see warehouses as perfectly suited locations for activities that can run throughout summer. The average rental prices for warehouse range between Dhs25-50 per sqft depending on the activity and zoning of the warehouse. November 2021

Opinion/Industrial

A N A LY S I S

Faisal Durrani Partner and head of Middle East Research, Knight Frank

Bottoming out? Demand for warehousing space is gradually starting to pick up, with the logistics sector dominating the market for new leasing

ents for industrial warehouse space across Dubai remained relatively unchanged during Q2, delivering the greatest stability the market has enjoyed since rents began to slump in 2015. Despite this emerging stability, rents still remain at or near record lows, leaving occupiers firmly in the driving seat. Indeed, the low rents mean some occupiers are moving to lock in longer term leases. This perhaps suggests a growing sense of the market starting to bottom out, following six consecutive years of rent compressions. This has led to an uncharacteristically busy summer, with an increase in requirements. In Dubai, across the nine main industrial submarkets we track, quarterly rental rises were registered in Dubai Industrial City (DIC) and DIP, where rents rose by a marginal Dhs1 per sqft to Dhs22 per sqft and Dhs24 per sqft, respectively. Rents in JAFZA (Grade B) were the only ones to decline, ending the second quarter Dhs1 per sqft lower than Q1 at Dhs15 per sqft, highlighting that there is still little demand for facilities that are not modern or well maintained. Landlords too are responding to the market’s buoyancy, holding rents firm; however, lease incentives continue to persist. We are now even seeing “rent-free periods” offered in the 64

November 2021

industrial sector, previously only ever a feature in the office and retail sectors. New requirements rose to 1.22 million sqft, up 1.4 per cent on Q1. The logistics sector, including 3PL, freight forwarding businesses and manufacturing companies dominated the requirements received, accounting for over 90 per cent of new demand during Q2. Freight forwarding inquiries alone have accounted for upwards of 450,000 sqft of new lease requirements and contributed to 35.8 per cent of total leasing inquiries in Q2 2021. Meanwhile 3PL service providers and e-commerce occupiers primarily fuelled the demand for logistics and distribution space. E-COMMERCE BECOMING A MAINSTAY

The UAE e-commerce market was estimated to be worth a record $3.9bn in 2020, a 53 per cent increase in value on 2019. The Dubai Chamber of Commerce and Industry estimates that this figure will increase to $8bn by 2025, hinting at a prolonged period of strong demand for warehouse space from the country’s retailers. And it’s not just retail giants such as Amazon and Noon underpinning growth; we also noted a sharp increase in new e-commerce players entering the market. This covers sectors ranging from food products to furniture and pharmaceutical providers. In a related trend, the pandemic has also fuelled a boom in demand for satellite kitchens to satisfy the rising demand for online food orders. Throughout the pandemic, restaurants have grown their real estate footprints by approximately 30-40 per cent and demand from this subsector continues to intensify. Home delivery restaurants too are very active at present and are seeking central community locations of between 5,000-10,000 sqft, rising to between 30,000-80,000 sqft for central kitchens, adding to the depth and diversity of requirements we are seeing across the city’s industrial landscape. gulfbusiness.com

Opinion/Mortgage

Charlotte Stanley Senior mortgage consultant, Mortgage Finder

A N A LY S I S

Top tips to get your mortgage approved Mortgage applications can often be rejected for things that are easily avoidable or can be addressed in advance

uying a property is an exciting thing, especially when purchasing your first home. For many, part of the buying process will include securing a mortgage for the purchase. Mortgage applications can often be rejected for things that are easily avoidable or can be addressed in advance. Here are some key tips to help you ensure your mortgage application has the best chance of success. 1. RESEARCH THE MARKET

This might be obvious, but it is a step that many skip. Too often buyers go directly to the bank with which they hold their primary account to apply for a mortgage, instead of researching the market to understand what other products are available. Different banks have different appetites for lending, so you might find another bank offering products that are more suited to your needs and situation. Ask your friends and family, carry out a Google search, speak to a mortgage broker and to alternate banks. Gather advice and information from different sources before settling – you will learn a lot through this process which will help you select the right mortgage and get approved with the best lender for you. 2. HAVE YOUR DOWN PAYMENT READY

The down payment can be the most challenging part when looking to gulfbusiness.com

purchase as it can be a substantial amount of money, depending on the price of the property. In the UAE, you are required to make a down payment of at least 15 per cent (for a citizen) or 20 per cent (for non-UAE nationals). In order to make sure your application progresses smoothly, it’s important to have the required down payment ready, or at least know where the funds will be coming from when the time comes to transfer them. There are various ways to fund the down payment, such as savings, gifted funds from family and releasing equity from property owned in the UAE and abroad. If gathering the down payment is something you are struggling with, it is useful to discuss this with an independent mortgage broker as they can often suggest solutions that you may not automatically consider yourself.

your monthly salary and then deduct your monthly financial commitments from this amount to see what you have remaining. If you have nothing left, then the application will likely be rejected as your debt ratio is too high. It is worth keeping this in mind and carrying out a basic calculation yourself before applying for a mortgage. You can also use Mortgage Finder’s affordability calculator to get a rough idea on this. 4. BE HONEST

The final tip, which is perhaps the most important, is to be honest in your application. Make sure you are clear about your financial liabilities, job status and background – because banks will check those details. A mortgage is a substantial sum to lend so banks will do their due diligence before approving your application. If there is anything that you are concerned about then it is worth seeking independent mortgage advice before submitting a formal application.

3. CHECK YOUR AFFORDABILITY

When applying for a mortgage, the bank will carry out an affordability report, also known as a debt-to-burden ratio (DBR). The point of this is to check that you will be able to meet your monthly mortgage repayments. While banks have slightly different ways of calculating this, the majority will consider 50 per cent of November 2021

AUGUST 2020 - SEPTEMBER 2021 KEY FINDINGS • In September 2021, the monthly index recorded 1.115, while the apartments index stood at 1.14 and the villas/townhouses index at 1.098 • A total of 5,762 sales transactions worth Dhs16.2bn were recorded in September 2021, making it the best September on record in the past eight years • On a year-on-year basis, Q3 2021 recorded a 85.36% increase in volumes and a 135.42% hike in values of sales transactions

INDEX NUMBER

DUBAI OVERALL INDEX Index value Dhs1,040,950

0.8 0.6 0.4 0.2

Sep 2021

Aug 2021

Jul 2021

Jun 2021

May 2021

Apr 2021

Feb 2021

Jan 2021

Mar 2021

Sep 2021

Aug 2021

Index value Dhs1,940,843

Jul 2021

May 2021

Apr 2021

Index value Dhs1,773,164

Mar 2021

Feb 2021

Jan 2021

Dec 2020

Index value Dhs1,678,567

Nov 2020

Sep 2021

Aug 2021

Jul 2021

0 Jun 2021

0 Apr 2021

0.2

May 2021

0.2

Mar 2021

0.4

Feb 2021

0.4

Jan 2021

0.6

Dec 2020

0.6

Nov 2020

0.8

Oct 2020

0.8

Sep 2020

Oct 2020

Index value Dhs1,610,700

Sep 2020

Index value Dhs954,524

Aug 2020

Index value Dhs904,476

Aug 2020

Dec 2020

DUBAI VILLAS/TOWNHOUSES INDEX

1.2

November 2021

Nov 2020

Oct 2020

Sep 2020

Aug 2020

1.2

Index value Dhs1,065,816

DUBAI APARTMENTS INDEX

Index value Dhs952,825

Index value Dhs1,007,529

1.2

INDEX BASE: JANUARY 2012

Index value Dhs988,850

Index value Dhs1,016,208

Jun 2021

Mo’asher

THE OFFICIAL SALES PRICE INDEX FOR THE EMIRATE OF DUBAI

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Record growth THE AREAS IN DUBAI THAT RECORDED THE LARGEST NUMBER OF RESIDENTAL SALES TRANSACTIONS IN Q3 2021 APARTMENTS

