< Previous20 Vol. 24/12, 16–31 October 2023 CO VER ST OR Y 20 Vol. 24/12, 16 – 31 October 2023arabianbusiness.com 21 MILT ON CHENG BRIDGING BEYOND BORDERS WORDS BY M AT T HEW AMLÔT Milton Cheng, Global Chair for law rm giant Baker McKenzie, sits down to discuss how the global order is changing In an exclusive interview with Arabian Business, Milton Cheng, the global chair of international law rm Baker McKenzie, provides insight- ful perspectives on the wide-ranging forces reshaping the geopolitical and regulatory landscape for multina- tional businesses. As one of the largest law rms in the world with more than 70 global o ces and over 6,500 lawyers, Baker McKenzie and its clients have a front- row seat to witness the complex chal- lenges arising from shifting trade flows, accelerated technological change, and increasing geopolitical uncertainties. Through it all, Cheng sees the UAE playing a pivotal bridg- ing role due to its strategic location and open economic model. “I would certainly agree with the statement about the UAE being a bridge or a hub,” Cheng remarks. “Whichever way you want to describe it, it’s not just about the physical loca- tion where it is between Europe and Asia, but also the entire country’s setup from free trade zones, the open economy, to the whole regime that encourages not just people from within the region, but expatriates from everywhere around the world to come and live here.” arabianbusiness.com 21 PHOTOGRAPHY BY RAJESH RAGH AVCO VER ST OR Y 22 Vol. 24/12, 16 – 31 October 2023 Baker McKenzie’s worldwide expertise have greatly bene ted from the UAE’s role as a stable entry point to the Gulf and wider MENA region combined with a global outlook is even more critical than it’s been for a while,” Cheng summarises. No longer can companies focus solely on complying with the letter of legal codes. As rules develop di er- ently across jurisdictions, nuanced guidance navigating both regulation and local cultural contexts has grown indispensable. This was evident earlier in 2022 when the UAE imple- mented a modest corporate tax framework. On the introduction of tax, Cheng referred to it as “responsible,” noting that “like any other regulation, once the direction is clear, then people can plan around it.” Adapting to emerging realities Arti cial intelligence is transforming industries and workplaces at unprec- edented speed. “The feedback I’m hearing from the clients that I meet it is across all sectors, everyone that I’ve spoken to, anticipates that just like with the word processor, just like with the smart- phone, and more, [AI] is going to be something that will very rapidly mature in terms of its usability in terms of its reliability, and so on,” Cheng says. “It’s not something that’s a fad and will be just a one- or two-year thing that will go away. It has the potential to radically increase e ciencies, and in, for instance our sector, radically improve accuracy … You’ve got to get on board or you’ll be left behind.” However, responsible adoption poses complex challenges. At Baker & McKenzie, AI applications are being explored carefully. “We’ve had an eye on this for years now, since the begin- ning of 2012,” Cheng notes. “We’re sort of in the mode where we want to test it and we have been testing it on some use cases, but not at the stage where we’re making it open and usable to everybody for a number of things,” he adds. Part of the calculus involves manag- ing emerging risks. As Cheng explains, “some of our clients have told us they’re not comfortable with us using AI in any advice we give them yet.” Regulatory unpreparedness for issues ranging from data privacy to algorithmic accountability demands prudence. In an era of rapid technological change, leadership will be de ned by nuanced, multilateral solutions balancing opportunities and respon- sibilities in partnership. For disrup- tive forces like AI, an open, thoughtful approach guided by inclusive princi- These qualities have helped de ne the UAE’s development since its founding and, according to Cheng, will remain vital in navigating an increas- ingly interconnected yet fractured global order. Multinational corpora- tions relying on Baker McKenzie’s worldwide expertise have greatly benefited from the UAE’s role as a stable entry point to the Gulf and wider MENA region. However, Cheng warns that the complexity corporations face is deep- ening rapidly. “Areas like sanctions compliance, foreign investment restrictions, cybersecurity, anti- money laundering …. [these regula- tions] are becoming more and more complex,” he explains. “It’s a complex world that is getting more complex, and local knowledge 13,000 The number of people – including over 6,500 lawyers across more than 70 global of ces – who work for Baker McKenziearabianbusiness.com 