< PreviousAB/ 90 Vol. 23/06, June 2022 Sensible investing is an incredible mechanism to accumulate wealth over time, but it doesn’t come without risk. Volatility is the price we have to pay. And patience is the game we must embrace Investing during a period of corrections: How to stay cool amid the panic Easy to say, hard to achieve. Even though I have close to 25 years of investing experience, the last few months have even tested my conviction on several occasions. This is definitely one of the most brutal asset price corrections in the last 20 years. There has been no safety ground, with equities, bonds and anything speculative like cryptocurrencies all suffering drops. How does this arabianbusiness.com 91 AB / MONEY q I SEE NO REASON WHY GROWTH, ECONOMIC OPTIMISM AND PROGRESS WILL NOT RETURN” 600% The rise in the value of S&P500 companies since March 2009 all end? And what should we do in the meantime? I wish I had clear answers to these questions. If I did I would gladly share them with you. The truth is I don’t know for sure, but history does have some important milestones for us to consider. Since March 2009 (the stock market low following the financial crisis of 2008), the S&P500 which is the broad gauge of US publicly listed companies is up 600 percent. But during this time there have been 30 dips of more than 5 percent, 9 drops of more than 10 percent, 3 corrections of more than 20 percent and 1 collapse of more than 30 percent (March 2020 Covid panic). So corrections are part of the process by which financial markets continually re-adjust to the risk and rewards it sees in front of it. We are clearly in a risk-on mode. Central banks across much of the world have to battle high inflation. The key tool they have to do this is to raise interest rates. The dual combo of high inflation and rising interest rates raises fears of less money in our wallets to spend and also a lower purchasing power of that money. Or in other words, we have less available to spend and even that which we buy costs more. This could all end up in a recession which is bad for profits and sentiment. No wonder financial markets have been spooked. I think it is fair to suggest that we should expect more wild swings until the US Central Bank’s (the Fed) struggle to beat inflation has been resolved. But there are also rewards we can look forward to. The re-adjustment by financial markets means many good companies now have their bonds and equities priced on the cheap. And this is where some form of investment discipline can help. To use Warren Buffet’s famous example, if an item you wanted to buy yesterday is now 30 percent cheaper today, you would probably look to buy it without hesitation. So the same concept can apply to good financial assets. I use the word ‘good’ because it is important in such an economic environment to separate investing from speculating. Buying the bonds or shares of a company which is indispensable to modern-day living (like Microsoft for example) makes sense to me. But buying shares of a company or crypto coin which really doesn’t not have an established use case doesn’t mean it won’t fall further. Just because something has fallen 70 percent doesn’t mean it can’t u Cycle Corrections are part of the process by which fi nancial markets continually re-adjust to the risk and rewards it sees in front of it u Arjun Mittal, founder and chief investment offi cer at Abbey Road IG Multi Family Offi ce fall another 70 percent if it is either still expensive or has no legitimate customer base. At times like this, it pays to sometimes also take a step back and see the bigger picture. In my mind, the bigger picture is that the majority of 7 billion people still wake up every morning looking to be productive and create/contribute towards to economic activity. This force will surely, as it has on all previous occasions, eventually lead to the end of selling and the start of a fresh growth cycle. I see no reason why growth, economic optimism and progress will not return. My guess is it will do so sooner than we expect currently. But even if it takes longer than we would want, good assets selling at cheap prices are never a bad investment. I still believe sensible investing is an incredible mechanism to accumulate wealth over time, but it doesn’t come without risk. Volatility is the price we have to pay. And patience is the game we must embrace. Stay cool amid the panic. Arabian Business shines a light on the all-important SME sector in the region, from success stories and VC news to expert insights 92 Vol. 23/06, June 2022 Elizabeth Harkness and Kanzy El Defrawy brought their sports start-ups together to create a monthly event Meet the female entrepreneurs combining squash and cycling At first glance cycling and squash don’t seem to have a lot in common, but Dubai-based sports entrepreneurs Elizabeth Harkness and Kanzy El Defrawy brought the two “underrated” activities together in a monthly hybrid sports event they believe will take off in the