VILLAS/TOWNHOUSES

OFF-PLAN

Dubai Harbour Mohammed Bin Rashid City Business Bay Jumeirah Lake Towers Jumeirah Village Circle Downtown Dubai Palm Jumeirah Meydan Dubai Creek Harbour (The Lagoons) Jumeirah (La Mer)

711 663 541 459 377 328 221 216

Arabian Ranches 3 Dubailand (Villanova) Tilal Al Ghaf Dubai South (Dubai World Central) The Valley Arabian Ranches 2 Mohammed Bin Rashid City Dubai Hills Estate Rukan Dubai Sports City

176 166

SECONDARY Business Bay Dubai Marina Jumeirah Village Circle Downtown Dubai Jumeirah Lake Towers International City Dubai Sports City Jumeirah Beach Residence Palm Jumeirah DAMAC Hills (Akoya by DAMAC)

YEAR TO DATE IN AED

395 383 269

104,320,984,885 SALES

240 121 49

OFF-PLAN

26,451 units

46 30 28 16

SECONDARY

635 531 484 374 255 222 214 195 192

99,052,436,949

Damac Hills 2 (Akoya Oxygen) 280 Dubai Hills Estate 147 Arabian Ranches 125 Nad Al Sheba 111 Meydan City 97 The Springs 97 Dubai South (Dubai World Central) 81 Mudon 77 Reem 73 Green Community 71

136

16,848 units

MORTGAGE

SECONDARY

15,224 units OFF-PLAN

109 units SOURCE: DUBAI LAND DEPARTMENT

ABU DHABI OVERVIEW

ASKING PRICES INDEX NUMBER

ABU DHABI LISTING PRICE INDEX (BASE YEAR: MAY 2018) Sales – Apartment

1.4

Sales – Villa/Townhouses

1.2

0.6

gulfbusiness.com

Sep 2021

Aug 2021

Jul 2021

Jun 2021

May 2021

Apr 2021

Mar 2021

Jan 2021

Feb 2021

Dec 2020

0 Nov 2020

0 Oct 2020

0.2 Aug 2020

0.4

0.2 Sep 2020

0.4

Sep 2021

0.6

Jul 2021

1 0.8

Aug 2021

1 0.8

Rent – Villa/Townhouses

Jun 2021

1.4 1.2

May 2021

1.4 Rent – Apartment 1.2

Apr 2021

Feb 2021

Mar 2021

0.2

Jan 2021

0.4

0.2

Dec 2020

0.6

0.4

Oct 2020

0.6

Nov 2020

1 0.8

Sep 2020

1 0.8

Aug 2020

1.4 1.2

November 2021

TOWERING HIGH

The UAE’s real estate market has seen strong growth this year, with Expo 2020 Dubai adding further impetus to a sustained recovery, writes Lynnette Sacchetto, director of Research and Data at Property Finder

he Dubai real estate market’s stellar performance has not failed to impress even the pessimists over the last year and a half, and Q3 2021 has been no different, continuing the phenomenal story of the booming market. During the pandemic – from H2 2020 until date, the various factors that led to the growth in UAE real estate, specifically in Dubai, has been pent-up demand, low mortgage interest rates, proactive government initiatives, policy shifts in various residency programmes and the resilience with which Dubai handled the pandemic and kept the tourism industry alive, among other things. In addition, you can’t talk about the residential real estate market Mohab Samak without highlighting the extreme shift and high demand in the villa/townhouse segment for both sales and rentals. This trend in demand started at the beginning of the pandemic and has remained strong to date. The prices of villas/townhouses are continuing to rise due to high demand and low supply, and since we are only expecting 6,000 new units to be completed by the end of 2021, this doesn’t add much of a dent to the supply equation. 68

November 2021

As of September 30, 2021, Dubai has recorded over Dhs104bn in real estate sales transactions, which is the highest value recorded since 2017. Mortgage transactions are also at an all time high, breaking all records year-to-date. Mohab Samak, managing director of Engel & Völkers in Dubai says: “Surprisingly, the property sales volume in 2021 jumped almost twice the sales volume in 2020. Far off from what people had thought, the Dubai real estate market has picked up relatively fast despite the setback in 2020 due to the global pandemic. The hype began when the property prices dropped, which created a great opportunity for investors to purchase properties at a lower price.” He adds: “According to the latest forecast, Dubai property prices will remain modestly priced for a few more years which means the real estate market standing will be on a steady course during this period.” Looking specifically at the off-plan market in Dubai, during the pandemic, sales took a hit and dropped to about 30 per cent of total transactions, compared to 50 per cent of total sales transactions in the years before the crisis. However, this trend has changed significantly in 2021. To date, off-plan sales have had the highest value of sales transactions that the Dubai real estate market has seen in over eight years (since December 2013). The volume of sales transactions between secondary and off-plan stands at about 50/50. It is evident gulfbusiness.com

Outlook

“Ajman has always seen a stable demand and therefore new projects keep coming up at a consistent pace. For example, we are soon launching a gated community with over 1,500 villas/townhouses” from this data that investors see the value in investing in the future of Dubai. According to Husni Al Bayari, CEO and founder of D&B Properties: “I am and have always been optimistic about Dubai’s future, it has proven to be a resilient, posi- Husni Al Bayari tive and progressive city and that is exactly what attracts investors. The government will continue to find and create a healthy positive ecosystem for investors, and it will continue to successfully attract FDI from all over the world.”

BEYOND DUBAI

We are seeing a similar picture in Abu Dhabi, although at a somewhat slower pace. The villa/townhouse segment is in high demand and prices have risen steadily in those areas. According to Alan Kaye, head of Asset Management at LLJ Asset Management, “Abu Dhabi market has generally played catch-up, although there has still been an average increase in property values in Q1 and Q2 of up to 9 per cent. In some areas, increases as high as 20 per cent have been reported. “It needs to be remembered that since 2014, there has been a steady decline in property values and as property prices are cyclical, there had to be a correction at some point in time. The lowest point in the market would seem to have been around November 2020 and since then a steady increase in demand and subsequently prices has been noted, spurred on by the events in our neighbour [Dubai]. What is interesting is that this demand has been coming primarily from end users who have realised that they can often be paying less in mortgage payments than they would be in rent and then eventually owning the actual property,” he adds. In the northern emirates, we have seen trends in migration patterns due to larger units available at much affordable prices compared to Dubai and Alan Kaye Abu Dhabi, coupled with large gulfbusiness.com

investment in the infrastructure. Hanan Janho, managing director of Emirates Properties says: “Expo 2020 has helped to revive the real estate market in Dubai, and that has had a ripple effect on the other emirates to some Hanan Janho degree. In terms of new developments, the northern emirates over the past years have developed their own identity with their real estate markets maturing, complementing Dubai rather than competing with it, with each emirate having its own unique selling point and projects.” Yasser Hillayel, managing director of Yas Properties adds: “Within the last 10 years, the northern emirates have been going through a period of prosperity with greater expectations of attracting investors from inside and outside the country. This can be attributed to the development of a modern infrastructure of road and transportation networks. This has added more value by providing commercial access between the northern emirates and Dubai as well as Abu Dhabi. Subsequently, they provide a lifestyle within complexes that combine safe housing and luxury to suit the numerous residents of various ethnicities currently residing in them. “Ras Al Khaimah, for example, has been establishing itself more as a tourist destination with Jabal Jais and various outdoor activities with regards to mountains and the sea. Yasser Hillayel Umm Al Quwain is an affordable and peaceful beachside tourist destination, while Sharjah has earned the reputation of a cultural hub with its museums and heritage sites. Ajman positions itself as a charming, serene and more affordable living alternative to Dubai – only a short distance away from the business hub yet providing a more tranquil and family oriented environment. As such Ajman has always seen a stable demand and therefore new projects keep coming up at a consistent pace. For example, we are soon launching a gated community with over 1,500 villas/ townhouses. With incessant development, Ajman is taking a bigger share than other northern emirates in the real estate business,” adds Janho.

