< Previous20 Frictionless experience With the use of Yardi’s end-to-end solution, Al-Futtaim Malls now has a platform that seamlessly connects and delivers a streamlined approach to managing its budgeting and fore- casting activities. With access to a holistic view from one system, it can benefit from real-time data for better business insights and enhanced reporting with full prop- erty inventory. Enhanced revenue calculations Al-Futtaim Malls wanted a solution to help its limitations on process steps associated with revenue calculations as these were previously time-con- suming and focused on a particular set of data without revenue extras. Now, with the addition of a new way to budget, Yardi’s solution provides the company with access to full reve- nue and occupancy reports, all derived from leasing input. Elevated reporting Yardi’s solution for budgeting and forecasting helps customise budgeted leasing assumptions reports. This is shown within the full master data and includes key budget projections referring to occupancy cost ratios and turnover predictions, alongside other inventory changes captured in the strategic budget pack. Yardi’s reporting helps accommo- date Al-Futtaim Malls with the chang- ing nature of the real estate industry such as commercial space changes (splits and mergers), new GLA added to inventory or changing existing contracted GLA to better suit the customer needs and overall mall section mapping. Dubai Festival Plaza Mall I am incredibly proud of the amazing work discipline we exhibit in our Budgeting and Forecasting cycles. This is a testament to the business- speciƅ c features Yardi’s solution for budgeting and forecasting o Ƃ ers, but also of the Al-Futtaim Malls’ desire to always strive to have the best and even go a step further from there. We always look for ways forward to save time and create excellent Ɔ ows of information between our various teams during Budgeting, which in turn creates value in the way data outputs are displayed back to the business for consolidation Gratiela Duciuc, Regional Retail Analyst 9 million The square feet of retail space Al-Futtaim Malls manages across its four malls in the MENA region SPOTLIGHT | Vol. 23/11/1, November 2022arabianbusiness.com 21 Automated budgeting and forecasting The company can use its existing lease information and billing configura- tions from Yardi Voyager to forecast revenue at the click of a button with- out needing to clean and import lease data from another system. This means leasing assumptions and all budget numbers are clearly shown from the same system. Yardi’s solution for budgeting and forecasting also helps Al-Futtaim Malls with actual vs budget analysis and users can track the sources of budgeting, versions of budgets and history. With forecasting, actual data is transferred into the module and leasing teams are able to view full-year projec- tions with real-time data of monthly revenue following a standard actual + forecast method to plan revenue and occupancy. This function provides integration between live and specula- tive environments within the portfolio and creates value in terms of accuracy for actual data and adjusting the updated expectations for its forecast. All-in-one solution Yardi’s technology enables an all-in- one solution for the Al-Futtaim Malls’ team, transitioning from spreadsheets to a streamlined budget and forecast approach across its portfolio through- out the MENA region. reports and also variance analysis tools, such as Actual vs Budget, or comparisons between previous versions of budget and forecasts. This allows an exceptional Ɔ ow of information and promotes unique user accountability and version control. The “check-in/check-out” feature keeps conƅ dential data in a closed circle, whilst the revenue function is locked by a single user, providing full visibility on the budget grid of “who and when” applied revenue calculations. Doha Festival City Mall Dubai Festival City Mall Our vision for this enhancement project was achieved by working with a supportive team from Yardi who made the journey comfortable and reassuring all the way. We tackled each challenge with an open mind and most importantly, with grit, which is the main driver of all successful project deliveries Ian Mollon, General Manager Retail Finance & Investment at Al-Futtaim Simpliƒ ed processes Yardi’s platform is able to deliver vari- ous functionalities to support Al-Fut- taim Malls’ Business Strategic Plan- ning Pack, including lease and revenue schedules, monthly area occupancy 60% The percentage of organisations who said technology has had a strong impact on company performance over the last ƒ ve years, according to the 2022 Proptech Survey by Yardi | SPOTLIGHT Gratiela Duciuc, Regional Retail Analyst22 Vol. 23/11/1, November 2022US EB-5 GOLDEN VISA KICKS OFF FOR GCC EXPATS Arabian Business meets US licensed attorney Shai Zamanian , the director of The American Legal Center in Dubai, as he explains his experience as a first generation immigrant to the US and how he now assists families from the GCC looking to embark upon the same path to America arabianbusiness.com 23 COVER STORY24 Vol. 23/11/1, November 2022 COVER STORY | E xpats are Ɔ ocking to coun- tries in the Middle East in growing numbers. These countries are popular destinations for expats for reasons such as professional pros- pects, safety, ease of settling in, and more. Let’s look at the population of the UAE as an example, out of ̙̚.