23 MILT ON CHENG China sees its role as one of the two biggest economies in the world and wants to build relations with all regions, according to Cheng ples maintains hope of maximising humanity’s shared progress. Speaking of global currents, Cheng characterise China’s economic role in the region as “important for the long term” due to its self-identi ca- tion as one of the world’s two major economies. Initiatives like the Belt and Road demonstrate this perspective, though presently domestic concerns are understandably prioritised given challenges, he explains, although when asked whether he sees the Asian giant exing its economic muscles, Cheng says, “That’s a tricky question.” “Belt and Road is going a little bit slower right now. It remains to be seen whether that will re ect a new long- term policy. I think when all of this is going to be balanced with domestic and so on. But in the long-term, China does see its role as one of the two biggest economies in the world and wants to build relations with all regions,” he says. More broadly, Cheng sees clients adjusting to a “new form of globalisa- tion” centred on diverse trade linkages rather than singular dominance as interconnectivity increases. For regional hubs poised at strategic crossroads with open business models, there are opportunities in facilitating such exchanges. Guiding progress in uncertain times The UAE appeared well-positioned in this regard given its pragmatic, inclu- sive approach to international busi- ness and culture. However, continued adaptation will remain crucial. Just as rms faced restructuring from Covid- 19’s impacts, last year Baker McKen- zie’s own public separation from Habib Al Mulla, required carefully managing organisational changes. On this, Cheng says that the split with Al Mulla has not left the rm with any less capability. “The circumstances of the sepa- ration is something that we needed to make sure we were clear on from a rm core value standpoint, and that we made a decision very quickly and decisively. But at that same time, we positions it well for the opportunities ahead - so long as it stays open to emerging realities. “What’s on our client’s minds and therefore on our minds is digital transformation, sustainability, the ESG regulatory environment, both the complexity of how to navigate it but also the recognition that all organisa- tions, particularly global organisa- tions need to look at stakeholders across the spectrum,” Cheng explains on the future. “People are also looking at impact of geopolitics, energy security, trade flow changes, and all this kind of volatility and instability is a concern for clients … As advisors, if clients need guidance to help make deci- sions or keep within the rules or sanctions regulations then we’re here to help them.” On the current geopolitical climate, when asked if he thought these dynamics had been exacerbated, Cheng answers that he sees the world on a “10-year tension cycle.” “I think, just like everybody else, we are just doing our best to adjust and hoping it passes through without too much trouble.” It’s a complex world that is getting more complex, and local knowledge combined with a global outlook is even more critical than it’s been for a while also needed to decide and there was also a very easy decision, how we show our commitment to the region,” he comments. Going forward, a sustained focus on transactional expertise with local market acumen leveraged globally will de ne Baker McKenzie’s value prop- osition, according to Cheng. As disruption accelerates across geopol- itics, technology and regulation, multinationals will increasingly rely on advisors able to provide clear guid- ance spanning diverse regulatory and cultural contexts. In this dynamic landscape, Cheng believes the UAE’s role as a bridge between East and West 24 Vol. 24/12, 16–31 October 2023 SUSTAINABILIT Y From boardroom to playground: How working fathers can strengthen bonds with their children We need to explore the practical aspects of being a working dad Being a working dad is undeni- ably demanding. In the era of social media, we frequently observe highly engaged fathers who appear to effortlessly master the art of parenting. This can lead any working dad to question their own adequacy. Guilt and shame may show up, particularly if they are work- ing long hours, travelling for work, or struggling with work related stress or mental health di culties. Families come in many di erent forms and sizes, and this discussion is not con ned to ‘biological’ dads alone. It extends to ‘social’ dads – those male gures, be it uncles, grandfathers, or close family friends, who also profoundly in uence a child’s life. Irre- spective of cultural and familial varia- tions, research demonstrates the pivotal role