Dhs104bn+ THE NUMBER OF REAL ESTATE SALES TRANSACTIONS RECORDED IN DUBAI BETWEEN JAN-SEP, THE HIGHEST VALUE RECORDED SINCE 2017 November 2021

Outlook

“This year, bookings for November and December were done in August, as the whole world is excited to see the Expo. Consequently, the rents did increase, and we are seeing many landlords transitioning into short-term rentals, having big expectations for the upcoming period” THE EXPO EFFECT

With Expo 2020 Dubai currently underway, many in the UAE are optimistic about the opportunities it will bring to the real estate market. “The Expo is merely a positive milestone in the future plan for this city. It will definitely have a direct and positive impact on the UAE’s progress and will present opportunities that will solidify Dubai’s position on a global scale, but what I am very confident about is that the opportunities will be utilised and converted by Dubai to add value to everyone living in it,” opines Bayari. In the northern emirates, Hillayel says the mega event is anticipated to spur a steadfast recovery for the remaining part of the year and 2022. “Due to the return of tourism, the many projects that have been approved by developers will be launched in the coming months and the impact of Expo 2020 and the goals set to welcome nearly 25 million visits. This boosts our confidence and projections of a faster recovery in the northern emirates’ real estate market.” Adds Samak: “Expo 2020 is set to open doors for participants, tourists, and investors to access a bigger network as the UAE promotes sustainability and mobility, which will boost the country’s economy through global exposure. More foreign investors are expected as supplies and investment opportunities increase. Based on the most recent analysis done by Dubai real estate experts, there is no expected fall in the market in 2022. Therefore, significant movement in Dubai properties is still anticipated since the prices will remain affordable.”

THE RENTAL EQUATION

Looking at the rental and short-term rental markets, the story was very different during the last year and a half with a large amount of supply, economic instability and migration of residents back to their home countries causing disruption. However, there has been a huge shift in demand and trends

Landlords are offering incentives SUCH AS FLEXIBLE RENT PERIOD, MULTIPLE OR MONTHLY PAYMENTS, SERVICE CHARGES WAIVER AND/OR REDUCED FIT-OUT COST 70

November 2021

when it comes to larger units with open spaces – such as for the villa/townhouse segment. There was also an increase in demand for short-term rentals as tourism sustained throughout the pandemic and has started to Abdullah Alajaji increase due to Expo 2020 and the winter months ahead of us. “People are opting for bigger units largely because they are coming in groups or with their entire families, naturally needing more space. Another major change in the short-term market is the longevity of the stay; unlike before, visitors are almost exclusively booking for more than a week, often for a full month. This year, bookings for November and December were done in August, as the whole world is excited to see the Expo. Consequently, the rents did increase, and we are seeing many landlords transitioning into short-term rentals, having big expectations for the upcoming period,” states Abdullah Alajaji, founder of Driven Properties. The Abu Dhabi market has seen a similar trend, although at a much slower pace. According to Ibrahim Khalil, deputy general manager of United Gulf Properties: “Villa rental rates recorded an average increase of 1 per cent in Q2 2021, predominantly driven by the rise in interest for well-developed villa communities located on Yas Island, Saadiyat Island, and Al Raha Beach. Tenant movement was dominated by residents looking to upgrade/upsize, with most shifting to villas and Ibrahim Khalil townhouses. The landlords are offering incentives such as flexible rent period, multiple or monthly payments, service charges waiver and/or reduced fit-out cost. Expo 2020 will also directly contribute to residential rental recovery. There are a range of factors collectively impacting the market such as the UAE’s demonstrated resilience in fighting the pandemic, successful vaccine rollouts positioning Abu Dhabi as the safest destination, strong domestic focus on job creation and fiscal incentives. Overall the market will be better, but prime locations will get the highest attention during the event period.” Overall, the UAE real estate market has weathered the Covid storm well, with each emirate focusing on its strengths and unique selling points. With Expo 2020 starting off strong, I would expect the UAE real estate market to continue to grow and stabilise across the various sectors into 2022. gulfbusiness.com

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“Replicating things that are happening in each other’s exhibitions is not going to help anyone because our target audiences are different” Hind Seddiqi, director general of Dubai Watch Week

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Tumi x McLaren The new Halo Backpack, which features a moulded front panel, has carbon fiber trimmings and a leather handle. It can hold a 14-inch laptop too within a padded sleeve

November 2021

Lifestyle / Horology

Tattoo artist Dr Woo has collaborated with Roger Dubuis

Against the tide Geneva-based Roger Dubuis is a bold watchmaker which will readily break away from the norm. And CEO Nicola Andreatta wouldn’t have it any other way BY VARUN GODINHO

nly a handful of Swiss watchmaking brands are as rock ‘n’ roll in their being as Roger Dubuis. To anthropomorphize it – think of it as someone who’d pick Saint-Tropez over Aspen to vacation, would rather spend a day trackside at an F1 race than on a placid golf course, and one who’ll inevitably pick Tom Ford over Savile Row. Its edgy positioning is apparent in almost everything it does from its design (oversized case sizes, bold openworked movements and bezels 72

November 2021

with sharp edges), choice of ambassadors (tattooist Dr Woo, graffiti specialist Gully and visual artist Liu Wei) and partners (Lamborghini and Pirelli). It’s a brand that is only 26-years-old, and part of the Richemont Group since 2008, which is now led by CEO Nicola Andreatta. He is keenly aware that there are only two primary and polarising views about the brand – those who love it, and those who don’t. It is extremely rare to find observers who have ambiguous or ambivalent views of its watches that have deliberately

been designed to elicit sharp reactions and strong emotions. Andreatta is the third generation of his family to be part of the watchmaking business. His grandfather had a factory that manufactured components, especially cases and bracelets, for several watch brands. His father carried on the business. “As a matter of fact, the first cases manufactured for Roger Dubuis were done by my father,” says Andreatta. However, his father encouraged Nicola to look at a world beyond watches, which is why he studied finance and started working in financial management for a company in Asia. He subsequently returned to Europe to start his own luxury brand, which he sold after the 2009 crisis. After a stint at Tiffany, Nicola eventually made his way to Roger Dubuis where he was appointed as CEO in 2018. Less than two years into his role, Andreatta had to draw on the decades of experience he had in managing luxury brands to steady Roger Dubuis amid the pandemic. As he explains, there are three main shifts that the pandemic has forced in the watchmaking and luxury industry as a whole. gulfbusiness.com

Lifestyle / Horology

Clockwise from top: Excalibur Single Flying Tourbillon Glow Me Up; Excalibur Spider Huracán; Excalibur Single Flying Tourbillon in white gold

“The first one is geographical. The big consultants are telling us that Asia is going to be a bigger market for luxury in the future. Because they exited the pandemic situation before [other countries], China is a market that is growing very fast and is becoming much more of a domestic market than before. It’s an important market for every luxury maison in the world. “The second one is channel. It’s not anymore a purely retail play or a wholesale play. We are seeing the digital environment expanding and influencing the way we shop. In my opinion, those [brands that] find the right way to coexist in the physical and the digital world, which we call the phygital environment, will be the ones that win in the future.

