Author: Saher Soukar

I’ve been writing and reading a lot lately about the luxury property market, especially right here in Dubai. What truly makes luxury properties luxurious is scarcity. Think of the fronds of the Palm Jumeirah – only a certain number of villas can be built there. News of a ten-bedroom Palm Jumeirah villa selling for a record $76 million in April rightly made the headlines.

Savvy investors are flocking to purchase luxury properties in Dubai, a trend that looks set to continue, especially as a way for HNWIs to hedge against rising international inflation. Bloomberg reports that the emirate saw the world’s biggest climb in prime property prices in 2021, a trend that looks set to continue not only this year but for many to come.

According to property firm Knight Frank, prime real-estate prices in Dubai rose 56% in 2021, beating price rises globally, which included increases of just 1.3% in London, 3.6% in New York, and 19% in San Francisco.

The luxury property sector accounts for around 15% of the local real estate market, with properties in this category valued at about AED 5-20 million. Still, there are certainly outliers going for figures like AED 99 million.

While popular Western cities, such as New York and London, command property prices way north of 20 million, Dubai’s luxury sector offers a great deal and more value for your investment in terms of fixtures, fittings, facilities, and space.

I’ve seen a rise in the branding of buildings and properties, adding an extra layer of luxurious flair. And, at the ultra-luxury end of the market, many people now want to move into a property – complete with not only fixtures and fittings, but everything from towels and bathrobes to crockery and cutlery.

Simply put, Dubai’s reputation is one of luxurious living. With a plethora of investment visas related to property, it has firmly become a safe haven for those escaping political regimes they disagree with and tax regimes they’d rather avoid.

I believe that my hard-earned reputation is now paying dividends. Buyers from Russia, Asia, and India are looking to snap up luxury property in a market that is currently booming, and it’s a win-win situation for all parties.

The first half of 2022 saw Dubai’s property transaction levels–both villas and apartments–at their highest levels in over a decade. This buying ‘frenzy’ can be attributed to COVID-19, strong economic sentiment, and great confidence in the local property market.

Post-pandemic, many people are pursuing their investments, their dreams, and the chance to enjoy a change in life. As ever, Dubai holds great global appeal for investors keen to purchase in a safe economic environment with regulation and tax breaks – and let’s not forget the luxury lifestyle we can all readily enjoy here.

We are seeing long-delayed projects now being revitalised, from Dubai Pearl at the entrance to the Palm Jumeirah to the Palm Jebel Ali.

Projects put on hold in the wake of the 2008/9 global financial crisis are now being dusted off and approached with renewed investment, as demand for luxury properties continues to outstrip Dubai.

The Dubai Pearl project – at the foot of the trunk of the Palm Jumeirah – is potentially being turned into an enormous resort that looks like the Moon.

Luxury is synonymous with our city, and with such projects – albeit only under discussion – there is a palpable sense of optimism in the market.

The new wave of billionaire investors searching for the latest luxury development in Dubai is increasing demand and creating greater scarcity.

Dubai has always been a place where properties are more spacious and more luxurious, and the current trends are towards increased luxury, more space, and more bespoke designer touches. I believe we will see more branded residences, more curated homes, and more fanciful designs.

No surprise, then, that those much-beloved villas on the Palm Jumeirah saw the highest price rise in the year to June, and reports from some realtors indicate that the average price per square foot for villa sales has increased by 28% this year, year-on-year.

With renewed investment in new developments from the government, Dubai looks set to remain a global centre of luxurious living and lifestyle, backed by a solid regulatory framework, a deep understanding of how to curate a lavish lifestyle, and a cultural, legal, and federal environment that continues to welcome people from all over the world.

Here in the UAE, we are blessed with abundant natural resources – oil and gas – to help fuel the global economy. But, as we all know, these resources are finite, and we must also move towards more sustainable, renewable energy sources. While energy revenues have allowed the UAE to become an influential global nation, diversification has long been on the national agenda as we move towards an economy that thrives on a variety of industries.

And what underpins such an enormous shift is people – entrepreneurial people, that is.

The UAE has now become a globally renowned centre for entrepreneurs, attracted by the attractive tax regime, easy business set-up schemes, and government-backed incentives to encourage innovation.

The UAE attained the highest score of 6.8 on GEM’s National Entrepreneurship Context Index (NECI), making this the best country in the world to launch a start-up.

While there is still some reliance on oil and gas revenues, the UAE attracts globally-significant inflows of foreign direct investment. But real economic diversification needs more locally produced goods which can be exported.

To achieve this, the government is aggressively pursuing entrepreneurs. The UAE, and Dubai more specifically, are aiming to attract entrepreneurs with a raft of schemes, including:

A $100.73 million (AED 370 million) Venture Capital Fund for start-ups

This recently launched Dubai-government-backed fund aims to bolster Dubai’s economic growth, and strengthen its position as a global hub for financial technology (FinTech), innovation, and venture capital.

The fund is overseen by the Dubai International Financial Centre (DIFC), which is a 15 per cent contributor. The AED 370 million aims to deliver capital to finance SME start-ups. It’s envisaged that the funding will help foster a stimulating environment for the establishment of similar funds or financing instruments.

What’s more, the fund is set to contribute around AED3 billion to the emirate’s GDP during its eight-year implementation period. It is expected to provide more than 8,000 jobs for emerging talents, underpinning Dubai’s position as a regional centre for entrepreneurship and financial technology, innovation and venture capital, and ensuring it draws in global investors and entrepreneurs.

Golden visas

Entrepreneurs might be more inclined to set up a longer-term business plan in Dubai and the UAE with the promise of a longer visa option. The rules around local work and residence visas are evolving. A recent development which will encourage longer-term investment in the UAE is the ‘Golden Visa‘ – a new five-year visa category exclusively available to entrepreneurs.

Applicants must be an “entrepreneur who owns an economic project of a technical or future nature, based on risk and innovation” and have received a letter of approval to apply for the visa from Dubai Future Foundation.

There’s also the chance for investors or company partners to apply for a Green Residence visa, which provides five-year residency for investors establishing or participating in commercial activities. Applicants must seek government approval of the investment and proof of investment to be eligible.

Emirates Development Bank’s $27.2 million post-Covid accelerator (Sanad) to support UAE SMEs

Emirati-owned and managed SMEs can benefit from easy-to-access flexible EDB loans, designed to rapidly accelerate post-pandemic businesses growth.

The AED100 million offering underlines the continuing focus the UAE holds on entrepreneurship, helping SMEs thrive under tough global economic conditions.

The initiative aligns with the UAE’s National Strategy and initiatives to support the small and medium-sized enterprises (SMEs) in the UAE.

Furthermore, EBD’s new credit guarantee platform – in partnerships with nine commercial banks – resulted in credit guarantees worth $90.38 million (AED332 million) to SMEs.

Venture Capital firm Shorooq Partners’ $150 million seed-stage fund for fintech, software, and digital asset start-ups

Another example of funding for ambitious entrepreneurs is Shorooq Partners’ new fund, which the company says will focus on firms in fintech, software, platform verticals and digital asset creation.

On announcing the fund, founding partner Shane Shin, said: “We believe Web 3.0 models like DeFi (decentralised finance), NFT (non-fungible tokens), Metaverse are going to be the key players in the next iteration of online business.”

I believe we will see more VCs like Shorooq looking for innovative start-ups, keen to tap into the region’s rapidly accelerating start-up ecosystem.

What makes a country truly great is its people. And we are blessed with a young, vibrant, educated and entrepreneurial population. But what makes the UAE even greater is our government’s unwavering commitment to a bold future, focused on successful SMEs, innovation and measured, sustainable growth.

Our entrepreneurial journey together certainly looks exciting.

All the signs are there – Dubai’s property market is booming. We’ve witnessed some record-breaking sales already this year, and it looks like the market isn’t cooling off anytime soon.

According to a property market analysis from JLL, robust demand and abundant liquidity spurred a flurry of activity, making Q1 2022 the most active first quarter on record. Global transaction volumes climbed 47% year-over-year to US$292 billion.

Locally, total transaction volumes between January and March 2022 hit US$15.3 billion across more than 20,000 transactions, the highest first-quarter rates to date. Off-plan sales were up nearly 95%, and secondary market sales increased by almost 75%. Compared to Q1 2021, 77% more apartments and 58% more villas were sold.