fathers play in their chil- dren’s development, particularly in BY DR. ROBERT CHANDLER, DCLINPSYC (UK), CLINICAL PSYCHOLOGIST AND DIRECTOR, CORPORATE AND WORKPLACE SERVICES, THE LIGHTHOUSE ARABIA – CENTER FOR WELLBEING WELL - B EING One of the most effective ways for working fathers to begin the socialisation process with their children is through shared physical activitiesarabianbusiness.com 25 WELL - B EING The metric here is the quality of interaction. When you are fully engaged with your child, they feel not just heard but truly valued preparing them for the social world. In this article, we explore five pragmatic ideas for dads working towards being the best working dad they can be. 1. Cultivate your unique connection One signi cant way to forge a connec- tion with your child is through craft- ing distinct rituals or activities that are exclusively yours. Whether it’s doing the school drop-o s, reading bedtime stories at weekends, or taking your child to sports clubs, having your very own “thing” goes a long way in nurturing a robust bond. The impact lies not merely in creating these moments, but whole- heartedly investing in them. Consist- ency in these rituals creates stability and anchoring, not only for you but also for your child. This not only bolsters your connection but also imparts a sense of security to your child – a sentiment that endures even when you're away on business. 2. Be present in your ‘thing’ It’s insu cient to merely engage in your unique activity; you must also be wholly present during it. In today’s digital age, the siren calls of emails, notifications, and work-related concerns compete for our attention. Silence your phone and give your undivided focus towards the activity at hand. The metric here is the quality of interaction. When you are fully engaged with your child, they feel not just heard but truly valued. This sense of significance goes beyond the moment and molds their overarching self-esteem, even when your physical presence is elsewhere. 3. Recognise your contextual constraints Being a working dad means balancing many competing demands and respon- sibilities. Acknowledge that you cannot be everything, to everyone, all the time. After-o ce-hours calls and interna- tional work travel may beckon, but you also deserve personal time – for exer- cise, socialising, and relaxation. self-care and having ‘time for your- self’, which is critical to maintaining good mental health. 4. Engage in physical activities with your children Research demonstrates the pivotal role fathers play in socialising their children to the intricacies of the world – how to interact with others, negotiate, compromise, and navigate societal dynamics. This initiation into the social world begins at a remark- ably young age. One of the most e ective ways for working fathers to begin this socialisation process with their children is through shared physical activities. These activities can encompass playful chasing, sports, ball games, and rough-and-tumble play, which not only promote physical health but also foster emotional bonds. Engaging your child in such activities (at a developmentally appropriate level), helps to develop trust, instilling virtues of persistence and grit, and teaching an understanding of social boundaries. These essential life skills are likely to stay with them as they progress through life. 5. Bonding is a journey Not every father experiences an immediate and profound bond with their child after birth. Many dads, with whom I’ve worked clinically, grapple with feelings of shame, guilt, or apprehension regarding their initial bond – or the perceived lack thereof. In addition, they will often attribute the lack of bond to working too many hours. For many fathers, the bond matures and deepens as their children grow and become more interactive. The bond further solidifies when fathers actively engage in play, recip- rocal interaction, shared activities, or tasks and projects – for example, building Lego, and engaging in home- work. If a robust bond does not seem readily apparent during the early years, that is normal. Often, this bond requires time to crystallise into its fullest form. 250M+ The number of children and youth aged 0-to-24 years who live in MENA countries, according to UNICEF Being a working dad means balancing many competing demands and responsibilities, Dr Chandler believes Grant yourself the liberty not to be glued to your child’s side every spare minute. Instead, concentrate on making the moments you spend together truly meaningful. This involves applying the principles of tips (1) and (2) above when you are in their company, and giving yourself permis- sion to engage in activities for yourself when you are not working, be it golf with friends, a date night with your