“The third shift is in terms of age. We see a new breed of luxury consumers coming to the market, who don’t necessarily like the same things as the previous generations. There are some firms that are telling us that by 2025, more than 50 per cent of the luxury consumers will be young adults – mostly millennials – and that clearly poses some questions on the way we do business and how we address this new generation coming into the game,” explains Andreatta.

ne of the signatures of Roger Dubuis is that it ensures a significant number of its watches are certified by the Hallmark of Geneva or the Poinçon de Genève – an independent certification that confirms a watch has a very high degree of finishing and attests its performance too. Of the roughly 20 million watches produced in Switzerland each year, only 24,000 – or 0.1 per cent – receive the certification. Obtaining it not only means adhering to extremely stringent norms, but also involves around 30-40 per cent extra production time – and proportionate costs – to meet the criteria. “We use something very objective, which is managed externally from the company so that every time we produce something, they come and check,” says Andreatta of the Hallmark of Geneva.

But for an institution like the Hallmark of Geneva, Roger Dubuis is also helping it evolve to current practices. “Since 1896, you have an institution which is managed by the Canton of Geneva, and the 12 rules of the Poincon de Genève are much the same since 1896. The Geneva seal has not evolved throughout the years, while the industry has evolved. There are new technologies, new materials and different ways of doing things over the last 100-125 years. And that’s given birth to a constant discussion with the guys at the Geneva Seal institution to talk about how we can render the same finishing when working with new and different materials.” Andreatta cites the example of the use of carbon fibre, a material that made its way into mainstream watchmaking a few decades ago. “Three years ago, we came up with a movement which was made in carbon fibre. Now clearly carbon fibre cannot be finished like stainless steel, or platinum or other metals. So how do you convey the same kind of finishing on carbon fibre? We came up with an interesting solution, which was that of working on the differentiation between the parts we were using on the carbon fibre and the carbon fibre itself. In the end, it was approved and stamped by the Hallmark of Geneva. We’re proud of evolving the Geneva seal into the future with what we do.” One of the most iconic collections in Roger Dubuis’ arsenal is the Excalibur, which debuted back in 2005. This year, the collection was refreshed starting with the Excalibur Double Flying Tourbillon whose pink gold version with a bezel and crown set with baguette diamonds was priced at $605,000. It followed that up with the Excalibur Single Flying Tourbillon in April, the Glow Me Up version of which featured grooves with diamonds set inside them and filled with rainbow-coloured Super-LumiNova.

“There are some firms that are telling us that by 2025, more than 50 per cent of the luxury consumers will be young adults – mostly millennials” gulfbusiness.com

November 2021

Lifestyle / Horology The straps, crown and bezel are interchangeable on the Excalibur Spider Pirelli

“From upcycled materials to avoiding the use of exotic skins, we can make sure our products are managed in a more sustainable way” Also this year, Roger Dubuis announced that it was teaming up with three leading contemporary artists, Dr Woo, Gully and Liu Wei. “We decided to connect with the world of contemporary art. We started collaborating with Dr Woo, who is probably the most celebrated tattoo artist in the world and who has perfected tattooing using a single needle with a very specific style. Gully, who is a street artist is very active in France, and has over the last 20 years moved into galleries. He started using a new technique with a spray [can] where you never detach your hand from what you’re doing, and that gave birth to a very specific way of working with graffiti,” explains Andreatta, who says that each of the new collaborators were chosen for a fresh perspective that they could bring to Roger Dubuis. “We asked them to give us their perspective on how they see Roger Dubuis. We are almost ready with something that we have co-designed and co-developed with them which will be launched very soon and which is linked to the restyling of the Excalibur.” The momentum with some of its existing partners, Lamborghini and Pirelli, has also picked up pace. In September, it launched the Excalibur Spider Huracàn which uses a new material developed by the watchmaker called Ceramic Composite Fibre (CCF), which is 20 per cent lighter compared to regular carbon. The month prior, 74

November 2021

the watchmaker released the new Excalibur Spider Pirelli that has rubber inlays from certified race-winning tyres and interchangeable straps, crown and bezel.

ere in the Middle East, and specifically the UAE, the watchmaker has a wellentrenched presence. “One of the first boutiques that Roger Dubuis opened was the one in Dubai. It’s been always a very important market for us. In fact, the biggest boutique we have in the world today is the one we have in Dubai Mall which we opened in 2019. We have been always very active in Qatar, Kuwait and Saudi Arabia, where we also had a small boutique, and where we plan to expand further in the next few years.” A broad part of Andreatta’s mandate is to find new ways to target audience segments, particularly among the younger spectrum, in ways that the brand hasn’t over the past two-and-a-half decades. One of these is by tapping into the growing popularity of esports. “We recently started collaborating with LPL, which is part of League of Legends in China. We are going to continue collaborating with them to develop something connected to the world of gaming. Something pretty exciting is coming very soon,” Andreatta says, without offering more details on the upcoming collaboration.

Roger Dubuis has also found itself at the forefront of tackling other issues which resonate strongly among the majority of a younger demographic – namely sustainability. “From upcycled materials to avoiding the use of exotic skins, we can make sure our products are managed in a more sustainable way. I’m truly convinced that there is a more ethical way of doing business. While we clearly look for profits, we can also think about the new generation and what kind of a world we’re leaving to them. And that’s going to be an even more clear obsession with the company [going forward],” notes Andreatta. He adds that the brand is also working on AR/ VR models that will further augment the digital shopping and browsing capability of digital-first customers. His other obsession is to ensure that Roger Dubuis, which eschews the traditional aesthetic for contemporary boldfaced designs, finds its place at the horological high table. “Sometimes I’m a bit upset about the fact that we are not considered as among the best and most sophisticated watch brands in the world. We master all the different complications, but we give these complications a more expressive and contemporary look. I think it’s really time for us to find the right place [among the] younger generations in the overpopulated world of fine watchmaking. Recently, a big collector was invited to visit us in the manufacture. He came back to my office for lunch and told me that he thought we were making 40,000 watches a year. He didn’t know the level of craftsmanship and perfection with which our watches are made, and by visiting us, he understood that.” Ultimately, Andreatta’s grand mission will be to find ways for the craft, the product and the ecosystem around it to evolve. It has already done so with the Hallmark of Geneva, the innovative use of carbon fibre, and when it debuted the radical world’s first movement with four sprung balances in the Excalibur Quatuor a few years ago. “In terms of watchmaking, we’re going to continue taking inspiration from the tradition of haute horlogerie and evolve that into the future. We don’t really know where this is going to take us in the future. But we believe we can create the future of watchmaking by evolving it into something that doesn’t even exist today,” says Andreatta. gulfbusiness.com

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Lifestyle / Horology

A time to live The fifth edition of the Dubai Watch Week returns this month, and it’s the biggest one yet. What must it do to make sure it has a bright future? Hind Seddiqi, director general of the event, has a few ideas BY VARUN GODINHO

ack in 2015, when Baselworld was in rude health and Watches and Wonders was still called the Salon International de la Haute Horlogerie, Ahmed Seddiqi & Sons decided to organise its first watch exhibition called the Dubai Watch Week (DWW). But completely incongruous with its position as one of the region’s foremost watch and jewellery retailers, it decided 76

November 2021

to structure the new exhibition as a completely non-commercial event where selling was strictly off the table. Instead, DWW would serve as a staging ground to to educate the interested about the craft and intricacies behind watchmaking. The inaugural edition, titled “Rebels of Horology”, did just that and featured only independent brands such as Bovet, H. Moser & Cie, Laurent Ferrier and De Bethune.

