< Previous8 Vol. 25/04, April 2024 REAL ESTATE Inside The Oasis: Emaar’s new $20bn ultra- luxury, sustainable development in Dubai Arabian Business takes a closer look at Emaar’s upcoming master community, and here is all you need to know about The Oasis Dubai’s The Oasis by Emaar plans revealed Located on the outskirts of Dubai, The Oasis will span over 100 million sq ft, making it one of the largest single developments in the emirate to date. The project is envisioned to become a premier luxury destination providing an ultra-modern lifestyle for its residents. The project is also focused on large luxury living accommodations in a resort-style setting, aimed at attracting Dubai’s wealthy citizens, residents and international clientele. Residents at The Oasis can also take advantage of four championship golf courses nearby. Moreover, it is also 20 minutes away from Downtown Dubai. Additionally, The Oasis is located in an area 18 minutes away from the Al Maktoum International Airport with Dubai Hills Estate, Dubai Hills Mall, Dubai Marina, Dubai Marina Mall, Dubai Mall and Downtown Dubai being in the same vicinity. “In each of its destinations, Emaar strives to meet the needs of our discern- ing clientele. Our primary objective is REAL ESTATE The Oasis is envisioned to become a premier luxury destination providing an ultra-modern lifestyle for its residents Emaar Properties unveiled plans for The Oasis, their newest large-scale mixed-use develop- ment covering over 100 million sq ft in Dubai. With an estimated investment of $20bn, the project will feature over 7,000 luxury residential units primarily comprised of luxury townhouses, villas, mansions, and super-mansions spread across spacious plots, in addition to extensive recreational amenities such as parks, jogging trails and water canals occupying 25 percent of the land.arabianbusiness.com 9 REAL ESTATE $20BN The total development value of Emaar's newest project, The Oasis to design one-of-a-kind destinations that complement our clients’ opulent way of life while providing unmatched comfort and luxury. Our most recent integrated project, The Oasis by Emaar, is poised to complement the urban landscape of Dubai and redefine the future of luxurious living amidst nature and water, blending harmonious archi- tecture and exceptional amenities,” Mohamed Alabbar, founder of Emaar Properties, said. The Oasis will also provide easy access to a planned 1.5 million sq ft retail boulevard, which will house global luxury brands and a diversity of food and beverage concepts. Total development value rises to $20bn Recently, Emaar announced that The Oasis is undergoing a significant expan- sion, with the total development value increasing by 108 percent from AED34bn ($9.3bn) to AED73bn ($20bn). However, no details have been revealed yet on the new number of units or amenities resulting from the increased space. The expansion will increase the project’s green spaces and land- scapes, thus increasing the standard of luxur y living through a lush, nature-inspired setting. “With The Oasis’ expansion, this extraordinary development is growing not only in size but also in vision, enabling us to bring significant new projects to the market and further elevating Emaar’s sales levels. The AED 73bn investment exemplifies Emaar’s objective of creating living spaces that combine luxury and sustainability, establishing The Oasis as an exemplary model for integrating opulent living with a greener future in Dubai’s dynamic landscape,” Alabbar added. The project was first announced in June 2023 at Dubai’s Armani Hotel, with Indian actor Shah Rukh Khan in attendance. He also praised Emaar’s commitment to consistently delivering exceptional urban marvels. “Whenever Emaar presents us with an urban marvel, it immediately follows it with another new destination that is The Oasis by Emaar: Palmiera Residences Situated close to major routes including Sheikh Zayed bin Hamdan Road and the future extension of Al Khail Road, the development promises an oasis escape while maintaining close proximity to Dubai’s attractions. Palmiera at The Oasis offers spacious four- to five-bedroom villas spanning over expansive land plots. “Each home features welcoming entryways and ample interiors, and opens onto private gardens that lead to the nearby water canal,” Emaar said in a brochure. Residents have access to high-end amenities within the exclusive commu- nity centre such as a lagoon pool, gym, wellness areas and multi-purpose rooms. Additional facilities include parks, playgrounds, sports courts, an outdoor jogg ing/cycling track, beaches, mosques and schools. This provides a relaxing lifestyle with options for maintaining health and fitness. Home prices start from AED 8.5m for the villas, as per the official Emaar website. Emaar is all set to launch the next phase of new residential clusters located in The Oasis starting April 2024. Palmiera at The Oasis offers spacious four- to five-bedroom villas spanning over expansive land plots Residents will have access to high-end amenities within the exclusive community centre such as a lagoon pool a masterpiece in and of itself, such as The Oasis by Emaar, which we are cele- brating tonight,” Khan said. Construction of The Oasis by Emaar began in 2023. 