̙8 million people living in the country, 8.9̛ million are expats - that’s more that 88 percent of the population. The UAE is not an outlier with many other countries in the Middle East having a similar population composition. Another example is Oman, which has a population of ̝.7 million, out of which ̛.8 million are expats. Families migrate to the UAE and similar Gulf countries in pursuit of a better life for themselves and their children. But because of limited options to stay for retirement, these countries are at times a stepping stone rather than a ƅ nal destination for many expats. While Gulf countries are making great strides in introducing retirement options for residents, these options are relatively new and untested. Even for those families that aim to stay in the Middle East for retirement, many of them still want their kids to go to the US for higher education and to perhaps live and work in America. That’s the main reason why the US golden visa is so relevant to expat families in the Middle East. We sit with US licensed attorney Shai Zamanian, the director of The American Legal Center in Dubai as he explains his experience as a first generation immigrant to the United States and how he now assists families from the GCC looking to embark upon the same path to America. In spirit of the World Cup hosted in Qatar, Zamanian explains: “The US is much like the World Cup in which people from around the globe put their di Ƃ erences aside for a common goal: to showcase excellence.” Similar to the World Cup in which teams from around the world compete in a game with a clear set of procedural rules in order to achieve success, the US also has the recipe of excellence Land of opportunity The American Legal Center in Dubai is composed of a team of US licensed lawyers that specialise in the EB-5 permanent residency programme $800,000 The investment required for families to participate in the US E-5 Immigrant Investor Programme by the US government studying at top universities and obtaining a doctorate in law, Zama- nian began working on legal matters in construction finance during the Great Recession of ̛̙̚8. In this era, large commercial developers were having a difficult time obtaining construction finance for their real estate projects and began to use the US golden visa route as a channel to obtain ƅ nancing for their projects. He explains that a major part of his success in guiding GCC families through the investment migration route to the US is his base of knowl- edge in commercial real estate law. “The golden visa route isn’t simply an immigration matter. The programme operates at the intersec- should immigrants choose to follow a set of clear guidelines. Zamanian was barely able to make coherent sentences at the age of two when his parents fled a war-torn nation in search of opportunities in the Americas. As first generation immigrants his parents cultivated the recipe for excellence: study hard and follow the set of clear guidelines. After Access to America made me the person I am today. I immigrated to the US along with my family at a very young age, from a nation grappling with a devastating war arabianbusiness.com 25 | SHAI ZAMANIAN coming from the Far East in places like China and Vietnam. His associates at The American Legal Center in Down- town Dubai consider themselves as a think tank for the programme. They are the ƅ rm that sets the beat on contro- versial issues that arise and have been successful in challenging the US government on matters that pertain to GCC applicants. “Under Trump, we faced a turbu- lent time. On the one hand the govern- ment was happy to allow investor fami- lies to migrate to the US, on the other we had controversy with the Trump visa ban on Middle Easterners,” Zama- nian says. The Trump travel ban (labelled the “Muslim ban” by critics) denotes a series of executive orders enacted by Donald Trump as President of the United States in 2017. Zamanian and his team had to challenge the US govern- ment on this policy to push through all the applicants from their o ƃ ce. They were successful in challenging the government and won in their court battle in the Federal Courts of the US on ƅ rst instance and without the need to appeal. This major victory in chal- lenging policies of the head of state was one of the perennial achievements from The American Legal Center in Dubai. “We have yet to have a denial on any of our applications, so long as I’m processing these ƅ les, I’ll see to it that every family and child has the oppor- tunity to live out their own story, their own version of the American dream.” What is the US golden visa? The all-new investment immigration programme to the US is now fully relaunched and ready for Middle East business entrepreneurs and families. The US golden visa programme has new features that highly beneƅ t investors, including better government oversight and greater investor protections. Through the US golden visa programme, families out of the Middle East can obtain US residency and Green Cards with an investment of $800,000 in government pre-approved real estate projects in the US. With