Six years and a pandemic later, Seddiqi is gearing up to hold the fifth edition of DWW this month from November 24-28 at the Dubai International Financial Centre. It’s set to be the biggest edition yet, with over 45 participating watch brands having already confirmed their presence. “We are very lucky to have Rolex come back again,” says Hind Seddiqi, director general of Dubai Watch Week. Rolex, for which Seddiqi & Sons has been a retailer for the better part of seven decades, decided to exhibit at the 2019 edition of DWW. It marked the very first time in the history of the watchmaker that it chose to exhibit outside of Baselworld – further proof that DWW had quickly come of age. “We also have Audemars Piguet coming back with a bigger booth. We have Hublot who will be outside the Grand Exhibition, and we have Tudor and Chopard again as well,” adds Hind. With many of the brands using the event to showcase the world premieres of their pieces (there have been 33 watches launched at the event since 2015, including seven at the previous edition), Chopard chose DWW 2019 to unveil its seminal Alpine Eagle collection. Among the other heavyweights who will be present this year are Montblanc, Bvlgari, TAG Heuer and Girard-Perregaux. But the event, as has been the case since its inception, will always tilt to favour independent watch brands, especially those which struggle to find the spotlight at other fairs. This year’s under-the-radar independents to keep an eye out for include Ludovic Ballouard, Montres KF, Singer Reimagined and Schwarz Etienne, among others. “We’ve made it a mandate with Dubai Watch Week to give a few booths out for free to independent brands. We do not charge them anything, we just ask them to come because we want them to be showcased. We give them smaller booths because they don’t have a wide collection. We also make sure we highlight them in the Horology Forum and let people listen to them and get to know them and what they do,” says Hind. gulfbusiness.com

Lifestyle / Horology

The Horology Forums involve a series of panel discussions where guest speakers are invited to interact with each other and the audience in a host of freewheeling debates on varied topics. This year’s topics range from ‘Alignment of online personas with actual identities’ to ‘NFTs and cryptocurrencies in luxury’. Interestingly, the Seddiqis don’t just invite those from the watch industry to be part of the panel, but cast a wider net to broaden the event’s creative horizon. “We don’t only focus on people from the watch industry but [invite people from] the art, automotive and [other] industries. Sometimes, there is a solution for a problem that our industry has that the fashion or the motor industry has already solved,” notes Hind. While the entire list of guest speakers hasn’t yet been announced, Hind notes

Hind Seddiqi, director general of DWW

that Audemars Piguet CEO FrançoisHenry Bennahmias and Breitling CEO Georges Kern will be among the speakers at this year’s event. Located at The Gate in DIFC, the exhibition is spread across 70,000 sqm and is an event whose setup requires around 40 days to build. Over 20,000 visitors have attended the previous four editions, with around 9,000 in 2019 alone. Returning to DWW this year are familiar activations including the masterclasses and hands-on workshops which attendees can participate in for free. For the first time, however, DWW will be introducing a Collector’s Lounge. It will serve as a dedicated space for watch connoisseurs to congregate and interact with their peers and also representatives of the brands. The lounge will also be where Ahmed Seddiqi & Sons will display

“We are privately owned and privately fund what we do. So, making decisions is way easier for us”

gulfbusiness.com

its around 35 limited-edition watch and jewellery creations which were specifically created to celebrate the 50th anniversary of the UAE. Alongside, it will feature pieces from Buben & Zorweg, Miki Eleta and MB&F, as well as the winning watches from the Grand Prix d’Horlogerie de Genève. Hind is clear that the team hasn’t built DWW to rival Baselworld or Watches and Wonders, but instead to complement them. “We’ve been dubbed as the disruptors, which is something we never wanted to do when it comes to watch exhibitions. My father and my uncle had been going to Baselworld for over 40 years. We do not want to see it diminish, we want to see it flourish. And we’ve even suggested collaborating with these big exhibitions because they are a legacy. We’ve had conversations with Michel Loris-Melikoff (the director of Baselworld) who was in a panel discussion with us in 2019. We’ve partnered with the FHH that runs Watches and Wonders, and they’ve exhibited several times with us. “Now there’s a difference between how we run things and how the other big exhibitions run things. We are privately owned and privately fund what we do. So, making decisions is way easier for us [compared to] these big entities. And the point is, imitation is not going to help anyone so duplicating or replicating things that are happening in each other’s exhibitions is not going to help anyone because our target audiences are different, our strategies are different,” says Hind. DWW has found its strategy, captured its audience and cannot be faulted as an exhibition that imitates any other. All it needs to do now? Keep going.

November 2021

Lifestyle / Travel

A city by the lake Switzerland’s regional tourism sector made a strong comeback this year, with the appeal of places such as Lucerne – specifically among UAE visitors – firmly on the rise. Here’s how its local tourism board is responding BY VARUN GODINHO

ourism is a lifeline for Switzerland. It accounts for roughly 3 per cent of the country’s GDP and approximately 4.4 per cent of all jobs, making it around double the size of the country’s reputed watchmaking industry. Undoubtedly, the pandemic proved a major setback to it with hotel overnights last year falling to levels last seen only in World War II. And although tourism hasn’t returned to pre-pandemic 78

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levels uniformly across the country, some regions have made a remarkable comeback this year – namely Lucerne – with the UAE proving to be one of the drivers of its resurgent tourism sector. According to data shared by Swiss Tourism, the number of tourists from the UAE to the Lake Lucerne region between JulyAugust 2021 stood at 5,551. That figure is 20.9 per cent, or 961 visitors, more than the pre-pandemic period of July-August 2019. Consequently, the number of overnights

generated by visitors from the UAE in JulyAugust this year climbed 15.6 per cent to 14,657 from 12,679 in the corresponding period of 2019. “Tourism is a really important economic activity for a small city such as Lucerne. We have about 83,000 inhabitants living in the city and tourism contributes about 7-8 per cent of its GDP. The tourism industry in Lucerne results in more than CHF1bn in added value. There are about 8,000 people working in this industry, so we couldn’t imagine Lucerne without tourism,” says Marcel Perren, managing director and CEO of Luzern Tourism. The lifting of the travel restrictions from the GCC countries for vaccinated residents in June proved to be a major boon for travellers from the region. In July-August this year, a total of 48,188 visitors from the UAE visited Switzerland. “In the region of Lucerne, we have about 70,000 visitors from the Gulf countries during a normal (non-pandemic) year, and the UAE is by far the biggest source country for visitors from the GCC to Lucerne. For these UAE gulfbusiness.com

