< Previouson many of the major world economies, the emirate’s thriving real estate sector represents a robust opportunity to rebalance portfolios into a lower-risk asset class that is unlikely to depre- ciate and, with rental values in the city having rocketed by +25 percent in the last quarter , generate a stable income stream. Which buyer segments is currently high in demand? There is a real transformation around the luxury residential segment, which is forcing the industry to rethink and recalibrate what premium needs to look like to meet rapidly evolving market needs. With the pandemic having catalysed a radical shift in personal values all around the globe, buyers of high value homes are increasingly moving away from ostentatious displays of wealth, instead prefer- ring to invest in beautiful but liveable homes designed with architectural integrity, natural luxury and with an emphasis on community, wellbeing, and sustainability. Majid Al Futtaim - Communities has recently launched its Lanai Island, how does it di Ƃ er from other luxury developments in Dubai? Available as a limited release of 13 expansive ultra-luxury homes, Lanai Island’s mega-man- sions are crafted to exceed expectations. Today’s elite buyers are looking beyond the traditional requirements of location, size and amenities – a soulless space, however grand, is no longer enough. Instead, they want authentic homes intelligently designed with architectural integrity, distinguished by aesthetically outstanding and customisable spaces crafted for humans to live in. Designed in collaboration with the award-winning South-African archi- tectural firm SAOTA and the globally-re- nowned interior designer Kelly Hoppen CBE, Lanai Island has been speciƅ cally tailored to the elite lifestyle needs of the region’s growing segment of ultra-high-net-worth-individuals (UHNWIs), directly delivering to the increasing demand for super-prime properties in Dubai. What are the expectations towards 2023 and general market situation? With recent changes to investor visa regula- tions, Dubai is expected to attract a signiƅ cant share of the global citizenship-by-investment market, which is predicted to grow ƅ vefold to $100bn by 2025 . With all of this in mind, the outlook for Dubai is auspicious. H ow has the residential market changed over the past year? The emirate’s property sector is booming, with property transaction volumes rising by 60 percent in the ƅ rst half of 2022 and values by 85 percent over the same period. In prime locations, prices have risen to as much as 88.8 percent , primarily driven by the grow- ing global community of ultra-high-net-worth individuals (UHNWIs) looking for second homes and lower-risk asset classes to shore up their portfolios in what is an inarguably stable and investor-friendly environment. How does the UAE, especially Dubai ƅ t the needs of today’s investors? In comparison to other global gateway cities, Dubai remains signiƅ cantly undervalued and, consequently, o Ƃ ers high appeal to UHNWIs looking for global real estate investments with signiƅ cant room for growth. Given the prevailing geopolitical headwinds, increased sovereign debt, and rising inƆ ation that is putting pressure Why UAE real estate continues to attract high- net-worth-individuals Hawazen Esber, CEO of Majid Al Futtaim – Communities, shares his insights on the future of luxury residential segment in the UAE Building communities Esber is responsible for developing and managing Majid Al Futtaim’s growing portfolio of property assets in the region SPOTLIGHT | Prime properties Dubai offers high appeal to UHNWIs 60% The rise in property transaction volumes in Dubai in H1 2022 60 Vol. 23/11/1, November 2022As part of the Kingdom’s Vision 2030, the Health Sector Transformation Program will restructure the healthcare industry. Integral to this restructuring is a move to e-health services and digital solutions, as well as improving the quality of health services. FUTURE OF SMART HEALTHCARE STARTS HERE! Healthcare is rapidly evolving to meet demand and requirement of more effective approaches driven by modern technology. This timely industry driven event will include a 2-day conference plus workshop covering all the latest and key developments. Presentations and panel sessions by government and the healthcare sector will discuss a wide range of potential opportunities for using 4.0 technologies to improve healthcare, the patient journey and experience. NETWORK, MEET YOUR TARGET MARKET, AND DO BUSINESS! Adjacent to the strategic level conference is the expo area where event sponsors and exhibitors will showcase the latest in smart healthcare technology to delegates during the conference breaks. It provides the perfect one-stop-shop to network with the industry and increase your business potential! For further details including event sponsorship and exhibitor opportunities call: Krishna Mahbubani Tel: +971 (0)52 874 2175 or email: Krishna.Mahbubani@itp.com 7 & 8 MARCH 2023, RIYADH Event focuses on digital transformation of the healthcare sector to achieve Industry 4.0, and how this will improve efficiency, efficacy, meet patient demand, and realize objectives of the Health