spouse, or reading alone. Prioritising your personal needs alongside your parental duties allows you to evolve into a more well- rounded and attentive father. One additional benefit is that you also model to your child the importance of SUSTAINABILIT Y 26 Vol. 24/12, 16–31 October 2023 Businesses that take parenthood seriously will win the war for talent Progressive organisations that embrace and support parenthood are not only fostering a more inclusive workplace but also gain a distinct advantage embrace and support parenthood are not only fostering a more inclu- sive and diverse workplace but also gaining a distinct advantage in creat- ing a workplace where employees feel supported. In this discussion, we delve into the strategies and best-practices that enable companies to empower parents in their workforce, ulti- mately enhancing their appeal to the most sought-after professionals in the industry. Adopting progressive corporate policies While many organisations have evolved to normalise remote working after the Covid-19 pandemic, this has posed new problems related to team building and interpersonal skills that are essential for employees’ career and personal development. On the other hand, physical pres- ence in the o ce means parents have to nd alternative means in terms of childcare support so they can focus on work. BY UDESHIKA RATNAVIRA, VICE PRESIDENT – HUMAN RESOURCES AND ADMINISTRATION AT WSO2 WELL - B EING Today, the need for comprehensive childcare support within an organisation extends far beyond the traditional concept of a creche for younger children In today’s dynamic and highly competitive job market in the GCC region, the concept of parenthood is undergoing a trans- formative shift. For employees, juggling parenthood and a career has become increasingly challenging, while organisations are exploring creative and e ective ways to attract and retain top talent by supporting them to find the right balance. Progressive organisations that arabianbusiness.com 27 WELL - B EING By extending empathy and support to parents, businesses bene t not only the community but also their bottom line Progressive corporate policies provide broader exibility beyond just remote work. Some key features of such a exi-work policy are that employees can take more time o than stipulated by the respective country’s labour regu- lations, or opt to work remotely as when required to be able to manage work and personal commitments. For example, at WSO2, all Team Leads are HR leads and have the responsibility to manage HR matters pertaining to their respec- tive team members. Focus is on output and overall performance, rather than an eye on the clock. Leveraging technology to create collaboration and engagement While technology has become a neces- sity today in enabling dispersed teams to be connected, communication plat- forms too have evolved to o er more comprehensive ways that support greater collaboration and engage- ment. It’s up to organisations to lever- age these in a way that gives employ- ees the same level of engagement irrespective of working remotely or in person. For instance, open mail threads, chat groups, and shared documents to discuss strategy or brainstorm ideas will give all employ- ees, whether remote or physically present, a fair chance to share their views and comments. In the end, collaborative work also produces more e cient and e ective outcomes. Creating a supportive work environment Today, the need for comprehensive childcare support within an organisa- tion extends far beyond the traditional concept of a creche for younger chil- dren. As working parents strive to balance their careers with the demands of raising school-aged kids, there is a growing urgency for employers to o er a broader range of childcare services that address these evolving needs. Providing support for older children, such as assistance with school work and extracurricular activities, has become essential in promoting employee productivity and well-being. By recognising and addressing the challenges faced by working parents with children of all ages, companies can create a more inclusive and supportive work environment, ulti- mately fostering greater employee satisfaction and retention. Such holis- tic childcare support not only enhances the work-life balance of employees but also reinforces a company’s commit- ment to its workforce’s overall welfare and development. Positive experiences signi cantly contribute to the overall employee experience. For instance, WSO2 recently established a complete childcare facility at its Sri Lanka o ce, capable of accom- modating children from four months to 15 years, addressing an urgent require- ment as a majority of employees are at that stage of building families while focusing on career development. In conclusion, as businesses compete for talent, they inevitably seek the reasons behind competitors’ success in attracting top skills. When they discover that employee experi- ence extends to the support and empowerment of parents, it’s likely that other businesses will follow suit. After all, “kindness is contagious.” By extending empathy and support to parents, businesses bene t not only the community but also their bottom line, creating a win-win scenario for all involved. 