Lifestyle / Travel

“We have about 83,000 inhabitants living in the city and tourism contributes about 7-8 per cent of its GDP. The tourism industry in Lucerne results in more than CHF1bn in added value. There are about 8,000 people working in the this industry” visitors to Switzerland, Geneva, Zurich and Bern are usually their top three favoured destinations, whereas Lucerne comes in as the fifth-sixth most popular choice for them,” explains Martin Bütikofer, president of Luzern Tourism, who also serves as the CEO of the Swiss Museum of Transport in Lucerne. “We’re doing more than 1.4 million overnights in the city of Lucerne in a normal year, and we have still potential to grow.” With one eye on that growth, the local tourism board decided to team up with Swiss Tourism, the national tourism board, to be present at Expo 2020 Dubai to address a market in which it sees a promising future. “We normally visit 2-3 day fairs where we just meet with a few B2B partners. But here at the Expo, over a period of six months, we can really connect with the local market and learn about what they think of Switzerland’s tourism, and what they want from it,” says Perren. Lucerne, in fact, is the only regional destination to have an exclusive dedicated section at the Swiss pavilion in the Expo, where visitors will be able to take in immersive sights of its city, lake and mountains. “At the Expo pavilion we also have a part on Swisstainable, which speaks about sustainability in travel,” adds Perren. “Switzerland as a country already ranks high in international rankings in terms of being a sustainable country, and we can use that Swisstainable concept to grow the concept even further.” Perren refers to the boutique appeal of Lucerne, and says that he is keen on appealing not only to leisure tourists, but also increasingly to business travellers. “We are currently a leisure destination with 80 per cent of people visiting Lucerne coming here to holiday, and around 20 per cent to attend business meetings. We have to strike a balance between leisure and business tourism, gulfbusiness.com

and incentivise businesses to conduct their meetings in Lucerne.” Lucerne nearly hit the jackpot last year when the World Economic Forum announced that it would move its highprofile Davos summit to Lucerne for 2021. It later declared Singapore as the 2021 host, before finally deciding to scrap this year’s edition altogether and return to Davos in 2022. “We have an excellent place like Bürgenstock in terms of security to host the World Economic Forum. There are also top-quality hotels and facilities to support these large international meetings. We are still in discussions with the World Economic Forum to plan smaller side events that take place during the year in Switzerland to be held in Lucerne,” notes Perren. In its bid to stimulate the local tourism sector, Bütikofer and Perren are both keen not to overcrowd Lucerne. Memories of incidents such as the one in 2019 when American health and beauty products company Jeunesse Global rewarded its top sales agents – 12,000 of them – with a trip to Switzerland, with thousands among them making their way through the narrow cobbled streets of Lucerne are still fresh. Images of that, splashed across newspapers around the world, somewhat contradicted the quaint, quiet and relaxed appeal of destinations like Lucerne. “It’s important that people living in cities across Switzerland are

5,551

the number of tourists from the UAE to the Lake Lucerne region between July-August 2021

20.9%

Visitor numbers from the UAE this year rose when compared to July-August 2019

(Left-right) Marcel Perren along with Martin Bütikofer

open to the tourism industry and treat the guests well. We always monitor this situation,” says Bütikofer. “As a board, we visited Barcelona, Amsterdam and other European cities that face these tourism issues [of overcrowding] to study that situation. Fortunately, we do not have the same situation in Lucerne. With our limited capacity of about 1.5 million overnights, that in itself acts as a regulator to the growth of the sector. We’re not planning to build 100 new hotels.” Addressing these potential future bottlenecks, as well as in a direct response to the Covid-19 pandemic, Perren says that investments have been made over the last year into technology to aid the management of tourism. This includes a digital marking app that will notify visitors via push notifications of events happening at different points of the day across the region. Another app is for parking management in the city, especially useful for buses which ferry tourists in, with the drivers now able to rely on the app to find available parking spots. And the third digital innovation permits visitors to check in real-time how many people are at a particular tourist attraction, say at a specific mountaintop, and then decide whether they want to visit an alternative site instead. “We emphasise on quality over quantity. I often say to my team that we have the chance to live in a region where others are saving money to travel to. We really want these visitors to have the best quality of time spent here and have a return on their investment to make that dream holiday come true,” says Bütikofer. The UAE market, for one, is taking heed. November 2021

Lifestyle / Auto

A driver’s dream British sports car manufacturer Lotus chose Bahrain to showcase the Middle East debut of its latest offering, the Emira BY ANDREW WINGROVE

he Lotus Emira is the last petrol-powered model from the iconic British sports car manufacturer. Gulf Business was present at the regional debut of the Emira in Bahrain and sat down with Geoff Dowding, executive director of global Sales and Aftersales at Lotus, to understand the strategic direction that the marque is adopting as it prepares to navigate a future that will be undoubtedly dominated by electric cars.

Can you give us a business overview of Lotus and its key markets?

We’re a sports car company, and the largest sports market in the world by far is the United States. So [the US] is absolutely key for us, followed by the UK, Germany and Japan. Our presence in the Gulf is quite small. Again, it’s a very niche product, and we have a presence in the UAE – we’re located in Dubai and Abu Dhabi. We’re in Kuwait, Qatar and now in Bahrain too. Part of growing the brand is developing existing markets, growing new markets and expanding into regions. So, we’ve recently established a regional office structure within the UAE which will cover both the Middle East and Asia Pacific. We planted a new regional director, Dan Balmer, who previously worked for Aston Martin. Part of his remit will be the expansion of the brand through the region, particularly in Saudi Arabia where we’re not present today. 80

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What can you disclose about the size and scale of Lotus’ manufacturing facility in the UK?

We currently manufacture and sell approximately 1,600 cars a year. We’ve invested, over the last 18 months, GBP100m in a new manufacturing facility at our factory in Hethel which is just outside Norwich. The capacity next year will be 5,000 cars per annum. So it’s very much a game-changing investment in terms of new processes and systems – there are even some robots for the first time in terms of body assembly. The investment is two-fold. One is [raising] volume by investing in new processes, and [the second is that] by investing in different manufacturing systems, it significantly raises quality as well, which is key as we look to expand into new segments. What were some of the biggest challenges Lotus encountered when building the Emira?

The biggest challenge is creating a Lotus sports car with a much wider appeal. So adding practicality, functionality, comfort and everyday usability to the car, while at the same time maintaining the aerodynamics, handling and performance. And of course, Lotus is all about lightness, because lightness equals performance. The Emira powered by AMG will debut in 2022. How did AMG come on board as a technical partner for Lotus?

We wanted to create some choices within

the engine offering. Also, emissions in some markets are extremely important in terms of duty and taxation. We also wanted to create a different driving experience within the car. The AMG engine was available. The introduction came through our parent company, which has an association with Mercedes-Benz. AMG was able to support us, and it was something that we felt, as an engineering organisation, was right for us. So it was a marriage that came together quite successfully, and probably slightly unexpectedly. In terms of where that goes in the future, it’s difficult to say. What I will say is that the takeup of the engine from orders already placed is really strong. The Bahrain showroom is unique in the sense that it was the first in the world to sport the brand’s new retail identity. Why Bahrain?

One of the elements of our plan for the future was how we represent the brand. The relationship that any customer has around the world with the brand is obviously local, and we are represented in a number of different ways. We wanted to create some consistency and to modernise our presentation in the showroom, but at the same time, we’re not looking for the same footprint in every market. So we’ve created a very modular and flexible system that gives us the ability to represent ourselves in a consistent way in the future, respecting the local investment capability, local architecture and cultures, but at the same time creating a kind of ‘Lotusness’ within the retail environment that doesn’t exist today. We’ve returned to Bahrain for the first time in 11 years. Our partner in the country is Adamas. We found a showroom and came to an agreement in terms of the gulfbusiness.com

Lifestyle / Auto

future. We had the new brand identity, and Bahrain just happened to be the first location to launch it. Lotus Technology also recently launched its global headquarters in Wuhan. What will be some of the likely products we will see come out of this facility?