Sector Transformation Program. AN ITP MEDIA GROUP EVENT SMART HEALTHCARE KSA CONFERENCE & EXPO 2023 ENABLING HEALTHCARE 4. Event website with further details is at: www.itpconferences.com/smarthealthcareksa62 BRAND VIEW | AMERICAN EXPRESS With exclusive membership by invitation only offering unparalleled beneƒts, Hamad Hassani, vice president, Centurion Business, Middle East, and North Africa (MENA), reveals how their Cen- turion Living Programme is transforming arts and cultural experiences for Centurion members Centurion card: Exclusive experience and tailor-made service Privilege American Express continuously innovates its offerings to delight and excite Centurion card members Luxury Centurion card members enjoy secure and faster payments thanks to its contactless technology to curate experiences and cater to every need, a key di Ƃ erentiator of the Centurion card is its level of service, which Hamad Hassani, vice president of the Centurion Business, Middle East and North Africa (MENA) reveals is a benchmark of excellence. “Personalisation, exceptional service, and exacting standards are central to the Centurion offer, but many of the beneƅ ts that have earned its stellar reputation centre around its service which include a dedicated Centurion concierge or relationship manager to help curate and facilitate personalised requests,” he says. Moreover, members are treated to special table access at the world’s ƅ nest restaurants, accessibility to key airport lounges around the world, in addition to their unique and bespoke arts and culture events through the Centurion Living programme. An ever-evolving experience Providing that superlative experience for clientele that perpetually evolves is imperative as American Express continuously innovates its o Ƃ erings to delight and excite Centurion card members, points out Hassani. “One F rom phenomenal travel experiences and distinctive experiences across the arts and culture spectrum to exclusive accessibility to a bespoke concierge/ relationship manager, since its MENA launch in 2008, the Centurion card has gained an iconic status punctuated by a gamut of unparalleled beneƅ ts. With Centurion concierge and relationship manager available 24/7 BY SAADIYA AHMAD Vol. 23/11/1, November 2022arabianbusiness.com 63 “We have also hosted Kathak Indian classical dance performances by Aakash Odedra in Los Angeles, Dubai and Rome, as well as jazz performances with Diane Reeves who boasts more Grammy awards than any jazz vocalist in history.” A stepping stone to the good life The second element of Centurion Living is Introductions, which are curated experiences for those who have always wanted to delve more into certain arts and culture territories, but either lacked the time or a starting point to initiate the process. According to Hassani, this is all about bringing new and unusual experiences to their members. He explains: “Just some of the recent experiences which have taken place in this programme include an introduction to the Scottish Highlands to spend the weekend with the team at Fife Arms in Braemar, Scotland, to discover more about Scottish heritage, craftsmanship and culture by foraging alongside winding brooks; playing golf at the world’s oldest golf course; visiting Scottish castles, as well as clay pigeon shooting.” There was also an exciting introduction to ceremonial Japan, where card members discovered more about tea ceremonies and Japanese classical theatre at events in Tokyo. The best part about these experiences, points out Hassani, is that irrespective of the member’s home country, any eligible Centurion member can attend events all over the world. “Our Centurion members in the MENA region attended many events around the world this year and they will be able to continue as the second season of the Centurion Living programme will start in November 2022,” he says. “If you are a Centurion member, please feel free to reach out to your dedicated Centurion concierge, relationship manager, or book your place through the American Express MENA mobile application. And while membership is by invitation only, those who want to be considered for Centurion membership can register their interest at americanexpress.ae/ centurion-living.” new feature for Centurion members upon receiving their card is a luxurious wearable designed exclusively for Centurion by luxury fashion house Prada,” he says. This unisex black Sa ƃ ano leather wearable can be worn as a bracelet on the wrist and includes a discreetly embedded payment chip which is imperceptible to the eye, however, enables seamless contactless payments like other contactless cards. “This wearable can be used to make a payment anywhere in the world that accepts American Express contactless payments, up to locally applicable contactless limits.” Redeƒ ning the arts and culture experience with the Centurion Living programme With their new, carefully curated global arts and culture program that treats Centurion members with exclusive access to several globally renowned artists and performers from around the world, the ever-evolving Centurion Living programme is completely unique, says Hassani. “We are always exploring new and innovative