There are several reasons why I think 2022 marks a watershed year for the city’s luxury real estate market:

Post-pandemic confidence

People are keen to invest again, to travel again and to make reliable, solid investments. Also the confidence in Dubai has certainly grown, mainly because of the national response to the pandemic, which has been widely lauded for being swift and effective. Add the renowned safety, world-class infrastructure, global transport links, and year-round good weather, and we can see why the market holds such strong global appeal.

Portfolio diversification 

Investors are keen to align their investment strategies with longer-term economic and demographic shifts, and after the fear of the pandemic has subsided, they are looking to make more property investments.

There is still concern over investments in more traditional areas of the world, as the economic issues surrounding the pandemic continue, share prices are volatile and investors are looking for places such as the UAE where economic growth remains stable, at least. A recent report from international bank UBS suggests the UAE’s economic growth is projected to accelerate from 1.4 per cent in 2021 to 4.3 per cent in 2022 and 5.2 per cent in 2023.

Changing society

There’s an influx of wealth coming into the region, and more and more local people view luxury properties as a combination of a weekend retreat and an investment. UAE nationals are keen to invest in their own country, of course, but we are seeing more people looking into luxury property investment as the region exudes positive signals across all economic indicators.

The tax breaks

Dubai’s excellent tax regime – read low to no tax – is now bolstered by liberalising visa rules. Under most circumstances, investment in a luxury property now comes with a long-term residency visa, without clauses or catches. The ten-year Golden Visa is available to those making a secondary or off-plan (mortgaged) purchase over AED2 million, and represents a valuable proposition for investors, delivering longer-term security in the form of residency.

Scarcity

By its very nature, the luxury property market involves scarcity, and we’ve seen prices rising for some of Dubai’s most incredible luxury properties. In terms of the ultra-luxury segment, a lack of supply is causing prices in certain areas to double. As an indication of the price hike, property prices in the Burj Khalifa registered a 23% increase in 2021, according to property firm Knight Frank. Europeans and those from the CIS region are showing a great deal of interest in Dubai’s uber-luxury sector, as are GCC nationals.

Scarcity, of course, will lead to a flurry of new luxury real estate construction activity, I believe, as developers scramble to meet growing demand for ultra-premium properties.

Branded residences

An emerging corner of the luxury market is a rising trend of branded residences and uber-luxury serviced apartments and villas. We will see this continue to grow, mirrored by a surge in the number of ultra-high net worth individuals in the region.

The trend I’m seeing is for larger, more luxurious properties. The concept of a developer joining with an established, renowned luxury (hotel) brand is highly appealing to a wide segment of ultra-luxury investors, given the higher level of amenities, services and build quality.

Investors can even earn an income on a branded residence, as it can join the brand’s global rental ‘pool’ of exclusive properties, earning a decent yield.

However you view the market, it’s clear that the above factors bode well for Dubai and the region’s expanding ultra-luxury segment.

The dust has settled on Expo 2020, and as it evolves into an exciting new district, I believe it’s important to pause for a moment to think of the event’s legacy.

Technology

Every aspect of the Expo had a technology element, from the 150 state-of-the-art greeter robots to futuristic innovations such as 3D-printed food and the world’s first compressed-air train.

Visitors to the Netherlands pavilion could examine an integrated climate system that harvests water, energy and food through sustainable innovations such as a vertical farm.

Meanwhile, the Czech Republic Pavilion showcased how to create fertile land from barren desert by extracting water vapour from the air using solar energy.

And at the heart of Expo, Terra – the sustainability pavilion – allowed us to meander through forest roots and dive into ocean depths while learning about a range of global projects which provide solutions to help preserve our planet for future generations.

The legacy here is in sharing a global vision of an innovation-led, technology-centric future.

Sustainable Nation 

Key to the themes running across the six-month event was sustainability. Indeed, Expo led by example – such as the 4,912 solar panels on sustainability pavilion Terra’s 130-metre-wide canopy and 18 energy trees, which could create 4GWh of alternative energy annually – that’s enough electricity to charge over 900,000 mobile phones!

Of the million-plus visitors to the Terra pavilion, some 95 per cent pledged to bring about a sustainable change, such as undertaking meat-free days and swapping cars for public transport.

Many of those taking the pledges are UAE residents, so a clear legacy of the event will be in changing the habits of local residents.

It’s worth noting that the Expo site included renewable energy systems with a combined total capacity of 5.5 megawatts on all permanent buildings, which will remain as the site transforms into a new district.

The sustainable actions that permeate the entire site underline the UAE’s ongoing efforts in this field – and support the United Nations’ 2030 Agenda for Sustainable Development.

Sustainable lifestyle 

With more than 24 million visits during the Expo’s six months, people are bound to have taken away not only new ideas and ways of looking at things but sowed the seeds of new habits – such as the renewed effort to act more sustainably.

Expo 2020 provided the opportunity for people to move around a sustainable space. The event was brimming with practical sustainable solutions, and visitors encouraged to learn about and interact with exhibits.

One simple element which was a first in the UAE was charging for carrier bags across the entire site. This generated increased awareness of the lifecycle and journey of this everyday item and raised awareness of just how many bags we (unthinkingly) use.

Alongside the strong sustainability message, people were encouraged to view new means of transport, new ways of collaborating, and, of course, understanding. With 192 nations participating, there was a genuine chance for people to build a beautiful habit: of better understanding each other through the lens of sustainable activities.

Stronger global collaborations and networks

Every Expo is a chance for greater ingenuity and collaboration. We saw nations talking to each other, new business partnerships and a coming together of scientists, academics and thought leaders.

An enduring legacy of Expo is the fact that despite the devastation of the pandemic, the very human ability to endure, adapt, and progress was underlined every day at the event.

The UAE wisely took the opportunity of hosting Expo to introduce sustainable initiatives in the ‘test’ environment of the Expo site. This not only validated some concepts but created a great deal of interest among other nations.

One of the greatest legacies of the Expo is that it represented an unmatched opportunity to test different concepts, often using trial and error, and to explore whether ideas, tools and technology used in other countries could work in the UAE.

It’s clear that sustainability was a key pillar of every aspect of Expo 2020. With the vision of delivering one of the world’s most sustainable Expos, the concept was ingrained in every element from infrastructure, energy, construction and buildings. By paying heed to these factors, the site established a lasting sustainability legacy, which will endure long after Expo is over.

We are seeing a surge of interest in luxury homes in Dubai – which has long been a global capital of uber-luxury – and even though true luxury is characterised by scarcity, we can all take steps to create a little more luxury in our homes.

Stamping your style on your property is like creating your own USP – something personal, something special, something luxurious.

Having launched my own luxury property company last year, AHS Properties, I’ve become fascinated by what actually constitutes luxury. And it’s a very subjective – and often contentious – subject.

For some, it’s a gold-plated clawfoot bathtub. For others, it’s the latest technology. For others still, it could be a terrace, a shaded garden or a hot tub.

Heated driveway? Maybe not here in the Middle East, but for some, a luxurious touch that speaks volumes.

And it’s these extra touches that often make the difference between a great property and a luxurious one.

Key to the concept of luxury is a sense of exclusivity. I see many villas in Dubai featuring imported marble, ancient artefacts and bespoke furniture.

But what does luxury mean to you? In Denmark, there’s the concept of hygge (hoo-geh), which revolves around creating your own cosy, comfortable space, embracing nature and warmth. That sounds like creating a luxurious vibe in the home to me.

Creating luxury in your home is very personal. Perhaps you would like to add electric curtains, a state-of-the-art home theatre system or an oversized shower room?

One area with a luxury twist we are seeing in 2022 is driven by the pandemic trend of working from home. As more and more of us work from home or adopt a hybrid approach, spending a few days at home and a few in the office, we are looking for the ultimate home office set-up – a luxurious workspace we dream of when we’re ensconced in an office cubicle!

A simple approach is perhaps best – with people looking for the most comfortable chair, a (standing) desk, and a distraction-free environment.  This year, we are seeing a greater need for delineating spaces around the home for different functions – work, play, relaxation – and each area can have its own luxurious touches.

Each and every home can easily have its own style, and often, elements that give it a wow factor. While you might not opt for a home elevator, something simpler like a kitchen re-style can be effective, and lift your space up with a renewed sense of luxury.

But what constitutes a luxury home? It means different things to different people, but in 2022, luxury goes hand in hand with sustainability. Plants, more natural light, and air quality monitoring are little luxurious touches, while the macro-level of luxury – certainly in Dubai – revolves around having your own beach, pool, hot tub, plenty of parking, large gardens and multiple bathrooms.