a single invest- ment of $800,000, an investor, the tion of commercial real estate law and immigration policy,” he explains. Upon growing in the segment of real estate law, in 2013, Zamanian moved from the US to Dubai to better educate families on the programme and perhaps make clients and friends along the way. “I had never visited Dubai, nor had any family or friends in the GCC. I just thought I should take my risks young and push to help fami- lies make the di ƃ cult but crucial deci- sion to move to America.” Now with a decade of experience in Dubai and the GCC, Zamanian has established his position as the pre-em- inent consultant in the Middle East and emerging markets in relation to the golden visa. He has helped hundreds of families set up in the US, and based on US government numbers, in June of 2021 his o ƃ ce in Dubai ƅ led 6 percent of all global applications through this golden visa route. This is staggering since most of the applications are Investment The US golden visa programme has new features that highly beneƒ t investors26 Vol. 23/11/1, November 2022 COVER STORY | investor’s spouse, and their children under the age of ̛̚ can all obtain US Green Cards. The investment amount is returned after around ƅ ve years of beneƅ ting the US economy. The US golden visa, o ƃ cially known as the EB-5 Immigrant Investor Programme, was ƅ rst created by the US Congress in ̚99̙ to stimulate the US economy through injection of foreign capital and to boost job creation for US persons. The programme has been quite successful since its incep- tion both among US developers and foreign nationals wishing to migrate to the US. Many popular hotels, mixed-use, and other development projects were funded by EB-5 foreign investment, such as the Ritz Carlton Hotel in New Why the US? The US has always been a popular destination for immigrants from around the world. It’s known as a melt- ing pot open to people from the four corners of the globe with the common goal of bettering their lives and achiev- ing the American dream. The country was founded on the ideal that all indi- viduals are equal and entitled to their fundamental rights. It’s this appeal of personal freedom along with immense opportunities for success that continue to motivate individuals and families from around the world to migrate to the US As the ̜5th US president, John F. Kennedy once said, the US is “a nation of immigrants.” Since before the Declaration of Independence from Great Britain in Advisor Zamanian has established The American Legal Center in Dubai as the pre-eminent consultant in the Middle East and emerging markets in relation to the golden visa Building bridges Zamanian started the center in Dubai to make America accessible for all York City, which is now operational and in full swing. In turn for their invest- ment, each family is rewarded with an expedited path to US residency processed by The American Legal Center in Dubai.arabianbusiness.com 27 | SHAI ZAMANIAN Understanding that Dubai is the nexus between the East and the West, Zamanian worked relentlessly to bring his vision to life by educating the Middle East market about the US golden visa. The team of US licensed lawyers and professionals at this post has ƅ led the most EB-5 applications out of the Gulf region to date. Zamanian has a decade’s worth of experience working on these matters in Dubai, under his direction, this post has never gotten a rejection and guarantees their professional fees back in case of a rejection. With great trust and conƅ dence in their team, hundreds of families out of the Middle East have ƅ led their US golden visa applications with this post and have successfully obtained their US Green Cards. The top selling point of this govern- ment investment immigration programme is ease of application. The ƅ rst step for prospective EB-5 appli- cants is to obtain pre-qualification from the team at The American Legal Center. Once pre-qualiƅ ed, families must gather all supporting documents to show that both the source and path of their funds are lawful. They will then be shown a number of projects hosted by EB-5 industry experts in the US for their investment. After the transfer of funds to the chosen EB-5 project, the Dubai post 1776, the US has always beneƅ ted from the many great contributions of immigrants. From Albert Einstein’s notable work in the ƅ eld of physics and mathematics in the 20th century to modern-day entrepreneurs in the ƅ eld of technology such as Steve Jobs, Je Ƃ Bezos, and Elon Musk, ƅ rst and second generation immigrants have widely contributed to the economy and advancement of the US on the world stage. With the World Cup right around the corner, let’s look at the similarities between this international football tournament and the US as a country and as an immigration destination. Once every four years, people around the world put aside their di Ƃ erences and focus on a single passion: Football. The FIFA World Cup represents a universal language that can be understood and enjoyed by all despite cultural di Ƃ er- ences. Spectators from all around the globe take pride in representing their nation and do not shy away from show- casing their pride by wearing their country’s Ɔ ag and painting their faces with their national colours. Winning the World Cup has