We are expanding our brand into new segments with EV technology, and much more into what we call lifestyle products. We’ve recently announced the launch plans of four new models over the next four-five years, all of which will be based on EV technology. So the first car is an E-segment SUV. The second car is a four-door GT crossover. The third is a D-segment SUV, and the fourth car is a new sports car. As we are now part of the Geely group, where we share specialisms and centres of excellence, the centre of excellence for EV technology is based in China, within the Lotus tech facility. So, we will draw our EV technology from learnings that are already taking place from the development in that market, which will be the biggest EV market globally. When will we see the first of those electric cars debut within the Middle East?

The first [cars from the] EV programme will be shown to the world in 2022. The market planning for that is still under development. We would expect to launch in the Middle East fairly soon after the primary market launches. Nothing’s confirmed yet in terms of the market release, but we would expect to see the GCC as one of the earliest [to receive the electric cars]. The Evija all-electric hypercar will be a game-changer for Lotus. Can you tell us your plans for it?

The Emira has a top speed of 290kph gulfbusiness.com

“We’ve invested, over the last 18 months, GBP100m in a new manufacturing facility at our factory in Hethel. The capacity next year will be 5,000 cars”

So, we see for ourselves about 4-5 per cent of our sports car segment, and we wouldn’t think higher than that at this stage in terms of market share with the level of competition that exists. It would be wrong to plan around a large market share – we have to be sensible about expectations. What are some of the highlights of Lotus’ Project LEVA (Lightweight Electric Vehicle Architecture) and how will that define the future of the brand?

There are two sides to the LEVA story. One is our own product development, and the other side of it is the division of Lotus engineering. We are active consultants within the automotive industry to others. And that project will give us the ability to offer a number of small volume options for ourselves with that platform from an EV basis, but also the ability to offer that technology to other manufacturers as well, who may wish to enter into the sports car segment. There are already partners in play with that concept. Lotus is reportedly getting ready for a comeback into motor racing with the GT4 category. Is F1 on the horizon too?

The Evija was a real kind of brand statement, out of the blue. The car is very close now to the point of final development with production starting towards the end of this year, early into 2022. We have a number of deposits of very interested parties. What plans does Lotus have for the SUV category?

As a sports car manufacturer, just to put it into some kind of perspective, the segment that we operate in today has a basket of competitor cars that we compete against of about 90,000 globally. So we’re operating in a very small segment. If you want to expand as a business, if you want to become a global player and a proper car company, then you have to enter into the fastest-growing segment – the SUV segment. So of the four products that I mentioned earlier, the first of those will be a very high-end E-segment SUV. The [SUV] segment size is significantly greater than the current marketplace, but our ambitions in terms of percentage share of that needs to be kept well and truly grounded.

I think the company is very ambitious to be in motorsport at the highest level but you have to go from A-Z in steps. We wanted to do a GT4 programme with the Evora and that didn’t happen for a number of reasons. But we will be ready for GT4 with the Emira, almost to the point of the launch of the car into the marketplace. We have a very strong partner in terms of the development of the car, and we’ll see where that takes us – but motorsport is very much part of our DNA, no question. What are some of the global performance targets that Lotus has set out to achieve across key markets worldwide in the nearto medium-term?

The US is absolutely fundamental. You need a strong presence, a strong market performance and a strong level of customer service. You can’t just live off the UK or Europe. The two big markets will be the US and China. Europe is key, but also all the way down to Australia. We’ve just gone to New Zealand. We’ve just entered South Africa, we’re entering Thailand too and looking at Indonesia as well. We’re looking at Saudi Arabia, which is a key automotive market locally. November 2021

Exclusive paintings, sculptures and photography from award-winning international artists. Photograph by Greg Newington

Sculpture by Armin Shahhosseini

Painting by Andrew Vicari

BRAND VIEW

The road ahead Saudi logistics and technology startup TruKKer launched operations in four additional markets in a single month – and there’s more to come. Founder and CEO Gaurav Biswas shares his vision How does TruKKer’s business model differ from that of the competition? Our people are at the heart of our business, technology, and everything else. Naturally, our innovations are humancentric, meaningful, and assume greater responsibility in problem-solving. The unique blend of people and tech not only exposes us to limitless possibilities, but we also look at the traditional challenges through a new lens. Another differentiator is our real-time approach. From load allocation and instant pricing to performance metrics, the platform prompts the best possible actions instantly. Shippers don’t run to multiple providers for best quotes anymore and carriers no more anticipate loads with uncertainty. Everyone enjoys end-to-end asset visibility and transparency. We’re introducing shared efficiencies to our customer’s supply chains. Give us a business overview of the company. The total funding is confidential. We are active in eight markets including Pakistan, post the acquisition of TruckSher. We have a unique scalability approach and successful launch playbook that allowed four market launches in one month. We have a fleet size of over 40,000 vehicles.

Have there been any permanent changes you’ve introduced to TruKKer’s business model and strategy as a result of the pandemic? Black Swan events like the Covid-19 pandemic have been a learning experience for us. It double-clicked on ‘resilience’ and its significance to retain ‘business continuity’. Being future-proof is the most important factor. For us, it’s been an extra push to what we were underway with already. Our

Gaurav Biswas, founder and CEO, TruKKer

We presume asset-light business models to be on steroids going forward. Asset sharing, or in which ever way freight platforms continue to aggregate vehicles, means improved incomes for drivers and maximum output for businesses. In the middle, digital freight platforms can benefit from a 24x7 available capacity and unquestionable efficiency. It will also spark additional opportunities across the supply value chain. For example, businesses would significantly reduce empty miles with promised backloads; load sharing could open up new business relationships; and real-time allocation and pricing would bring the balance back.

“Another differentiator is our real-time approach. From load allocation and instant pricing to performance metrics, the platform prompts the best possible actions instantly”

What are some of the biggest challenges you are currently facing as part of your expansion drive? MENA’s freight market is remarkably promising, yet innately complex in terms of demography and business practices. The chronic tech reluctance has cost the landscape its flexibility and imposed monolithic trade norms. The trade arteries need new lifeblood to thrive. We blend our local business expertise and tech proficiency to heal the market

gulfbusiness.com

right from the core. Our real-time and platformisation approach works in chorus to dispose any telltale friction between demand and supply. Besides, our diverse workforce uncovers newer vantage points for the local markets so that our solutions are relevant and counter any roadblock.

data-led innovations allow us to perform in real-time as it cross-references and analyses millions of data points. And thanks to our diverse truck network that stood up in times of crunch, TruKKer was always able to address any on-demand load request, though there were some surges. But now we have enough data points to meet any sudden downtimes. What is the untapped potential you see in the markets you are currently operating within to further grow the business?

What are the future expansion plans for TruKKer? The TruKKer digital freight network is creating huge amounts of data that will drive the next stage of innovation, product development, and growth. We will continue to remain focused on the mobility sector and keep identifying automation, digitisation, and improved user experience opportunities. We believe that our solutions and products are creating a more optimised ecosystem with multiple socio-economic impacts on the community, its wellbeing, and its environmental sustainability. We’re also going to invest heavily into asset improvements in North Africa.