Location and views are important factors when it comes to luxury living, alongside having more space than the average home. Palatial hallways, extra high ceilings and wide staircases are all high on the luxury scale.

Inside, it’s not uncommon for luxury properties to boast facilities more akin to hotels – such as hot tubs, oversized bedrooms with upmarket ensuites, a cinema room, gym, spa and even a private hairdressing salon.

Outside, you might find landscaped gardens, tennis courts, pools and barbeque facilities that wouldn’t look out of place at a beach club.

Building a USP should mean creating luxury elements that are personal to you – that could be anything from rare stone flooring to diamond-encrusted mirrors in every room.

While trends in luxury change and have certainly evolved, I think the most luxurious aspect of any property is very simple – that it makes you feel good to be there.

Travel and tourism, as I’ve said before, have had a rough ride during the last two years. While Expo 2020 showed that the appetite for travel and leisure is still there, things have changed pretty rapidly and the sector must now adapt to survive.

People have missed travel. There’s been a surge in staycations, glamping, and short-distance weekends away.

We’ve also seen a rise in more environmentally aware travel and regenerative tourism – where your stay has zero impact on the environment.

And technology underpins modern travel, from access to the amount of carbon your journey produces, to keyless entry, app-driven activities and dynamic pricing engines.

Younger travellers crave experiences over a week lying on a beach, and expect to book sustainable, yet off-the-beaten-path trips with ease online.

New trends are linked to innovation, which is key to the next era of travel. And innovation is driven by start-ups – bold, disruptive ideas that challenge the status quo, bring new ideas to the table and perhaps even make us re-think how we’ve always done things.

The Middle East might be blessed with year-round good weather, endless soft, sandy beaches and world-class travel infrastructure, but competition is high, and there needs to be innovation and a degree of imagination and creativity in the sector to encourage people to visit.

I’ve examined some of the start-ups in travel and tourism, and the future certainly looks bright.

For starters, how about a health and safety tracker super-app to help travellers ensure their safety? Utilising artificial intelligence and machine learning, tracking and warnings for severe health, unrest, and climatic events have now been developed. In the post-pandemic era, the need for on-the-fly monitoring of health and safety is paramount.

The 2021 Business Travel Show highlighted some sector innovators worth investigating. Firstly, the Climate Neutral Group was highlighted for its efforts in helping sector companies move along the road to carbon neutrality. Its TravelScan software analyses the impact of flights and helps reduce them.

At a time when corporate travel is only just beginning to bounce back to something approaching normality, PayPense, a Germany-based travel payment and expenses business, removes cash advances by allowing travel purchases to be billed to and paid for by the company.

PayPense also plans to launch carbon footprint accounting, calculating the greenhouse gas emissions of travel bookings and payments made via its platform. It also provides a personal CO2 footprint report.

According to Accenture, the global professional services company, the Middle East attracts more than 60 million tourists a year. The company, which opened a tourism innovation hub in Dubai in 2020, is helping sector start-ups bring their ideas to fruition. The hub promotes use of cutting-edge technologies such as AR, IoT, Machine Learning and AI.

Accenture predicts a 2% growth in the tourism sector’s contribution to regional GDP by 2024, valuing it at $29bn. The company also suggests there are more than 60 travel start-ups headquartered in the Middle East.

Leveraging the power of technology and innovation are the keys to success. Consumers expect a more seamless, personalised experience than ever before, from the moment they leave home.

I believe that truly innovative companies in the travel sector will combine high technology, good data and the need for transparent sustainability practices to make unbeatable products and services.

Innovation in travel is more crucial than ever, and technology will play a pivotal role in market recovery and transformation. We should all keep abreast of start-up activity, and do our bit to support them in making the world a better place to travel.

As we all know, Dubai and the UAE are great places to launch a business, with an environment designed to support innovation, ideas and entrepreneurship.

But, as with everywhere else, unique ideas can be few and far between. And even if you have had a one-off idea, there will quickly be ‘copycat’ companies jumping in on your business idea and copying your innovation, design and even business model.

As a start-up, if you are launching a ‘copycat’ business, it can be extremely tough. You haven’t got the brand cache, first-to-market advantages or clients that established players may have. You might have the passion, but often it seems like your business is playing catch-up with other players from the get-go.

So, when thinking of a business, isn’t it better to carve your own niche?

A desire to simply emulate a successful business often isn’t enough for survival. Yes, markets can be large enough to allow for several operators, but the more players, the more price-sensitive the market can be.

We know from history that some of the best business ‘eureka moments’ spring from unexpected sources. Entrepreneurs must be ready to think outside the box and create companies that are agile, lean and ideally, serving an emerging niche.

Having your own niche delivers a number of advantages, including:

Discovering a viable gap in the market, or creating a new product provides you with immediate market advantage, being first to market, and a new product will surely generate its own ‘buzz’.

You can develop your product or service to your own specifications and create pricing that doesn’t have to adhere to existing structures. Not having market expectations means you can get creative, make sure the product is exactly what you want it to be, and allow for dynamic, swift changes to the product in the first few months of business, as you learn on the fly.

Small is beautiful – as a start-up, you’re probably going to be lean, agile and can react swiftly to changing market needs and dynamics. This is a great advantage, especially in the fast-moving markets of today.

The local business environment lends itself to encouraging innovation, so why not take advantage of that? There are dozens of incubators, labs, co-working spaces and networking opportunities. Carve your niche, and let others follow.

Taking on huge companies with well-established markets, marketing strategies, and huge war chests isn’t as much fun as discovering a need no one else has, pursuing that idea and turning your vision into reality.

And of course, a small, responsive start-up with lower costs and overheads can organically create a niche market. A small player might make very good business selling vegan shoes for nurses, for example, but could fail if it simply sold shoes.

Ask yourself if you – and your company – has what it takes to master the niche, and check if the potential customer base is viable.

Niches can be highly lucrative, and larger, established companies might not have the focus of a passionate start-up business. Take advantage of local knowledge and market understanding to fight competition from large, powerful multinationals.

You might be highly successful creating a chai or gahwa outlet in the UAE, for instance, but it might not work in Paris, and your competition, such as Starbucks, for instance, will simply not localise their business strategy to that extent.

India’s biggest scooter manufacturer, Bajaj, survived Japanese scooter giant Honda’s arrival in India, for example, by doubling down on its brand cache, and its cheap, reliable scooters, served by a national network of cheap roadside repair shops.

Think carefully before embarking on any business. But my key advice is to spend a great deal of time on due diligence before embarking on any venture.

I’ve been extremely lucky to have gained enormous business acumen from my father, Hussain Sajwani, Founder of DAMAC Properties, and most grateful for education. But I still treat each and every day as a learning experience.

Like many of us, I’ve had many business ideas, some viable, and others simply pipe dreams. Quite often, our business ideas are driven by our passions. You are interested in a particular topic, and through your interest, you identify a problem and then, logically, perhaps think up a solution to that problem. But how do your turn that potentially great idea into a viable business?

I’ve been looking into how we can best turn our passions into business ideas, and here, humbly offer six tips.

Mentors and inventors

Mentors can help us at all stages of our business life. Having the humility to listen to someone else’s trusted advice is a great quality in any entrepreneur’s playbook.

Likewise, industry experts, inventors and creatives can all bring new, alternative or fresh insight into how to turn your business idea into a reality.

And don’t be afraid to ask questions – most people are more than happy to field your queries – and let’s be honest, we all enjoy sharing our subject knowledge.

You might need to talk to scientists, engineers or coders – basically, seek out experts in your field that can help you with major pre-launch research, such as conduct a feasibility study into product viability, initial costs, development and design, for example.

We live in a country geared up to encourage business start-up success. I recommend reaching out to your own network, your family and friends, and making contact with the growing number of incubators, accelerators, and mentoring programmed based right here in the UAE.

And of course, the more people you talk to about your business idea, the better idea you will get of its feasibility.

Research, research, research

Following on from that point, research is crucial if you are to turn a dream into reality. You might discover your idea is already being done, or you might find the start-up costs are simply too prohibitive without funding.

Again, use your existing network as a sounding board. Speak to your family, your friends, and people already involved in the sector you’re pursuing.

An online survey is a great way to gauge interest in your idea. Take the time out before you get deeply involved in a new venture to analyse current and potential market volumes, geography, material availability and supply chains, for example.

Depending on the sector you will be working in, it can be extremely useful to develop pre-launch focus groups – made up of a wide cross-section of society, including potential customers, suppliers and perhaps even competitors.