ways to provide our members with unique and exclusive access and experiences,” he says. “Exclusively for Centurion members, all the experiences, performances and introductions provided by the new Centurion Living programme are complimentary and take place all over the world,” he explains. There are two unique strands to the Centurion Living programme, “One is the Great Performances and Experiences, an opportunity to indulge and enjoy the things you may already love, while the Centurion Living Introductions is a programme speciƅ cally curated for those who have always aspired to learn more about certain arts and culture ‘territories’ but didn’t know where to start.” The Great Performances and Experiences strand In the Great Performances and Experiences element of the programme, Hassani reveals that members can indulge, enjoy, and | AMERICAN EXPRESS Elite membership Personalisation, service and exacting standards are central to Centurion, Hassani says experience artists and performances they may already enjoy. “This area of the programme provides some exciting acts from various cultures and communities the world over,” he says, adding: “Some of the recent experiences have showcased Grammy award-winning singer-songwriter Alicia Keys with performances in both Paris and Munich.” Also, Grammy award winner Elaine Elias performed Bossa Nova, with performances in New York, Miami, Zurich, Dubai, Frankfurt, Milan and in Stockholm. 2008 The projected economic beneƒ ts of adopting circular economy principles by 2030, according to the Global Commission on Economy and Climate We are always exploring new and innovative ways to provide our members with unique and exclusive access and experiences 64 W hat attracted you to watches – and from what age? I was born in Neuchatel, which is the heart of watchmaking, so I think this had an important inƆ uence on me from an early age. What made you decide to work in this industry? Being Swiss it’s natural that watches are all around us, and in Neuchatel its either banking or watchmaking. I chose watches. You joined Hublot 2004 – what was company like then? Back in 2004 Hublot was a much smaller company, at the time we were around 25 people. Today, the company has grown a lot but the innovative and family spirit remains the same. What are your early memories of Hublot? The launch of the first Big Bang in 2005 was a big moment for Hublot. I will always remember it as an import- ant step for the brand. Now the Big Bang has become an icon, and the codes have been extended across our collections; 2005 was a pivotal moment for Hublot. You took over in 2012. What have been your career and company highlights since then? I’m proud to say that today Hublot has become a true manufacture. Our production, movement and R&D teams have grown and expanded, and this has created a lot of success for the company. I think you can see this in our designs and in our watches. What is your Leadership/ management style? I see myself as a coach of a team that is in the Champions League of watch- making. What are the long-term ambitions for yourself and Hublot? Where do you see the company in ten years? In ten years I see Hublot as the reference in the Swiss watchmaking industry among the top ƅ ve brands. The man to watch Ricardo Guadalupe took the helm of Hublot in January 2012. Under his leadership, he has trans- formed the group into one of the most popular watch brands in the market today. Along the way, his passion for football has helped Hublot become one of the game’s most important sponsors. In an exclusive interview, he looks back at his remarkable career and ahead to the Qatar 2022 World Cup Connection The Big Bang e is dedicated to Hublot’s passion for football, Guadalupe says LUXURY | BY ANIL BHOYRUL Vol. 23/11/1, November 2022arabianbusiness.com 65 | LUXURY Tell us about the football sponsorship since the brand ƅ rst became involved in 2006. Hublot was the first luxury brand to enter the world of football in 2006 and now in 2022, we’ve established ourselves as a leading luxury brand amongst play- ers, clubs and tournaments. Football has really become part of our DNA. When I ƅ rst came to Hublot we wanted to break new ground in marketing and sponsor- ing. In 2006 we ƅ rst launched a watch for the Swiss national team and it showed us football’s incredible reach. Today, the sport has allowed us to reach new clients, fans and incredibly inspir- ing players in the world of football. We can see the impact this has had on our brand and we’re very proud. What makes football unique? For me, what makes football so unique is passion and sharing. It’s a sport that brings people together and it’s a passion that is common across nations. It’s truly an inspiring sport. How important is the World Cup to Hublot? This year the FIFA World Cup in Qatar will be a very exciting time for us because we are launching the Big Bang e for the occasion. The watch is dedicated to our passion for football and the years we’ve worked together with FIFA to develop a unique watch. The watch brings the action and decisive moments of the game to life and brings a new and unique way of experiencing these exciting matches. We’re the o ƃ cial