emirate. Harkness and El Defrawy met through a mutual friend familiar and immediately saw the potential in working together to increase the market for their respective passions, which El Defrawy had built her startup around. “Even though cycling has nothing to do with squash, we together came up with the idea to combine them in one event, since we are both are really determined and passionate about what we’re doing,” says El Defrawy, who is the founder and CEO of The Flying Daf, the UAE’s first squash academy. “At the same time, by offering this concept, we are giving a lot more visibility and exposure to squash, and also to cycling because both of these are underrated sports,” she adds. Taking place on the last Thursday of every month (with the exception of July and August), DXB Cycle + Squash is promoted as a “unique sports night as well as a great way to have fun, hone your skills, and meet new people,” on the event website. While Harkness has a full time corporate job, she said her passion for adventure and cycling led her to create Hit the Road (HTR), a sports gathering which creates “memorable bucket list challenges.” The idea first came to Harkness while on a cycling activity where she and a group of friends rode across the seven emirates in seven days. “It was then that I realised that there are no events or sports companies in the UAE which organise these types of sports challenge which evolve around teamwork, instead of competition, and have a social element to them,” she says. “So I came up with this event- concept called 24/7 where we would cycle all seven emirates in 24 hours. We keep the size of the event small, between 10 and 20 people, because I want to make sure they remain sociable,” continued Harkness adding that she’s organised five such events since she launched HTR in November. BY NABILA RAHAL Elizabeth HarknessKanzy El Defrawyarabianbusiness.com 93 / STARTUP q IF YOU NEVER TAKE THE PLUNGE, THEN YOU WILL NEVER KNOW” $600m The projected value of the UAE fi tness industry by 2025 Harkness says she has a full calendar of events planned for September when the weather cools. She explained that she is looking to create sports activities for school children as well as female- focused cycling events which she hopes will attract more local women. “Biking is a pretty male-dominated sport and there is not enough women who do it so if I can represent that element of it as well and help get more females in the sport, then that’s only a good thing,” says Harkness. Speaking about the impact cycling has had on her professional life, she says: “It’s taught me a lot about commitment. Any time I do something physical like this, I surprise myself and it reminds me of what I am capable of in general.” “I tend to get this imposter syndrome, which I think a lot of females get, and doing things like this helps me combat this. It does kind of bleed over into my work life as well. We work very hard and having this physical outlet is a good balance for me. It’s good for my mental wellbeing and then that positively impacts my day job as well,” Harkness continues. Harkness had the following advice for young women who want to start their own business: “If you never take the plunge, then you will never know.” “If you have an idea then you have to trust yourself and if you are passionate about something, you will make it happen,” she adds. From professional squash player to business owner El Defrawy meanwhile has made a career out of her passion for squash, a sports she started playing when she was six years old and growing up in Egypt, joining the professional leagues at the age of 12. She completed her university studies in the US while on a squash scholarship, playing for the university and professionally as well. “I graduated being the number one player in America after winning the national championship and at the same time, I was also top 30 in the world on the pro-career level so everything was that although there are many expats in Dubai who love squash, and there many private courts dedicated to the sport there I a gap in the market. “This is when it hit me that I could literally transform the squash scene here in the UAE because the gap that was missing is that there aren’t any professional squash academies that are providing professional services to people of all ages, levels and backgrounds,” El Defrawy says. El Defrawy launched UAE’s first professional squash academy last year. She said the response has been positive so far and the academy’s expanded to six different locations across Dubai with 15 coaches and close to 400 recurring clients. She is also working with the Sports Council to create the UAE’s national squash team. “If you want to open a business that’s very common, then you have to find something to offer people that will distinguish you from everyone else – your niche or unique selling point,” El Defrawy advised young entrepreneurs. “The other advice I would give is to literally never give up. When I wanted to open a squash