Examine the competition

An entrepreneur knows their competition. You must work hard to understand the market and sector you’ll be working in. Ask – and research – whether anyone else is offering your product or service, or something similar?

What will you be up against? Is your idea innovative or unusual enough to dent existing players’ business? Do you really have the passion to carve a niche, or even a new sector? Remember, Henry Ford failed twice before settling on his ubiquitous vehicles’ famous Ford production model.

As he put it: “Failure is simply the opportunity to begin again, this time more intelligently.”

Today, we have the tools and technology to start off with more intelligence, drawing on our own knowledge and the collective knowledge offered by history, business experts, coaches and mentors. Competition is always good, and you can learn from your competitor’s mistakes.

Embrace tech

In our tech-driven world, before you embark on a new business journey, examine how best to utilise technology to maximise ROI, reduce cost and enhance services. One area it’s definitely worth maximising investment in is technology.

Before you start a company, invest time and energy in ensuring you have the best technology solutions in place for managing customer relationships, your supply chain, your finances and accounting…to begin with. You might be a technology company, but you must spend time focusing on your own tech-based systems before you can offer great technology solutions to others.

Funding the foundation

Funding and cash flow are vital in the early days of any new business. You might be driven by your passion, but carefully examine the initial and ongoing costs.

Will you need an office, warehouse or production facility? Again, Dubai is blessed with a vast variety of real estate options, from shared workspaces to huge free zone warehouses. Examine your needs carefully, and allow for expansion or contraction of your real estate footprint. In the early days it’s a great idea to join an incubator or co-working hub, as they offer a space to work alongside all the other benefits of being in a shared space, such as training, mentoring, networking, lower costs and flexibility.

Decide if you will need investors. There are a great many investors out there, but they will all want to see solid business plans, a sensible approach and solid profit projections.

Could a business incubator or business consultancy help you create the right pitch deck for investment? That’s down to you, but my advice is to always seek advice. Don’t assume you know all the answers, and trust in the experience of others to guide you onto the right path.

Networking 

What comes across in each of these tips is the value of human connection. Networking, training, speaking with family and friends. We are surrounded by people who love us, believe in us, but also those who we know will be honest with us. Your best friend might support your business idea, but a coach will tell you how it really is.

And spreading the word about your new idea will certainly help spread your passion. People are your best tool for marketing, awareness and encouraging interest – so get out there and find your tribe.

Having that initial idea for a business is a wonderful feeling. Getting it off the ground tests your resolve, your strength and your spirit. But don’t do it alone. Use all your knowledge contacts and abilities, and go for it! Best of luck!

Late last year, a survey from Standard Chartered Bank revealed that 74% of UAE investors would like to leave a positive legacy through sustainable investments – a figure that compares favourably to the global average of 65%.

As Marc Van de Walle, Global Head of Wealth Management at Standard Chartered Bank, said: “The world is becoming more aware of the pressing issues we face, from economic and social inequalities to the catastrophic effects of climate change. While the pandemic has heightened these issues, it has given us the chance to pause and reassess our priorities.

“With growing awareness of these global problems, investors recognise they have a responsibility to make a difference,” he added.

In light of this, I conducted my own Twitter poll, which gave some similarly enlightening results. I asked what people prioritise when choosing where to invest their money. No surprises that among both Arabic and English investors, price remains a key concern.

But sustainability came a close second, with 37.1% of the 3,594 Arabic poll participants prioritising this factor, and some 25.5% of the 1,520 English speaking voters considering it their number-one concern.

So it seems interest in sustainable investing is at an all-time high. Increasingly, investors are looking beyond their returns and considering how their choices can make a positive impact. What’s more, the two needn’t be mutually exclusive.

We live in a world where investment has become much easier – with banks, apps, crowdfunding sites and financial companies all vying for our money. And with this ease has come a great deal of information about investments. We can quickly find out where our money is going, and how corporations make profits. The power lies with us as investors, regardless of the level of sophistication or funds in question.

UAE Minister of State, Ahmed Al Sayegh recently agreed that there is an upswing in companies incorporating sustainability into their post-pandemic recovery plans. We’ve all come to expect a higher degree of corporate responsibility and – more than ever before – people are voting with their wallets.

And when you consider that investment luminary Larry Fink, CEO of BlackRock – one of the world’s largest asset and investment management companies – revealed in his 2020 industry-shaping annual letter that his firm was putting sustainability at the centre of its investment strategy, it’s clear that the time has come to take this issue seriously.

Following up in his 2022 letter, Fink revealed that BlackRock’s sustainable investments have now reached a staggering $4 trillion. He also highlighted that “all markets will require unprecedented investment in decarbonisation technology”, and asked “businesses to demonstrate how they’re going to deliver on their responsibility to shareholders, including through sound environmental, social, and governance practices and policies”.

However, while sustainability has obviously gained significant momentum within the world of business, what surprises me is that 26% of UAE investors – according to the Standard Chartered survey – simply do not consider sustainability when making investments.

With this in mind, I thought I’d set out the case for why we should all ensure sustainability when looking to invest, and not only for altruistic reasons…

The clue’s in the name

First off, a sustainable company – by its very nature – is more likely to have carefully considered the future of, and the effect of its activities on our world. Increasingly, companies are being asked for transparency in terms of their actions, with consumers, stakeholders and governments requiring a higher degree of corporate responsibility.

Measurable goals are already in place

Both locally and internationally, governments, authorities and organisations are all working towards sustainability goals and emission targets. Investing in a company that is either blissfully unaware or wilfully ignorant of these goals surely represents an unwise move over the longer term.

While environmental, social and governance (ESG) reporting is still mostly voluntary, we are moving towards more concrete requirements, and some 38% of respondents to Deloitte’s Global Risk Management Survey named ESG as one of the three risk types whose importance will increase most for their institutions over the coming two years.

Fossil fuels are finite

Perhaps one for the “well, obviously…” column, but it’s surprising how many people seem to ignore this consideration when choosing where to spend their money. While it’s true that these energy sources are still heavily relied upon at present, forward-thinking investors would do well to add future fuels such as solar, wind and hydro to the portfolios.

While investment giants such as the aforementioned BlackRock have not stopped investing in fossil fuel companies en masse (a short- to medium-term strategy, one would hope), those same companies are nevertheless actively seeking greener, more sustainable energy sources.

Our future is virtual

With the rise and rise of cryptocurrencies, non-fungible tokens (NFTs) and digital property, the virtual world – although arguably not yet a sustainable environment – represents an exciting prospect for investors. While blockchain and NFT transactions have come under fire for their energy usage, their environmental performance is likely to improve as virtual transactions become increasingly powered by greener fuels.

The writing’s on the wall

In short, those not considering sustainability in their investment portfolios are in danger of being left behind. It is vital for any savvy investor to keep their fingers on the pulse of current trends, and it very much seems to me that in 2022, these trends will be heavily focused towards sustainability.

Let me start by making a confession: I’m biased. For me, when it comes to ultra-luxury real estate, Dubai – and the UAE in general – tick all my boxes as an investor.

Our nation boasts a wide array of advantages for high-net-worth individuals (HNWIs), including, but not limiting to, a mature legal system, a range of residence visa options, tax-free living and – let’s not forget – year-round sunshine.

That’s why I chose Dubai as the launchpad for AHS Properties; because when you’re focusing on real estate units with values in excess of AED 80 million, it’s vital you select a market with the capital to match.

However, despite my strong preference for Dubai, there are a handful of other wonderful locations around the world that offer similarly tantalising properties with the ability to gain the attention of HNWIs.

So, without further ado, here are my top five overseas locations for ultra-luxury real estate, but be warned – only those with deep pockets need apply…

Monte Carlo, Monaco

What uber-luxury real estate list would be complete without mentioning the jewel in the Monégasque crown? Situated on the French Riviera at the base of the Maritime Alps, Monte Carlo is home to stunning sea views, beautiful weather and Monaco’s only public beach.

As you’d expect, property in the playground of the rich and famous doesn’t come cheap, but prices begin to get particularly eye-watering when you venture into the area’s ultra-premium segment. With ‘average’ units costing at least a million dollars, the sky really is the limit when it comes to Monte Carlo real estate.

For context, Le Tour Odéon penthouse in Monte Carlo’s La Rousse neighbourhood boasts an estimated value of $335 million (AED 1.23 billion).

So yes… This certainly isn’t a location for house hunters operating on a budget.