10 Vol. 25/04, April 2024 ADVERTORIAL How to prepare for the next generation of family business Preparing the next generation for leadership is crucial for the continued success and growth of any family enterprise the world. However, all successful busi- nesses must plan for succession and the next phase of leadership. That is why I have been focused on grooming my son Rohan (35) to one day soon take over the reins of Petrochem. Preparing the next generation for leadership is crucial for the continued success and growth of any family enter- prise. However, it is not something that can be taken lightly or rushed. As a father, I want the best for my son but I also have a responsibility to the many senior directors and employees to ensure a smooth transition. Rohan joined Petrochem nearly ten years ago after completing his education in the US and then two years at a chemical refinery in Dallas, Texas, his first few years were spent getting up to speed on our vast operations and deeply under- standing all aspects of the business from products to customers to logistics. BY YOGESH MEHTA, CEO, PETROCHEM MIDDLE EAST FZE ADVERTORIAL Rohan wants to build his own team of young techno commercial engineers and bring on board both a gender balance and experienced people As the founder and chairman of Petrochem, one of the largest chemical distribution compa- nies in the Middle East, I have spent three decades building this business from the ground up. It has been an incredible journey from those early struggling days when I first arrived in Dubai with nothing but dreams and a burning ambition to succeed at all costs, to now leading a multi-billion dollar business with operations all over arabianbusiness.com 11 ADVERTORIAL Younger leaders bring new ideas, technology skills and have grown up in a rapidly changing world. But they can also benefi t from the wisdom and experience of their predecessors In 2023 Rohan became a Harvard Business School Alumni which was a moment of pride for all of us. It was important that he learn from the ground up rather than being thrust into an executive role prematurely. His senior directors at the company work alongside him as a team and love Rohan’s style of working which is very honest and forthcoming and quite different from ours. Rohan wants to build his own team of young techno commercial engineers and bring on board both a gender balance and senior experienced people whom he can rely on to take Petrochem to the next level. In his time with the company so far, I have been impressed with how Rohan has taken on more responsibilities and proven himself as a capable leader. However, this is just the beginning of the journey. There are still many lessons to learn, challenges to face, and skills to build as he becomes fully prepared to take over the mantle. A successful family business transition relies on open communication, mutual trust, and respect between generations. I make it a point to have regular discus- sions with Rohan, providing advice and counsel while also hearing his fresh perspective. Our relationship hopefully is one of partnership, not dictatorship! Leveraging different generations’ strengths is key. Younger leaders bring new ideas, technology skills and have grown up in a rapidly changing world. But they can also benefit from the wisdom and experience of their prede- cessors. I encourage Rohan to be ambi- tious but also cautious. To take calcu- lated risks and learn from failures. Building an empire is hard work that requires resilience through ups and downs. A supportive family environment helps develop character. As his parent I want him to become his own man ready to face any situation, whether it is economic turbulence, geopolitical issues, or competitive pressures. I see that Rohan is coping very well at every dynamic situation around him. Every leader must also be attuned to changing times. While core values remain, strategies and business models need regular review. Under Rohan’s lessons stick. Succession is as much about passing on an entrepreneurial spirit as assets or position. The goal is for Rohan, and those after him, to lead Petrochem confidently into a new era and beyond. I have every reason to believe that Rohan will be a very successful leader. Stewarding a family enterprise across generations is a huge responsibil- ity that I do not take lightly. While I hope to be around to offer counsel for many more years, it gives me confidence to see how far Rohan has come and his commitment to the company’s long- term success. The future maybe uncer- tain but with open communication and a shared vision between our generations, I believe Petrochem is in capable hands for its next phase of growth. Whilst Rohan is still early in his lead- ership journey, I have no doubt that with our continued guidance and sharing our experience, he will thrive as a dynamic leader ready to guide our business boldly into the future and do much more than the previous generation. Mehta believes preparing the next generation for leadership is crucial for the continued success and growth of any family enterprise guidance, we are exploring new growth areas beyond petrochemicals to diversify and take on emerging markets. Digital transformation and sustainability are also high priorities as well as manufac- turing creating new bulk chemicals stor- age capacity and new verticals related to the chemical industry. The whole world is our stage The next generation inherently under- stands technology but relying solely on textbooks is not enough. Hands-on experience and mentoring ensure 12 Vol. 25/04, April 2024 Do online trading platforms in the Middle East respond to the needs of an increasingly demanding retail investor base? As financial literacy improves, especially among newer investors, their demands for more sophisticated information will also grow Influence of retail investors across the region and the evidence suggests that this community will continue to