timekeeper of the tournament and providing the special Big Bang e on the wrists of the referees that will be timing the games. The watch was made possible thanks to the collaboration between our teams and FIFA and is connected to Goal Line technology and VAR – it’s a true working tool of the referees. It makes their demanding job smoother by allowing them to receive synchronous informa- tion. Hublot is part of the beautiful game in an important way and we’re looking forward to the kick o Ƃ ! It’s much more than visibility, it’s a way for our brand to connect to one of the most important moments in football. next three to ƅ ve years. In fact, in 2021, the region had a record year, and we are already seeing double-digit growth in 2022 versus last year. There’s a lot of potential. With the upcoming World Cup in Qatar, we also see an increased importance of the region for Hublot. Post pandemic sales ƅ r Hublot are above 2019 – what is driving this? We cannot share any ƅ gures however, it’s clear that the brand has been doing well despite the pandemic period. However, we also know that we are in complicated times right now and we will have to be resilient. In any case, we have noticed an important growth in our boutique sales and across all our markets we have noticed an increase in sales with our local clients. We have been focusing on retail experience and this has allowed us to capitalise on clients that love Hublot. Can you give us an overview of the global market? Where it is today, its growth prospects and challenges? Globally we will continue to expand our business, especially in the Middle East and Asia. As you know, the manufac- ture is based in Nyon and we have plans to expand our manufacture by intro- ducing more infrastructure to develop our production. Given the situation at the moment there will be challenges but we are also ƅ nding ways to adapt and innovate. Ofƒ cial FIFA timekeeper The Big Bang e is the fusion between tradition and innovation, cutting edge materials and the latest digital technology How are brand ambassadors chosen? When we choose our ambassadors it’s a process that can take time, even several years. Whenever we choose to work with an ambassador, we need to understand who they are, their stories, their passion, and of course why Hublot? It’s a rela- tionship that we build and very often the ambassadors are already familiar with our brand and might even be clients as well. We believe the best ambassadors need to understand Hublot and be the right ƅ t for our DNA. It’s what the Art of Fusion is about – it’s their passion fused with our DNA. What are your thoughts on the impor- tance of staging the World Cup in the Arab world for the ƅ rst time? This will be the ƅ rst ever World Cup in the Arab world – it’s a world ƅ rst. It’s an exciting time for the world of football with many challenges and opportuni- ties. We are looking forward to sharing the passion for football with the rest of the world! What is the importance of the Middle East market as a whole? Today we have 16 Hublot Boutiques in the region: Three boutiques in the UAE, five in Saudi Arabia and a flagship boutique opening in Qatar. It’s an important region where we plan to grow. The GCC is part of the top three regions for Hublot so it’s a key market for us which we plan to expand in the 66 The UAE’s private sector unemployment insurance scheme in 2023 Under the plan, employees will be provided with a cash compensation for a limited period not exceeding three months for each claim in the event of a job termination Categories Limits Process Eligibility Payment options According to WAM, the insurance scheme is divided into two categories – the ƒ rst covering those with a basic salary of AED16,000 and less. The insurance cost for the insured employee in this category is set at AED5 per month, which is AED 60 annually. The second category includes those with a basic salary exceeding AED16,000, and the insurance cost is AED 10 per month, which is AED120 annually. Employees working on a commission basis can also subscribe to the scheme. Under the new scheme, the value of the monthly compensation will not exceed AED10,000 and AED 20,000 for the first and second category, respectively. The insurance coverage compensation is calculated on a monthly basis at the rate of 60 percent of the basic salary and for a maximum of three months for each claim from the date of unemployment. Additionally, the employee must submit the claim through the three approved claim channels, which are the insurance pool’s e-portal, the insurance pool’s smart application, and the insurance pool’s call centre. The claim must be submitted within 30 days from the date of unemployment. The compensation will be paid within two weeks from the date of the claim and capped at a maximum of three months per claim, WAM said. The employee, however, is not eligible for a compensation if they have left the country or if they have moved on to a new job. The payment can be made by the employee monthly, quarterly, half- yearly, or on an annual basis. The value of the insurance policy is subject to value-added tax (VAT), according to state media. Vol. 23/11/1, November 2022Next >