Los Angeles, CA, United States

Financial commentators are fond of pointing out that if California were its own country, it would rank among the biggest economies in the world (the fifth largest as of 2021). It’s hardly surprising, therefore, that the US’ ‘Golden State’ boasts enough high-end real estate to rival most sovereign nations.

From San Diego and Atherton to San Francisco Bay and Santa Barbara, there’s no shortage of locations for anyone on the hunt for premium property. However, if you’re talking uber-luxury, there’s one city that stands out from the rest.

A magnet for the entertainment industry’s rich and famous, Los Angeles is home to more than its fair share of enviable real estate, with high-end properties regularly selling for tens of millions of dollars.

If you want to tap into the ultra-premium segment, the city’s most expensive property is valued at approximately $250 million (AED 918.2 million).

London, United Kingdom

A perennial favourite for UAE investors, it wouldn’t feel right to discuss uber-luxury real estate without mentioning London.

Of course, the UK’s capital is not exactly renowned for its spacious villas or sprawling mansions, but don’t let the city’s unassuming façades fool you. Some of these homes need to be seen (on the inside) to be believed.

With expansive living spaces, unparalleled interior designs, and ‘mega basements’ sporting everything from swimming pools to artificial beaches, there’s just no telling what may await you when you step inside the ultra-luxury properties of neighbourhoods such as Kensington, Chelsea and Belgravia.

As you might expect, this kind of densely-packed opulence comes with a hefty price tag, so make sure you have upwards of $200 million (AED 735 million) at your disposal if you’re interested in buying one of London’s most expensive properties.

Hong Kong, China

Interested in uber-luxury city living but worried London might be a little westerly for your tastes? If so, it might be worth checking out Hong Kong’s premium property scene.

Naturally, living in one of Asia’s most vibrant cities doesn’t come cheap at the best of times, with valuations for ‘entry-level’ units starting at approximately $500,000 (AED 1.84 million).

Those looking to secure a home in one of the city’s more upmarket neighbourhoods, such as The Peak, can expect to pay anywhere from $15 million (AED 55.1 million) to more than $300 million (AED 1.1 billion).

Saint James, Barbados

If, on the other hand, you’d prefer your uber-luxury property to benefit from a chilled-out beachside location, look no further than the Saint James parish of Barbados.

The international transport links may not be what you’d call ‘rapid’ (we’re talking about a flight time of more than four hours just to reach Florida), but the island nation’s remoteness may well strike you as a plus point.

Barbados’s record real estate sale – the Palazzate in St Peter – fetched $125 million (AED 459.1 million). If, on the other hand, you’re looking for uber-luxury an uber-luxury property below the hundred-million-dollar mark, you can currently get your hands on a 10-bedroom coastal villa for around $40 million (AED 146.9 million).

Expo 2020 Dubai has shown the world how careful planning, pandemic control and strict health and safety protocols can ensure everyone can enjoy a tourism experience.

Yet the global tourism industry’s future remains uncertain, with complex issues such as the pandemic, sustainability and fuel prices combining to create myriad issues.

And yet another pandemic lesson was how swiftly all nations and people could work together for a common aim – in creating not only one vaccine, but many.

If we could apply this same approach to the tourism sector, we might ensure its survival for the benefit of all.

I believe we can all work together to help ensure the sector’s future success in several ways.

The pandemic has been a call to action for global governments to respond in a coordinated way, highlighting the importance of adopting integrated tourism policies to help recovery.

Many corners of the world rely on tourist dollars to support the national and local economy, and the pandemic has left them devastated.

The events of the last few years have thrown the need for rapid action in the face of crisis into stark relief. Governments must work to help communities, workers and districts struggling without tourism.

Of course, we can help by donating to fundraising efforts and drives to help those most affected by the crisis.

Alliances, I believe, will be critical to ensure the survival of the tourism industry. Perhaps regions can come together to encourage multi-centre trips, but for now, the problem is more fundamental.

Governments and international tourism sector representative organisations must work together to help ensure the safety of tourism workers, travellers and destinations.

While 2022 is the year we may well see the world opening up again, many people will still be reluctant to travel for fear of new COVID variants, fear of getting stuck far away from home, or falling foul of changes in local and international travel rules.

Ensuring a multilateral approach to travel rules, with nations supporting each other, will certainly help.

I’m reminded of the ‘green’ and ‘red’ list travel corridors agreed upon between certain nations, such as the UAE, to help facilitate safe travel.

And, of course, better international coordination will help nations deal with future unplanned events in a swifter, more effective and efficient way.

As mentioned earlier, some developing nations heavily rely on tourism dollars. Nations must invest heavily in helping the sector survive – from helping international hotel chains to providing grants for grassroots souvenir manufacturers. In many countries, the tourism sector’s contribution to GDP is substantial.

Tourism is also an industry that not only helps people earn a living but also fosters innovation, encourages understanding, builds better communities and helps wider economic recovery. These are all certainly worth supporting.

With continuing support from government and tourism sector organisations, the tourism sector should slowly bounce back become more sustainable and resilient.

And part of that resilience, I believe, can come through more reliance on technology. We can use technology to gather more evidence – gathering information can lead to research and data analysis, which in turn can help inform better national and international policy decisions.

While the pandemic has been a tough experience, we can hope that it is also viewed as an opportunity to make bold changes.

In terms of the tourism sector, I hope that lessons learnt over the last two years will lead to fairer, more sustainable and resilient tourism development.

And, of course, my final point must surely be that the responsibility lies on us all – those privileged enough to be able to travel – to seek out sustainable new adventures in some of the world’s more interesting places, and support the re-growth of the tourism sector while enjoying ourselves. That sounds like a good plan for 2022!

There are so many opportunities right now in the UAE for entrepreneurs, start-ups and scale-ups. But with so many options can come confusion – like how to set up, where to set up and how to seek the best possible investors…so I’ve taken some time in researching how to navigate the UAE’s ever-expanding start-up scene.

There are so many attractive reasons to launch a business venture in Dubai. Not only is it a perfect testbed for a new product, given the international, cosmopolitan population, but the tax-free environment can really make a difference to a start-up’s success.

Ministry of Economy figures suggest the SME sector represents more than 94% of UAE companies. In Dubai alone, SMEs comprise almost 95% of all companies – contributing around 40 per cent of Dubai’s GDP.

While Dubai enjoys a world-class infrastructure, there are many local business incubators and accelerators, and business-friendly local laws.

A straightforward approach to business formation and set-up is also encouraging more and more entrepreneurs, and with around 30 free zone locations in the city-state, there is a place for all sorts of activities, industries and sectors.

But still, it’s worth taking a moment to go over what we should all do before embarking on any venture – a set of guidelines that we can perhaps call the ‘founder’s mentality.’

Due diligence

With so many set-up options, it’s easy to go for the first option. The company formation sector is competitive – so look for a deal! Many company formation organisations offer incentives; your overriding thought should be on looking into how long the formation company has been in business, how many clients it has, and how happy those clients are.

You might wish to speak to relatively new companies that have used the services of the formation company.

Having researched the myriad ways of setting up your company, consider whether or not you need a partner – local or otherwise.

While the laws are changing, many types of companies still require a local partner, and indeed, benefit from the local experience, contacts and assistance.

Profits are still retained in the company’s name, and partnerships can be drawn up by contract, to ensure both parties enjoy mutually agreed benefits.

Sometimes it’s useful to seek a partner with relevant experience in an area of the business you perhaps have no experience in – like finance, sales or global markets.

Another question to carefully consider is whether to start an onshore or offshore company. Both offer different benefits, and free zone companies come with restrictions on where and how your company can trade.

Finally, there are different benefits to registering locally or internationally, but both options bring their own benefits. This due diligence process shouldn’t be conducted in isolation.

Reach out to business formation companies, lawyers, and network with other business holders.

Funding

It’s well known that most start-ups struggle in their first year. So, will you need funding? Where might that funding come from?

You’ll need a solid business plan and an accountant to ensure your business model is solid. Banks and investors alike expect to see your figures and a solid plan in place.

It’s worth investigating funding options, from government-backed schemes such as the Mohamed Bin Rashid Innovation Fund to help for smaller home-based businesses, such as Intelaq.

A number of free zone funding and business assistance schemes are also in place, such as the Dubai Technology Entrepreneur Center (Dtec) within Dubai Silicon Oasis.

There are, of course, private investors always looking to invest in your fantastic business idea, and crowdfunding has really taken off in the last few years. Again, you’ll need solid plans and financial statements to access crowdfunding.