both tangible and intangible beneƅ ts for a country. As for the tangibles, the winning country benefits from a monetary prize, better infrastructure, and an increase in foreign investment due to positive publicity. As for the intangibles, the winner beneƅ ts from a heightened sense of pride and a reignition of hope and patriotism from its population. When a family of aspiring migrants hear the news of approval of their US Green Cards after many years of anticipa- tion, it’s similar to a nation celebrating the news of their victory at the World Cup. The beneƅ t to the family is not only intangible in that they can take pride in becoming a part of a nation that respects all of its peoples and strives to treat all equally, it is also tangible as that family will have access to better healthcare, top quality education for their children, and better career opportunities in an economically and politically stable environment. Migration journey of families out of the Middle East To get one step closer to achieving the American dream, families in the Middle East are rushing to ƅ le for their US golden visas at The American Legal Center, the only post in the region that churns out these applications in exper- tise and volume. Founder and leader of this think tank dedicated to providing US golden visa services to families in the Middle East, Zamanian has one goal in mind: To bridge the gap between the East and the West. Zamanian started The American Legal Center in Dubai to make America accessible for all. “Access to America made me the person I am today,” says Zamanian. “I immigrated to the US along with my family at a very young age, from a nation grappling with a devastating war. My family and I had hopes of securing a better future for ourselves and immigrating to the US was our beacon of hope. From the moment I stepped foot in the United States, my life had forever changed for the better. My brother and I had access to top quality education and career opportunities that were not available to our parents in our home nation. My first-hand experience with the tremendous beneƅ ts of migration to the US motivated me to pave the path for other families aiming for access to the same opportunities.” Helping families The American Legal Center has assisted many families from this region who intend to immigrate to the US28 Vol. 23/11/1, November 2022 Securing the future Working with The American Legal Center makes the process simple and hassle free for families puts together the application, which will contain personal information about the family applying for their US golden visa along with ƅ nancial infor- mation and documentation to show the legality of funds. Working with The American Legal Center makes the process simple and hassle free for families. They will be guided every step of the way. The top enticing feature of this programme is that the investment is passive, meaning that once the appli- cation is submitted to the United States Citizenship and Immigration Services (USCIS), which is the immigration o ƃ ce of the US government, there is not much to do for the applicant. As an added feature, the new US golden visa programme introduced earlier this year allows families to ƅ le their Green Card applications and immediately live and work in the US through concurrent ƅ ling. Previously, families that had ƅ led their applications had to continue living in their country of original residence and must have waited until the approval of their US golden visa application before moving to the US. But with the introduction of the new programme, it’s possible for families to live and work in the US while they wait for the arrival of their US golden visa. from living in the US with a US golden visa in hand. Now let’s speak about the number one reason why families participate in the EB-5 programme: To unlock educational benefits for their kids. The US golden visa provides access to the best and most prestigious academic institutions in the world. A Green Card holder is at an advantage compared to international students because they have higher chances of acceptance to US universities. Another beneƅ t is that a Green Card holder will be considered as a “domestic student” rather than an “international student” and therefore can take advantage of considerably lower tuition rates. In addition to lower tuition costs, the US government provides ƅ nancial assis- tance to all students to help cover costs of tuition, housing, books, trans- portation - all costs associated with being a full-time student. Shai explains, “Most of my clients from the GCC are doing the program for the future beneƅ t of their kids. Parents will not pay out of pocket for the educational expenses of their kids.” Education is only the ƅ rst step of the way for a young adult wishing to have a successful professional career. While studying, students who obtain the golden visa can have access to paid research facilities, work part- Beneƒ ts of the US golden visa So what are the benefits to a family applying for the US golden visa programme? With a US golden visa, families can work and live in the US and have a stable path to obtaining their US passports. By living in the US, families can better their lives and secure the future of their children in a politically and economically