December 2020

NOV

The SME Story

A dedicated hub for the regional startup and SME ecosystem

INTERVIEW

The home stretch Christiane Nasr, founder of The Bowery Company, is taking her online store of furniture and home accessories and expanding into a physical presence in Dubai What were you doing before starting up The Bowery Company? From 2006, I started working in Geneva in the private banking industry as an investment advisor for ultra high net worth individuals, and in 2012, I relocated to Dubai, as a regional director covering the investment advisory for UHNWI across the GCC. In the summer of 2014, I was walking through New York’s Bowery Avenue – an edgy district running through Manhattan. I saw many industrial lightings fixture shops along the avenue and I got the idea of bringing these to Dubai. I came back, and without even working on a business plan, I ordered my first container of furniture and home accessories. Which are some of the main brands that The Bowery Company has brought to the GCC region? We are the biggest retail partner for Ferm Living in the GCC with the largest stock quantity in the region and the exclusive distributor of 101 Copenhagen and NORR11, two of the most prominent design brands in Europe. The Bowery Company is also the first to bring design brands Bolia and Hay to the region on a retail front, as well the first to launch FÉST Amsterdam in the region. I have my eye on an upcoming Norwegian design brand, as well as some 84

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Swedish and Danish ceramic designer brands which I hope to bring on board in the near future. Could you give us a business overview of your current operations? The Bowery Company ships all over the GCC with an emphasis on UAE, Saudi Arabia, Oman and Kuwait. We offer around 10,000 products from our 12 Scandinavian brands and we are a small but growing team of 10 employees working hard on operations, sales, marketing and business development. We have scaled up our business five-fold in the past 12 months, and we are forecasting to continue on the same growth trajectory in the coming months.

Christiane Nasr, founder of The Bowery Company

You have a new space opening in Al Quoz. Tell us about it. Our new 5,000 sqft flagship concept store is home to our showroom, an in-house built warehouse facility, a coffee shop as well as an innovative workspace environment for our interior designers’ community. We strive to be an innovative multi-disciplinary design space with like-minded gulfbusiness.com

The SME Story

people to gain inspiration and give a sense of being at home. What are your business expansion plans? Most likely the next step for The Bowery Company will be to look at Saudi Arabia and build on a physical as well as online presence in the country. We already have clients there to whom we deliver and are working on specific projects as well. However, we would love to maximise on that in the near future. What’s the most important lesson you’ve learnt about being an entrepreneur? I learnt along the way that not everything happens as planned and that it is okay – accept failure as part of the journey, stay curious, be open to opportunities and partnerships, as one door can lead to another. Value one’s time and learn to delegate to others.

COMMENT

5,000 SQ FT

The size of its new flagship concept store in Dubai

Dr Sonia Ben Jaafar CEO, Abdulla Al Ghurair Foundation for Education

Why entrepreneurship education is vital for the region Experiential learning journeys, collaborations at a university level and even the private sector, all have a role in educating the next generation of entrepreneurs

ntrepreneurship has long been considered an asset to the economy and a popular career choice for the flexibility and freedom it affords. In the Middle East and North Africa (MENA) region, three-quarters of the population regard entrepreneurship as a good career choice. That is the highest global average according to the Global Entrepreneurship Research Association at the London Business School. The hope that entrepreneurship holds for young adults across the MENA region

gulfbusiness.com

November 2021

The SME Story

sits in direct contrast to the Arab youth unemployment rate of almost 23 per cent – especially when the global rate sits much lower at 13.7 per cent. The promise of selfreliance is important to students in the region who are willing to work harder and longer if that means elevating their wellbeing and sense of security. Countries like the UAE are clear examples of this phenomenon – it ranks first among MENA countries offering entrepreneurial opportunities and sits amongst the top economies supporting entrepreneurs globally. SUPPLY AND DEMAND – THEN WHAT?

While the landscape is ripe for budding entrepreneurs with ideas they want to take to the next level, they need supportive entrepreneurship education. The ecosystem needs to cultivate entrepreneurship, or we risk the hard work of youth being subject to either luck or advantageous social capital. In both cases, we can and should do better. Both as a community preparing youth to grow into contributing citizens and residents of the MENA region; and as incubators of great minds that will develop and deliver sustainable solutions. The catch-all promise of entrepreneurship is often lauded as the next solution to the

23 %

The unemployment rate among Arab youth, compared to the global average of 13.7 per cent

and a host of other multiplying variables. But we do have evidence that the future of work has entrepreneurship as a key solution for the bigger picture – especially now with the entrepreneurial ecosystems in the MENA region growing significantly. COLLABORATION AND PARTNERSHIP ARE AT THE CORE

A well-rounded entrepreneurship education requires the collaboration of industry partners to cultivate the professional and growth-oriented skills required to succeed. This method requires a shift in mindset away from traditional teaching approaches and requires the joint effort of professors, industry experts and other professionals for students to let their ideas percolate and be prepared for the entrepreneurial journey. As more and more innovation and incubator units are cropping up next to science and technology parks in the region,

STUDENTS SHOULD DEMAND AND EXPECT SYSTEMATISED HIGH-QUALITY ENTREPRENEURSHIP EDUCATION AS PART OF THE UNIVERSITY EXPERIENCE MENA region’s unemployment crisis. But what does that look like in practice and what are the steps we are taking towards forging strategic partnerships to that effect? History tells us that we will need a range of solutions working in harmony to address the growing crisis that is a security threat to peace, as well as prosperity. No one organisation or sector can address all the contextual issues in a region with such a disproportionately high number of displaced people, health and economic downturns, continued conflict, natural disasters, 86

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the need for structure has become integral to their lasting success. Students should demand and expect systematised highquality entrepreneurship education as part of the university experience. In reality, if we do this right, it will be an asset for all post-secondary programmes of learning – because the best ideas come from anywhere and everywhere. FROM THEORY TO PRACTICE

The skills learned through traditional higher education are just one way that Arab

youth can prepare for a successful entrepreneurial career. Hands-on experiences are necessary for developing the transferable skills and abilities needed to carry students from university to employment, or business ownership. Given the need for experiential learning journeys, universities cannot be expected to be the sole entity to provide opportunities to learn. Private sector initiatives can and should play a key role to contribute responsibly to practical learning programmes that will generate wider benefits for entrepreneurial development in the region. When done right, these strategic partnerships offer the best chance at an education that will effectively allow youth to learn highly transferable skills sought by employers regardless of background. This covers organisational, leadership, critical thinking, and interpersonal skills that will serve them well as they enter the workforce. These are the skills that the World Economic Forum has identified as the job skills of tomorrow. CORPORATE-UNIVERSITY BRIDGE

Corporate allies should be part of the solution. Academia needs to come to terms with the reality that corporates, frustrated with the skills of new graduates, are now creating their own programmes of learning. A joint approach is beneficial to all – students, universities and businesses. When universities work alongside industry partners with the sincere belief that each has expertise to offer students, they can then start to bridge the gap together. That bridge provides students pathways that allow them to develop those laudable entrepreneurial skills. Moreover, those students will find the skills to grow earlystage ideas to business opportunities for themselves and their communities. If corporates are smart about it, they will support those good ideas and perhaps diversify their own business investments. Since the onset of the pandemic, we have witnessed universities move quickly to serve their students in a responsive manner. To continue to help students, university leadership will need to create partnership opportunities with the private sector to enhance entrepreneurship education as a key part of any degree programme. gulfbusiness.com

YOUR LEAP TO FINANCIAL FREEDOM We guide our clients with efficient plans to accelerate the growth of their investments and achieve ﬁnancial freedom. Our phenomenal team of market experts manage our clients’ investments, and we adopt the highest standards of risk management through fundamental and technical analysis.