Finally, don’t forget family and friends – a great way to help get your business off the ground and to involve a team of people who trust and believe in you from the get-go. Just ensure everyone understands what they’re getting into and manage expectations.

Are you ready? 

When people believe in their business ideas, they often jump in without much business knowledge, training or understanding.

Is the market really ready for your product or services? Are your financials realistic?

Perhaps examine the range of courses available – both online, at local business schools and colleges in subjects that will help give you the knowledge and confidence to pursue your business.

Experience counts for a lot, but in today’s ever-evolving markets, it’s worth refreshing your actual expertise and re-considering what you think you know.

A mentor is another way to ensure your readiness – seek someone who has experience in your planned sector and spend time with them before you dive into your new venture; there are now many websites where you can link up with a potential mentor.

Take the early days of your business to learn what you need to know, and take advantage of having the time to fill any knowledge gaps before you get deeply into business.

Incubators

As well as mentoring, joining an incubator can help navigate the issues many start-ups face. And Dubai is a hotbed of business incubators.

A good starting point might be Dubai Start-up Hub, a Dubai Chamber initiative, which offers a wide range of help for entrepreneurs, and puts them together with corporates looking to work with start-ups, as well as linking the emerging business community with investors. It also hosts events, training and workshops.

Meanwhile, The MBRIF Accelerator, a federal government-backed programme sponsored by the Ministry of Finance, “identifies, equips and provides bespoke services to the highest potential innovators to thrive.” In practical terms, the Accelerator offers mentorship-level business advice and a helping hand to get your innovative business idea going.

SANDBOX is the incubator element of Dubai Technology Entrepreneur Center (Dtec), helping early-stage tech entrepreneurs navigate their first year of business with a 12-month programme delivered by the Dtec Ventures team.

SANDBOX is built around six pillars – product development, traction, scaling, financial diagnostics, legal support and wellness, with a bespoke programme of required resources.

Networking

Finally, talk to everyone you meet about your business idea. A true leader is a great storyteller, and every time you tell someone, it helps spread the word about your new business.

Take advantage of the UAE’s rich business landscape by attending events, joining like-minded groups, and finding your tribe.

Try joining websites such as meetup.com and Eventbrite to gain access to local networking events.

As the world moves back to being able to take holidays and travel again, global competition to win back tourism dollars has perhaps never been so heightened.

And I’ve been thrilled by the UAE’s efforts to attract people back. You may have seen the pizza and flamingo adventurers enjoying an animated Dubai – here – and what this fun advert achieves in 30 seconds is quite incredible.

Firstly, employing the voices of two of the world’s most popular and famous Hollywood A-listers – Zac Efron and Jessica Alba – brings warmth and familiarity, not to mention the subliminal power of association.

Next, the animation is just the latest in a series of carefully-curated film trailer-style adventures in Dubai – called ‘Dubai Presents’ -starring the famous duo, with films taking inspiration from familiar Hollywood scripts – mystery, romance, adventure and action.

As Issam Kazim, CEO, Dubai Corporation for Tourism and Commerce Marketing, puts it: “This synergetic approach to showcasing Dubai’s diverse offering involves the enlistment of celebrities, influencers and community personalities to create a steady stream of ambassadors and advocates to narrate Dubai’s story across gastronomy, retail, tourism, leisure and events [showcasing] it as the best city to live, visit and work in.”

What this does for me – and I can only speak for myself – is to create a sense of excitement, wonder, and possibility.

I think applying Hollywood-level production values to these incredible short stories makes Dubai and the UAE seem like a truly aspirational, fascinating and unusual place to visit.

Meanwhile, Abu Dhabi teamed with actor and wrestler John Cena to produce another super-inspirational film trailer-style ad for the capital city, which draws upon everything the city has to offer as the actor parachutes in.

Tourism and the travel trade has undeniably had a rough couple of years. And there’s no denying a large part of Dubai’s move away from reliance on oil and gas revenues is to promote tourism.

Having battled the pandemic with foresight and vision, the move to employ exciting movie-style promotion, in my opinion, is inspired.

Expo 2020 has worked wonders for tourism to Dubai – despite the uncertainty of the ever-changing nature of COVID-19 and its variants.

The UAE news agency, WAM, recently reported that the emirate enjoyed an incredible 4.88 million visitors between January and October 2021 – with October alone welcoming more than one million international visitors.

And as Issam Kazim, CEO, Dubai Corporation for Tourism and Commerce Marketing, puts it: “…through the effective citywide management of the pandemic, the city has strengthened its position as one of the safest destinations in the world. With the support of our stakeholders and partners, Dubai’s ability to evolve and adapt has been critical in ensuring that the city continues to retain its position at the forefront of the world’s leading travel and business destinations.

“As part of our strategy, we have consistently used innovative global campaigns to further highlight the city’s multi-faceted touristic appeal and reach our overseas markets.”

Figures reveal the massive success – and appeal – of the Dubai Presents campaign. In 2021, the campaign broadcast more than 3,500 assets in 25 different languages, specifically targeting audiences seeking international travel, and those who had engaged with previous campaigns or were searching for Dubai on digital channels.

In a highly competitive sector, strong partnerships and high levels of creativity such as this film series serve to create a distinctive vibe around visiting the UAE, and I’m proud to see our nation being promoted in such an imaginative way – which will ultimately benefit us all.

Like many of us, I’ve been wondering what will happen to the beautiful, inspiring Expo 2020 Dubai site when the event sadly closes its doors next March.

Well, perhaps unsurprisingly, the enormous (4.38 square kilometre) site is set to be transformed with great vision and flair into a new residential, office and leisure zone, District 2020.

This ‘people-first’ community has some fantastic ideas at its heart – such as sustainability and the chance to fully achieve a healthy, balanced lifestyle in an environment that seems truly attuned to the needs of all in the 21st century.

District 2020, according to its own vision, is being carefully designed to support the future of working and living.

The master plan aims to attract those seeking a “more balanced” way of life – prioritising well-being, inspiring new ideas, facilitating growth and enabling human potential.

To me, such lofty ideals are what makes Dubai the most exciting city on earth, and District2020 looks set to create a new paradigm for the way we live in this region. I’m mindful of the ongoing success of Sustainable City, a regional benchmark for net-zero living.

A key aspect of the District 2020 plan is the ‘Scale2Dubai’ initiative, which is worth studying in more detail.

I’d like to share my discoveries about this initiative here.

Firstly, Scale2Dubai is a globally-focused entrepreneurship programme designed to attract top start-ups and small enterprises, with proven business models, to this new city district.

By the time Expo2020 concludes, some 80-100 companies will have been chosen to take part in the programme.

Each chosen company – which must be at the Series A or Seed funding stage – will be given a range of incentives to take full advantage of conducting business in and from District 2020.

These incentives include:

• A two-year visa
• Two years of subsidised urban living
• Two years of free workspace
• Business setup support
• Guidance on how to scale-up the business
• Clear pathways to funding and deal flow
• Networking opportunities and connections with renowned global players

Ahead of the launch of Scale2Dubai, Tala Al Ansari, director, innovation ecosystem and Scale2Dubai, said: “Start-ups and small businesses from Scale2Dubai will have the opportunity to collaborate with large corporations, government entities, accelerators and, universities at District 2020. They will also have access to venture capitalists and funding entities to support their growth plans.”

The Scale2Dubai programme seeks to attract future-forward businesses. Key sectors the first wave of applicants will be chosen from include those companies working in smart cities, smart logistics, smart mobility and Industry 4.0.

With a focus on advanced technology, District 2020 aims to attract SME start-ups creating business in Artificial intelligence (AI), big data, 3D printing, robotics and Internet of things (IoT), to name a few.

Having applied to take part in Scale2Dubai, a judging panel will choose the successful applicants in March 2022, coinciding with the conclusion of Expo2020.

The finalists will actually be announced during the Expo closing ceremony, and by October 2022, the first cohort under the Scale2Dubai scheme will be onboarded and set-up within the brand new District 2020 site. The plan is then to attract several cohorts, with the second cycle welcoming new business to the site in April 2023.

I believe Scale2Dubai is an exciting, bold and visionary step towards encouraging innovation, partnerships and collaboration – three concepts which are increasingly driving business in the UAE and 21st century.

District 2020 and Scale2Dubai are exciting programmes that I will continue to watch avidly, and I look forward to becoming part of this emerging masterplan in whatever way I can.