stable country where the standard of living is high. The US golden visa allows families to have access to the best healthcare system in the world. The top hospitals and pharmaceutical companies are located in the US, meaning that patients have access to the best doctors and medicines for their treatment. The US is time and time again setting records in researching and developing the most innovative medical equipment and medicines in the world. With the Covid- ̚9 pandemic nearly behind us, the importance of access to healthcare is highlighted more than ever before. The US played a pivotal role in the develop- ment of the Covid-̚9 vaccine as three of the vaccines widely used around the world (Johnson & Johnson, BioN- Tech-Pƅ zer, and Moderna) were devel- oped by US pharmaceutical companies. The US population was among the ƅ rst to have access to the vaccine and so access to healthcare is at the top of the list of reasons why families can beneƅ t COVER STORY |arabianbusiness.com 29 | SHAI ZAMANIAN time throughout their college days, have jobs lined up for their summers and be in a position to bolster their resumes for the most competitive graduate schools. “It simply isn’t enough to have good grades,” Zamanian explains. “In the competitive market we operate today, students need real world job experi- ence to obtain a position at the top schools. If an aspiring medical student wants to obtain admission at Harvard Medical School, the admissions team likes to see paid research in commer- cial labs, summer jobs working along- side doctors in clinics, and other opportunities that are reachable for US Green Card holders.” After graduation from a top rated university, the next step is to ƅ nd a job. With a Green Card in hand, graduates are placed at a huge advantage. Green Card holders don’t have to worry about obtaining work authorisation and secur- ing an H1-B visa to work in the United States. Employers in the US are well aware of the hassles of hiring interna- tional graduates and thus highly prefer to hire US persons. Also, many career positions, such as certain government jobs, are only open to US persons. So what’s next for interested families? The process is simple. Once a family has made up their mind about migrat- ing to the US through obtaining the US golden visa, all they need to do is contact The American Legal Center in Dubai. “In this fast-paced world, the question before you is if you want to be a spectator or a player in the game,” says Zamanian. “If you want to partake in the EB-5 programme, we are able to handle your needs with the utmost professionalism. Join our team and let us coach you through this journey and meet your ultimate goal.” To help families determine if they are eligible for this program, Zamanian doesn’t charge for the initial consultation. After a ƅ le has been pre-qualiƅ ed, the actual application process starts and Zamanian and his team of US licensed lawyers will guide you through the requirements and steps to obtaining your US golden visa. $78k Without ͤnancial aid Harvard University tuition + board $0 $25,000 $50,000 $75,000 With ͤnancial aid $12k $66k Out of state University of California Berkeley tuition + board $0 $25,000 $50,000 $75,000 In state $36k EDUCATION BENEFITS FREE PUBLIC EDUCATION FOR CHILDREN AGES 5-18 All children in the US have access to free public education. Participating in the EB-5 programme gives you the oppor- tunity to live in the US, which means that your children can enjoy the many bene- ƒ ts of receiving free public education. FREE GOVERNMENT GRANTS AND SCHOLARSHIPS As a US citizen, students are given the opportunity to reduce their tuition fees. Free Application for Federal Student Aid (FAFSA) is a form completed by current and prospective college students in the US to determine their eligibility for student ƒ nancial aid by providing them with loans or grants they can use throughout the year. Through the gaining of their Green Card students can take advantage of using such services to further reduce their tuition fees which may cover the cost of their courses, books. accommoda- tion, and transportation. LOWER TUITION COSTS Tuition fees for colleges and universities in the US are drastically higher for inter- national students as compared to domestic students. International students pay up to three times more than domestic US students for public higher education. Green Card holders may attend US colleges and universities at the same cost as citizens and may qualify for merit-based beneƒ ts reserved only for US citizens. MORE JOB OPPORTUNITIES Most US companies steer away from interviewing international candidates as a result of the burdens that they must go through in order to hire international students, which include, butare not limited to, the extra time and cost asso- ciated with obtaining work authorisa- tion and visa approvals. Having a Green Card means you will be considered a US citizen will therefore stand a higher chance of receiving job interviews and offers. Furthermore, you will not have to apply for work authorisations, such as Curricular Practical Training (CPT) and Optional Practical Training (OPT), which are required for international students. Attraction The US golden visa allows families to have access to the best education in the worldNext >