academy, here, it took almost two years just for me to get the approvals. I had zero and no one really believed in what I wanted to do. But by not giving up, I was able to turn things around and to prove to everyone that if you want to do something, just go ahead and do it,” she continues. u Fitness Harkness says she has a full calendar of events planned for September moving in a really good direction for me as a professional squash player and I was getting everything I wanted” says El Defrawy. But in 2019, she had a lower back injury which ultimately put a stop to her professional career. “I literally was eating, breathing, sleeping squash so leaving it earlier than I expected was very traumatising. I didn’t know what to do as I’d never envisioned myself sitting in an office with a corporate career. So, out of the blue, I packed my bags and decided to move to Dubai with no plan at all,” says El Defrawy. After successfully working in Dubai’s events industry for a while, El Defrawy realised that while she was good at it, she had no “passion” for such a career. It was then that she realised q “IF YOU HAVE AN IDEA THEN YOU HAVE TO TRUST YOURSELF AND IF YOU ARE PASSIONATE ABOUT SOMETHING, YOU WILL MAKE IT HAPPEN”94 Vol. 23/06, June 2022 Liquid assets t feels like Dubai’s dining scene is on the crest of the wave right now, with each week seeing a new restaurant open its doors. And with each opening, it seems that the gastronomy on offer is taken up a notch, with new quarters of the city coming on stream with fresh two months L’Amo Bistro Del Mare – “love and hook of the fish” – leans into its advantageous seafront location (also ideally located next to the largest marina in the region). They say that the first bite is with the eye, in that case, the design and interior of L’Amo whets the appetite, boasting theatrical views of Ain Dubai and the Palm, with giant floor to ceiling windows making sure that the vista is uninterrupted. With its mission of bringing Italian summers to Dubai’s shores, those windows open up to an impressive outdoor seating area, which really evokes the spirit of the REVIEW I This upscale Italian venue has opened its doors in Dubai’s latest destination, the Dubai Harbour, as a rising tide lifts all boats for diners in the city Fall in love with the sea at L’Amo Bistro Del Mare BY SCOTT ARMSTRONG new concepts and exciting new experiences. Perhaps the freshest new quarter to open is Dubai Harbour, a development so shiny it still has the wrapping paper on, located at the intersection of the iconic Palm Jumeirah and Bluewaters. That location heralds great promise for any eaterie, but open just arabianbusiness.com 95 / REVIEW Mediterranean. With the mercury rising, diners may have to retreat indoors soon, so worth catching the last of the semi-reasonable weather to enjoy the space. That said, the interior is expansive, helped by those windows, high- vaulted ceilings give a sense of almost outdoor-like space inside, with elegant creams and powder blues forming a stylish décor. Bounty of the sea Of course, even the most impressive of decorations means nothing without the food, and, just like its Sunset Hospitality sister Sushi Samba, L’Amo is superb on taste as well as ambience. Unsurprisingly seafood is the speciality at L’Amo which prides itself on being sustainable and organic. It’s fare is not farmed fish, but netted in the seas of the Mediterranean. That freshness is clearly apparent in one of executive chef Lorenzo Buccarini’s signature dishes; the Plateau Royale, a seafood platter that includes an indulgent variety of crustaceans from Galician langoustines, carabineros, red and violet Sicilian prawns, Italian oysters, and scallops. It’s a veritable bounty from the sea, with incredible textures and flavours. Ceviches and tartares rule the roost at the start of the meal, with some surprising dishes, such as the langoustines impressing despite simply being served fresh with a little lemon juice. For your main course, there are pastas and risottos, this is an Italian after all, and it has to be said the saffron risotto with caviar and langoustine is unbelievably good. But, at L’Amo Bistro Del Mare it would be a crime not to choose the daily catch of the day and have it cooked to order. We shared a giant dentex, known as a Tsar among fish, which was a first for us, though apparently is a staple of Italian cuisine. Light, delicate and fluffy, like seabass at its best, the dentex flaked on the fork and was packed with flavour. Again, credit to the chef for not drowning out this morsel’s natural flavours with sauces and seasoning, for it needed little improvement on nature. You can tell the passion of executive chef Buccarini and general manager of the restaurant Carlo Tinelli as they talk you through their love of the sea and the importance of that fresh, organic approach. This isn’t just a business, it’s a mission win over diners to the ocean’s appeal. No wonder then, that L’Amo has already caught the eye of the Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, aka Fazza, who has already visited for a meal. And, with new entrants like L’Amo it’s no wonder that Dubai’s dining scene is capturing the eye of the world’s critics. First came Gault&Millau, one of the most respected food critique brands on the planet, introduced to the city by Arabian Business parent company the ITP Media Group, and then came news of the Michelin Guide too. It seems quite fitting that the crest of a wave that Dubai’s dining scene is riding has come to settle in a harbour, for L’Amo Bistro Del Mare is a safe haven for anyone looking for a great meal by the sea. u Freshness Seafood is the speciality at L’Amo which prides itself on being sustainable 26+ The number of F&B concepts Sunset Hospitality Group operates in nine countries Q YOU CAN TELL THE PASSION OF EXECUTIVE CHEF BUCCARINI AND GENERAL MANAGER CARLO TINELLI AS THEY TALK YOU THROUGH THEIR LOVE OF THE SEA AND THE IMPORTANCE OF THAT FRESH, ORGANIC APPROACH” q L’AMO HAS ALREADY CAUGHT THE EYE OF THE CROWN PRINCE OF DUBAI, SHEIKH HAMDAN BIN MOHAMMED BIN RASHID AL MAKTOUM” u Flavour L’Amo is a haven for anyone looking for a great meal96 Vol. 23/06, June 2022 Liquid assets idden in the sands of time, more than a millennia ago, the legends and romance of Arabian Nights: Tales of 1001 nights were born, spilling out of imagination and onto the page. In all, nearly a quarter of a million words of poetry, peril, love and adventure were captured over the centuries by quill, ink and parchment. Within that authored ocean one passage swims out of the mass to be heard, proclaiming: “Psychology Breathtaking experience For here, wild golden horses prance and within the lush manicured gardens the haunting call of many- splendoured peacocks echo across the grounds. Ornately carved abras glide effortlessly down the palm-lined waterways that weave through the palatial domain, their smiling pilots escorting adventurers to richly-won feasts, with the finest fare from across the seas waiting for those fortunate to sit at one of the many tables at Al Qasr. Marble shimmers, crystals shine and columns tower up to intricately decorated ceilings inside this palace of fantasy. And as you let the real world of deadlines, WhatsApp, and emails slip away, this illusion takes hold and it very much feels like you are awake in someone else’s dream, a dream of that mythical Arabia, of sultans, of princes, kings, fazirs, princesses and queens, and you very definitely do not want to wake up. Al Qasr is a magic trick, a spell that is woven over all who pass through its HOTEL REVIEW u Opulence Jumeirah Al Qasr is inspired by traditional Arabesque designs (Photos courtesy of Jumeirah Group) H Golden horses, multi-coloured peacocks, cerulean waves and a magic carpet ride around the world of food are just some of the delights that await at ‘The Palace’ Jumeirah Al Qasr: A fable comes to life on the shores of the Arabian Gulf BY SCOTT ARMSTRONG claims that when you can’t sleep at night, you are actually awake in someone’s dream.” A fanciful thought born out of fairytales? Perhaps not as far-fetched as you might think if you spend just one night at Jumeirah Al Qasr (meaning The Palace) a sprawling destination that seems to have been transported out of realms of myth to rise anew in the real world by the powder-soft shores of the Arabian Gulf in Dubai. arabianbusiness.com 97 / HOTEL REVIEW doors, it is a flying carpet ride to a land where extraordinary abounds. Take your room, or ours for the purposes of this tale, the junior ocean suite comprising of 80 sq m of pure theatre, with gold and cobalt resetting your colour palette. Deep luxurious carpet underfoot, with columns and crenelations dividing the room between sleeping and waking, and a private balcony giving views out to the cerulean waters of the sea. Fusion of fl avours Wherever you stroll throughout ‘The Palace’ that sense of romance deepens, whether it’s through the marble-clad lobby, or eating at the resort’s many fine-dining destinations. One such venue is Rockfish, which sits by the sea, gazing out to the Burj Al Arab whose appearance gives a sense of a magical craft sailed ashore by Sinbad himself. And, it seems, he brought that finish, freshest catches from the ocean as he came, for this is a restaurant well-named, here the fish really rock. Take for example the roasted langoustines or the line-caught melt-in-the-mouth sea bass, all netted in Mediterranean waters and transported, as if by magic, to Dubai. The lobster risotto is packed with flavour accompanied by Acquerello rice from North Italy cooked ‘just so’ makes a meal honestly fit for a king. At Al Qasr, Jumeirah plays genie and is able to whisk you away to the corners of the earth in such of the finest food, all brought in an instant to your table. Take for example French Riviera, which brings the Cote D’Azur to Dubai. Here head chef Kim Joinié-Maurin conjures up the atmosphere and the rich tastes of the Mediterranean at his beachfront