What a month it’s been! Since launching my latest venture, AHS Properties, at Cityscape Global 2021, my life has seemed like a nonstop whirlwind of phone calls, messages and meetings.

Not only have I had fun interacting with people from across Dubai’s vibrant property community, but I’ve also had the opportunity to extol the virtues of our emirate’s thriving uber-luxury real estate market.

As you’ve probably guessed, I absolutely love this sector. The problem is that when I’m passionate about something, I sometimes forget that not everyone will share my enthusiasm.

It’s therefore given me pause for thought to find that a small minority of property professionals seem somewhat uncomfortable about the timelines and volumes involved in uber-luxury real estate.

Why is it, I wonder, that a market that excites me so much makes some people feel nervous?

Most of those I’ve been speaking to about my new business appear fascinated by Dubai’s uber-luxury real estate sector, and why wouldn’t they be?

After all, aerial shots of sprawling beachfront villas on Palm Jumeirah seem more at home in a Hollywood blockbuster than inside your average property brochure.

People become even more interested when our discussion turns to AHS Properties’ business model.

The potential yields within this market are extremely attractive from an investment perspective, and certainly have the power to turn heads.

Nevertheless, a minority of real estate professionals become somewhat jittery when our conversation shifts to volumes and project timelines.

I expect renovations on our AED150m Amara Villa at Emirates Hills property, for example, to take upwards four to five months, and I’m perfectly comfortable with this timeline.

When it comes to properties with values of this magnitude, quality is paramount because even the slightest slip in standards could cause a deal to fall through. In this sector, you simply cannot afford to rush.

The need to deliver the very best product that money can buy also means that it would be foolish for any uber-luxury real estate company to spread itself too thin.

AHS Properties has launched with a total asset value of almost AED400m, yet our portfolio comprises just four villas. Even at full capacity, I do not envisage dealing with more than 20 properties at any one time.

In truth, I suspect that’s why this sector makes some real estate professionals nervous. High-quality, low-volume, long-term projects are bound to rattle the nerves of those used to turning around hundreds of units as quickly as possible.

The uber-luxury real estate sector is, in essence, the antithesis of ‘flipping’.

My decision to focus on quality over quantity, both in terms of our portfolio and timelines, is both deliberate and strategic.

AHS Properties is targeting high-net-worth individuals (HNWIs) and, while they may not necessarily be constrained by budgetary concerns, they will nevertheless demand value for money.

And that’s fine with me because I have every confidence in Dubai’s uber-luxury sector. Market confidence has returned following the pandemic and (perhaps because they had to spend more time than they would have liked confined to their apartments during lockdown) many prospective buyers are looking for the type of space only afforded by villas.

Megaevents such as Expo 2020 Dubai and FIFA World Cup Qatar 2022, meanwhile, are attracting millions of new residents to the Gulf, boosting both short- and medium-term demand for luxury properties.

Don’t take my word for it. Just look at the recent Knight Frank report, which found that villa prices in the emirate rose by 5 percent in Q3 2021.

Even more encouragingly, the number of homes worth more than $10m sold in Dubai during the first three quarters of the year was 54, almost doubling the previous record set in 2015.

Dubai’s uber-luxury real estate market is stronger than ever, so I couldn’t have picked a more opportune moment to launch AHS Properties.

In my opinion, our willingness to take our time and do everything properly is going to play a crucial role in our long-term success.

The trust of our customers is our most important asset and, if we can build a reputation for delivering immaculate properties to market, a streamlined portfolio will offer a competitive advantage.

Ultimately, this sector is unlike any other within real estate because you cannot ‘flip’ this type of property. To make it in this market, you need guts, persistence and an unwavering dedication to quality.

So, if you’re only interested in making a quick buck, you’re probably right to be nervous. Dubai’s uber-luxury real estate sector is not for you.

No one could have predicted what the long-term effects of the pandemic were, but as we move further away from the height of the virus’ hold, I’m keen to know how Dubai’s economy will fare.

The analysis and economic indicators all point to solid growth. While Dubai Statistics Center (DSC) reported a 10.9% contraction in the city-state’s economy year-on-year in 2020, most pundits agree that 2022 will see a gradual uptick in economic activity, with DSC analysis suggesting a 3.4% uptick in growth next year.

Meanwhile, research firm Fitch Solutions puts UAE growth next year at a conservative 3.7%, revising it down (from a 4.1% 2022 forecast) in light of the global impact of new variants of COVID-19.

While its research suggests the ongoing COVID-19 virus might dampen growth, it equally expects the UAE economy to be bolstered by increasing visitor numbers and strong domestic demand.

A Fitch analyst said: “We expect real GDP growth to accelerate…in 2022 due to stronger hydrocarbon output, a sustained recovery in tourism activity and resilient domestic demand.”

After a concerted effort to control the virus, Dubai became one of the first cities in the world to re-open to tourists (In July 2020), perhaps underlining its incredible efforts to stamp out the virus while underlying its strong economic reliance on tourism, leisure and entertainment.

As expected, Expo 2020, the winter weather and the rapid rollout of vaccinations has led to a notable surge in tourism as we approach year-end.

Real Estate 

After a slow decline of many years, the real estate sector is seeing a strong rebound.

In a recent report, S&P Global Ratings said residential property prices in Dubai: “have been rebounding strongly from a record low at end-2020 — since the peak in 2014 — on the back of pent-up demand from both international and local buyers, improved investor and consumer sentiment, a rebound in oil and gas prices, and gradual macroeconomic recovery, which in Dubai has been supported by high Covid-19 vaccination rates and new visa and corporate ownership rules.”

S&P analysts predict GDP growth of 3.5% in 2021 and 2.5% in 2022, after a record contraction in 2020 – experienced all over the world.

But they suggest there will be sustained momentum in tourism – which they also put down to Expo2020.

S&P also cites the raft of new residence visas, including for remote work and retirees, as a catalyst for “population and investment growth over the longer term.”

With this steady, organic growth in mind, I felt the time was right to launch a luxury property company, AHS Properties, which offers very high-end, exclusive properties in some of the city’s best locations.

The company will attract interest from foreign investors, but we hope our portfolio will also appeal to those already living here in Dubai.

My faith in Dubai’s wise leadership, cautionary, planned economic growth and drive for success underlines my commitment in the new venture.

In some very small ways, I hope that the new venture will help bolster the nation’s economic growth.

Given the gradual return to ‘normality’, most analysts see steady organic growth in Dubai and the UAE for next year.

Expo 2020, while delayed for a year, has brought a host of tourists and business opportunities that will reach far into the future.

Thanks to careful strategising, I’m excited to see the Expo2020 site develop into District2020, a fantastic, master planned community, that will ensure the positive economic effects are not a temporary bubble.

As we pivot back towards more travel – both for business and leisure – one thing that’s caught my eye in the travel sector is (loud) moves towards more sustainability practices.

If companies are leading the charge to some extent – with Virgin, Google, and IATA announcing major sustainable travel initiatives, consumers are more likely to pay heed and give more attention to their own carbon footprint.

A recent survey conducted in the UK cited COVID as the primary concern for business travel, closely followed by cost.

However, only 11% of employers mention sustainability as a concern when booking business travel.

And powerful resolutions, such as those set by IATA, are not without problems.

As United Airlines’ chief executive Scott Kirby told IATA delegates at the recent October conference for the air transport industry, carbon offset is not enough, from an industry perspective, at least: “Carbon offsets are planting trees.

Noble as that is, if we planted trees on every acre on the planet that could grow trees, it accounts for less than five months of mankind’s emissions.”

And yet, it’s a firmly held point of view that has gained traction during the pandemic, and we must all take action – firstly, to be mindful of how and where we travel, and secondly, to understand the impact of our journey on the planet and its resources.

So how do we calculate our carbon footprint and offset it? Let me take a short moment of your time here to explain my take on this critical, growing phenomenon.

Offset directly with the airline on booking a flight

When booking with many international carriers, you can opt to pay an extra fee on top of the flight cost, which is donated to a carbon offset scheme.

Around a third of international airlines have carbon offset programmes, but how they work varies.

Sadly, even airline CEOs don’t hold much faith in their own schemes, evidenced by recent comments from Wizz Air CEO József Váradi, who described passenger carbon offsetting schemes as “a bit of a joke.”

It could be conscience-salving to pay more to offset your flight, or as Váradi suggests, greenwashing, but I believe it’s a step in the right direction – and good to see a shift in mindset from simply getting on a plane to flying with a conscience.