66.6% The proportion of workers in the GCC who are reconsidering their work-life balance post-pandemic, according to The Future of Jobs Report 2023 There is a growing urgency for employers to offer a broader range of childcare services that address evolving needs of employees Progressive corporate policies provide broader flexibility beyond just remote work, says RatnaviraSUSTAINABILIT Y 28 Vol. 24/12, 16–31 October 2023 Is it time for Mohamed Alabbar to launch a real estate fund? Emaar founder Mohamed Alabbar says the real estate industry has given him everything. What better way to give back then to launch his own fund? OK, so it is a bit early for New Year predic- tions but I’m going to buck the trend and kick o with a bold one – sooner rather than later, the region’s best known property developer Mohamed Alabbar will do what many of us have been waiting 28 years for him to do: Launch his own real estate fund. It is time, isn’t it? When he raised $300m in one night for a fund back in 1995, the world – and the man himself – were in very di erent places. Nobody had heard of Alabbar, a government employee with zero experience in real estate. For that matter, nobody had heard of Emaar, which was not even launched for another two years. BY ANIL BHOYRUL, MANAGING DIRECTOR, ARABIAN BUSINESS REAL ESTATE With Alabbar at the helm, Emaar recorded revenues of $3.3bn in the rst half of this yeararabianbusiness.com 29 REAL ESTATE What is missing is an exciting new fund – led by someone with a track record on regularly picking winners – the right projects, people and products Mohammed Alabbar real estate fund The design mastermind behind the Burj Khalifa, Adrian Smith, had yet to create the firm of architects that would design the tower. No iPhones, no social media, and absolutely no property boom. Twenty-eight years (and 15 iPhone models later), Dubai, the region, the world – and of course Alabbar himself, couldn’t be more di erent. Emaar has cemented its place in real estate history with projects from Dubai Marina to Downtown Dubai, while Alab- bar’s other real estate giant Eagle Hills is making huge waves in nine countries: The $2.5bn mega yacht project in Alba- nia and the $3.5bn Ramhan Island argu- ably the stand-outs so far. What hasn’t changed is the fact Alabbar hasn’t launched another real estate fund. Given the international projects he is involved in, especially across Eastern Europe and Egypt, now could be the right time. There is no shortage of eager inves- tors willing to deploy funds in the real estate sector. If he managed to raise $300m last time around, getting over the $1bn mark should be child’s play. But time to do it is now. Latest gures show that Europe’s real estate market is now worth $160 trillion (yes trillion not billion). It is expected to show annual growth rates of 3.41 percent, taking it to nearly $190 tril- lion by 2028. In China, where we know Alabbar spends a lot of time, it is worth $130 trillion. Closer to home, all be in it in a far less developed market, the numbers get really spectacular. The average sales price for properties in Dubai reached AED3,291,555 ($897,000) in August 2023, marking a year-over- year increase of 52 percent from AED2,167,206 ($591,000) in August 2022, according to the latest numbers from Allsopp & Allsopp. The UAE’s property boom shows no sign of abating, but the savvy inves- tors are also looking at the interna- tional stage more closely. What is missing is an exciting new fund – led by someone with a track record on regularly picking winners – the right projects, people and products. The irony here, is that Alabbar has often bemoaned the lack of home- grown success stories that make it on the global arena. So, what better home-grown success than himself? But will he do it? Alabbar was asked this very question during an interview with Arabian Business last year, and he replied that his next focus was “to give something back to indus- try that has given me so much.” Well… what could be better than starting his own fund and opening it up to other investors? $897,000 The average sales price for properties in Dubai in August 2023 Emaar has cemented its place in real estate history with projects from Dubai Marina to Downtown Dubai The UAE’s property boom shows no sign of abatingNext >