location. Delicious fare from Southeastern France opens with the Oignon Façon Tatin, a caramelised onion tart with parmesan ice cream, or indeed the surprising ‘Poulpe de méditerranée’, grilled octopus with mashed potato and hazelnut. Or with a click of the fingers, you abra ride to Zheng He’s, the traditional Chinese restaurant overlooking the water. Here, in a destination packed with old-world charm, a secret waits, possibly the best Peking Duck, a signature dish of Zhengs, to be found in Dubai. Or perhaps you just fancy the ease and convenience of the Palace Lounge, which offers complimentary international cuisine all day long and a generous happy hour. While Al Qasr is a fairytale for adults, offering rest and restaurants, it’s a dream come true for children and families with youngsters. Firstly, the Sinbad kids club, features a huge splash pad, softplay and is staffed by a team of carers who will keep your little one entertained while parents recapture a little of themselves (possibly at French Riviera which is conveniently close by). And, of course, all guests of Al Qasr (young and old) get access to Wild Wadi Water Park, where thrills and spills await adventurers of all ages. This is a place for daddies and daughters to strengthen their bond, running excitedly from ride to ride (or going on the same one six times). Even with the frenetic energy of the park, one can still find calm by sensibly investing in a private cabana. While Al Qasr is a monument to a dream, a story brought to life, it also encapsulates the incredible ambition of both Jumeirah and Dubai, which like the heroes of old contained within those pages of the Arabian Nights, prove that with enough imagination, heart and belief anything, even a fairytale, is possible. u Fine dining French Riviera and Zheng He’s are some of the venues to enjoy at Jumeirah Al Qasr 9 The number of international fi ne dining restaurants to choose from at Jumeirah Al Qasr Q AL QASR IS A MAGIC TRICK, A SPELL THAT IS WOVEN OVER ALL WHO PASS THROUGH ITS DOORS, IT IS A FLYING CARPET RIDE TO A LAND WHERE EXTRAORDINARY ABOUNDS” are transported to a hidden part of the new world, for secreted away in lush greenery, is The Hide, a no holds barred American steakhouse, which blends fine dining with the relaxed, less formal atmosphere often found in US eateries (or meateries for this particular matter). This menu is not for the faint- hearted (or faint-stomached), thankfully the mouth-watering prime USDA beef tenderloin steak comes with the 150g option, with 220g waiting for the hardiest of diners. The 18-hour braised short rib which literally drips from the bone, accompanied with mash potato, almost deserves its own sonnet. If the new world isn’t to your taste, then how about the romance of the East, with a selection of canal-side restaurants which evoke the tastes and textures of the exotic. Take the popular Pai Thai, which aims to deliver on one of the most important sentiments of Thai culture Nam Jai – or ‘water of the heart’ meaning to offer heartfelt generous hospitality and kindness without agenda. It delivers on that, serving up the ‘five flavours of Thailand’ those being bitter, salty, spicy, sour and sweet with dishes such as Gaeng Phed Ped Yang – roasted duck red curry. Or perhaps you’ll take a magical 98 Vol. 23/06, June 2022 The metaverse in Dubai Opportunities in this virtual hyper-reality world can no longer be disregarded. Dubai is among the fi rst global cities to embrace this with its Metaverse Strategy Economic boost Future targets Regulatory bodies Job creation Virtual careers Through metaverse technologies, resident surgeons’ performance can be improved by 230 percent and engineers’ productivity increased by 30 percent, in addition to supporting 42,000 jobs to become virtual. Dubai also plans to launch projects that will further raise its stature in the metaverse. The Dubai Metaverse Strategy aims to increase the metaverse sector’s contribution to the emirate’s economy to $4bn by 2030, increasing its economic contribution to 1 percent of the Dubai’s GDP. Globally, business revenues from the metaverse could grow to $400bn by 2025. Dubai could benefi t from the metaverse, enabling it to generate business opportunities beyond its physical borders as the city plans to become a key player in the virtual world. Flag carrier Emirates Airline and Damac Properties have already invested in and embraced the metaverse. In May, Dubai’s Virtual Assets Regulatory Authority (VARA) entered the metaverse with the establishment of its Metaverse HQ, making it the fi rst regulator to have a presence in the emerging digital space. It’ll be establishing its virtual headquarters in the virtual world The Sandbox. The MENA region’s abundance of creative talent is encouraging metaverse-focused startups to set up in Dubai as they look to develop fully localised content in Arabic. Hiring qualifi ed regional talent allows such companies to diversify offerings by providing different insights on the region. Next >