Our own Emirates airline believes it’s the company’s role, not individuals, to offset emissions.

The airline has invested billions of dollars in one of the world’s newest, most energy-efficient fleets, with an average aircraft age of just six years old, compared to the global average of 14 years.

The airline also has invested in recycling, water efficiency and waste minimisation programmes, along with backing conservation-based tourism developments.

Buy offset credits from a company online

If you are beginning to travel regularly again, whether for business or leisure, you can annualise your impact by buying offset credits from any one of a plethora of online companies.

The catch here is that the terminology can be confusing. Annualising offsets may be seen as merely paying lip service to reducing the impact of corporate travel or avoiding paying proper attention to the amount you or your company is contributing to climate change.

So-called Scope 3 emissions – emissions a company is indirectly responsible for – are the most complex to quantify.

Add in the wording, from carbon neutral to net zero, and I think there’s a need for greater clarity in precisely how emissions are calculated and neutralised.

Look for alternatives

Perhaps easier said than done, but the pandemic has taught us all that regular communication is entirely possible thanks to video conferencing and online business communication solutions.

With this pivot to working from home and remote meetings, more awareness of the necessity of travel has come.

I expect to see less international travel in future, even though nothing beats a face-to-face meeting.

If meeting in person is imperative, consider rail travel, carpooling or switching to an electric vehicle.

It’s increasingly common to see vehicles powered by energy alternatives. The hyperloop plans for a link between Abu Dhabi and Dubai certainly heralds a futuristic solution to emission-free travel.

Directly invest in an energy efficiency scheme

If – maybe having read this – you feel less inclined to use any of the above methods, you can also opt to invest in an energy efficiency scheme, as they directly reduce fossil fuel usage.

Renewable energy projects are a safe option. Renewable energy projects might include wind, solar and hydro sites globally.

Investment in such projects means you are helping to bolster the availability of renewable energy, create employment, reduce fossil fuel reliance and support global growth in this crucial sector.

As everything related to climate change, the responsibility is threefold. Firstly, governments – such as our own forward-thinking executive – must make clear legislation pushing for better, more sustainable travel options.

Secondly, organisations such as airlines, must actively seek to take responsibility to reduce their scope 1,2 and 3 emissions.

Finally, we, as consumers, can take action with our wallets to offset carbon footprint and with our booking choices. In 2021, it’s time we all take individual responsibility for our travel choices!

A big US e-commerce solution provider, Channel Advisor Corporation, recently released the results of a major survey into US consumer spending habits, which revealed some interesting trends.

More than half of those surveyed (52%) predicted they will shop online in future more than pre-pandemic, while more than a third (37%) said they plan to do more holiday shopping online than last year.

This survey serves to underline what I’ve been witnessing – that the pandemic accelerated the retail sector’s move to e-commerce, and that trend looks set to stay.

There are a number of reasons why e-retail will continue to dominate shopping habits:

Especially in retail, the customer is always right – and if people want to shop online, that should be a key asset in a multi-channel approach

The world has adjusted to online retail, dominated by vast corporations like Amazon. Still, there is room for innovators in the space, for example rapid grocery delivery, online arts and crafts like Etsy, and creative niche retailers like buymeonce.com, which is bang on trend with its longer-lasting products designed to halt the behaviours of a ‘throwaway’ society.

Regionally, food delivery aggregators such as Talabat and Deliveroo have seen massive growth in online orders amid the Covid-19 pandemic.

Online sales in the UAE’s food and beverage market surged 255% year-over-year in 2020 to reach $412 million, new analysis by Dubai Chamber of Commerce and Industry has revealed.

The analysis forecasted the value of online food and beverage sales in the emirates to reach $619 million by 2025.

The cost of accelerated pivoting to e-commerce platforms – for many retailers, the large costs are yet to be recouped

The accelerated speed of shifting a retail operation online saw increased, unexpected costs. Many supermarkets, for example, are still not actually profiting from home deliveries, considering the cost of maintaining a large fleet of refrigerated vehicles, extra staff in-store to fulfil deliveries and extremely complex websites and logistics.

Then there are associated costs of marketing, database management, data security and privacy rules, stock control, imagery and written content.

Most consumers expect fast – and often free – delivery, further costs which have to be absorbed by modern retail firms.

The norm – for many people previously resistant to shopping (and paying) online, the pandemic forced them to try it, and now it’s become the de facto way to shop

For many people, old and young, shopping was often something they preferred doing in person. But there are also those who were technology adverse or felt uneasy doing card transactions online.

As we moved deeper into the pandemic, online shopping became the safe, easy way to get not only essential groceries to your home, but also other products.

Those previously adverse to online purchases are now familiar and comfortable with the platform – even if they were ‘forced’ into it.

Technology continues to improve, with new ways to shop including 3D product views and virtual store walk arounds

For many of us, nothing can replace the real-world experience of bricks and mortar shopping, but even the traditional mall experience is being enhanced by technology.

I’m seeing 3D product views, and clever marketing from some brands allows a ‘virtual’ store experience. Those of us who embrace technology are thoroughly enjoying this retail renaissance.

Of course, there are many of us who like to do product research online before heading out to a store to touch and feel the product in a real-world store.

But if a retailer isn’t online nowadays, most people would be surprised or consider the retailer to be behind the times – and probably doomed to failure.

Success in the retail sector today demands a multi-channel, highly creative approach, and it’s us consumers who benefit from this new era.

Meanwhile, the irony was lost on me when I recently discovered Amazon, the online retail behemoth – arguably is the reason for a lot of retail store closures – is moving into bricks and mortar, with plans to open department stores.

Our Malls and High Streets may have changed; they may have to adapt to a different reality, but when the most significant online retailer is eyeing real world sites, I think it’s safe to say bricks and mortar retail experiences are here to stay.

Expo 2020 got me thinking about the enormous number of people who will shift their workplace to Dubai for at least six months. Such an influx of global talent is exciting, interesting and will do wonders for the economy, too!

The temporary boost in the talent pool adds to Dubai’s already rich cultural mix, and I am hoping to spend time over the next six months with a variety of guests, visitors, innovators and business people from all over the world.

But I’ve also been thinking about how easy it would be to move and work from somewhere else for six months.

So, for people to come here and work for a brief period, we must ensure everything is in place to enable our gracious guests to achieve all they need to.

The hospitality sector, globally, has always used technology as a differentiator – from advanced in-room connectivity sockets (remember the days of cable connections?) to free Wi-Fi throughout a property.

But what do we now expect, and what must be delivered, to the ever-growing cohort of so-called digital nomads?

Provide space to maximise work productivity 

Most digital nomads manage their workload to get work done and enjoy time visiting nearby attractions. You should aim to provide space that makes managing time easier, which will lead to greater work productivity.

For instance, providing a separate room for an office, if possible, or have a makeshift cubicle for someone to work at.

Your lobby cafe could easily provide access to computers, printers and Wi-Fi.

Some hospitality venues now provide co-working spaces. Some even have co-living spaces that offer a co-working area and a communal living area. Allowing 24/7 access to co-working facilities is a given in our always-on global community.

Provide the amenities needed

Simply put, if you don’t have the amenities a digital nomad needs, they’re not going to stay with you. Some amenities important to a digital nomad include:

• Fast, reliable internet and charging outlets.
• Secure door locks and safes (laptop locks are also appreciated).
• Free toiletries for the road.
• Free water bottles.
• Access to supplies such as a printer, notepads and pens, for example – and the ability to purchase these items in your venue or nearby.
• Contactless check-in and checkout options.
• Enough space to work – or even cook, if needed.

These may all seem simple, but I’ve travelled enough to discover many venues don’t cover these basics. And while provision of the above might affect the bottom line, such facilities can be a game-changer and engender higher customer loyalty.

There are more new brands popping up across the UAE that have to service digital nomads at their heart.

Older, more established brands must battle these disruptors with equal or higher levels of facilities designed to attract international working guests.

Highlight the area’s local attractions

Digital nomads aren’t just staying with you to work; they want to see what’s in the area. If your hospitality venue is close to Expo 2020, the Burj Khalifa, Bastakiya, the Creek or any of the myriad of the area’s top attractions, advertise it.

This way, digital nomads will know you’re also able to provide the free-time activities they’re looking for.

Working remotely while travelling is a trend I believe will continue to grow in the future.

Being prepared for it is vital if you want to meet all of your customers’ needs and see those customers returning again and again.

Sometimes, the smallest detail like free coffee or a 24-hour printing service can make all the difference.