strengthen its presence and wield considerable investment clout in the years to come. In recent years, new online-only brokerages have set up shop in the region, driven by an educated and tech-savvy population. Digital platforms are becoming more accessible to indi- viduals who seek self-directed invest- ment opportunities, providing sophisti- cated solutions at minimal or no cost. This has led to new options and techno- logical solutions becoming available to new and existing investors. This growing competition has put downward pressure on fees, which is attracting a new breed of investors who are hungry for information about invest- ing in equities not only locally, but also overseas including the US markets. Retail investors in the Middle East are attracted to the depth of the US BY BRANDON TEPPER, SENIOR VICE PRESIDENT AND GLOBAL HEAD OF DATA FOR NASDAQ’S INVESTMENT INTELLIGENCE UNIT markets simply because it’s the largest capital market in the world boasting the most liquidity, comprising some of the world’s biggest brands amongst its listed companies. Looking at Nasdaq alone, with an increase in the Nasdaq Compos- ite Index® of 67 percent in the last five years, combined with the presence of highly liquid stocks in the technology sector and beyond, it’s no surprise that the US market is viewed as an appealing investment opportunity. Nasdaq’s experience of working with financial institutions around the world shows that retail investors have a strong desire to improve their financial literacy, and that brokers who satisfy this appetite for information gain an advantage over their competitors. As financial literacy improves, espe- cially among newer investors, their demands for more sophisticated infor- mation will also grow. They will even- tually seek access to the trading tools and data used by sophisticated profes- sional investors, and where an investor chooses to open an account will depend greatly on whether a broker can offer this level of service. Among professional equity investors, it is common to analyse the depth of order book, which is a record of buy and sell orders that are waiting to be placed, to make sure they are trading at the best prices and the most accurate information possible. Nasdaq can make professional-level order book data available to retail inves- tors via brokers and other financial information providers which show orders and quotes at every price level in the Nasdaq, New York Stock Exchange and regional-listed securities, even for odd-lot orders. Initial public offerings (IPOs) for companies seeking to list in the US attract the attention of investors from around the world, and the Middle East’s growing population of first-time traders are expected to be no different. With the Nasdaq being home to some of the world’s most sought-after IPOs, we are in a unique position to provide investors with insight on how newly listed companies are likely to trade, typically during the quote-only auction period prior to the first trade. The online brokerages in the Middle East are utilising technology to reduce costs, pouring resources into cyber security, and offering their account holders more investment research and enhanced educational resources, which all point to rising demand for financial data and powerful analytical tools. These factors set the stage for continued growth in trading and in the number of brokerage accounts in the Middle East, and as financial literacy improves across the region, we see huge potential for growth in the number of new investors as inves- tor populations rise. SPOTLIGHT $35.93BN The market capitalisation of Nasdaq as of March 19, 2024. It ranks among the largest stock exchanges in the worldJoin the global leader: difc.ae/make-enquiry Join the #1 financial centre to access more wealth When you join the number one global financial centre in the region, you can access the highest concentration of wealth in any Middle Eastern city. Nearly 70,000 millionaires live in Dubai. USD 3trn of private wealth is within an hour’s flight and USD 8trn available across the Middle East, Africa and South Asia. No wonder more than 340 hedge funds, private equity, venture capital, private banking and asset management firms have chosen DIFC, the leading global financial centre in Middle East, Africa and South Asia region, as a catalyst for growth.14 Vol. 25/04, April 2024 GE HEALTHCARE AW Rostamani Group strategically partners with Chery; elevates UAE’s auto landscape In 2023, Chery partnered with AWRostamani, a name synonymous with over 52 years of automotive excellence in the UAE. This partnership combines Chery’s global brand presence and commitment to green technological advancements with AWR’s legacy of customer satisfaction and market expertise I n a landmark event held at Atlantis The Royal, AW Rostamani Group unveiled its exclusive UAE dealer- ship with Chery, the globally renowned Chinese automobile brand, underscor- ing a shared vision for excellence and innovation, further enhancing AW Rostamani’s distinguished portfolio. Michel Ayat, CEO of AWR Auto- motive Group, said: “Today, we stand at the threshold of a new era as we proudly align with Chery, a collabora- tion that is more than a business venture; it’s a bridge between cultures and economies. Our partnership is set to redefine industry benchmarks, elevate customer experiences, and contribute significantly to the UAE’s and China’s economic ties. Thanks to the visionary guidance and progressive BRAND VIEW Michel Ayat, CEO of AWR Automotive Group, said the company’s collaboration with Chery is more than a business venture; it’s a bridge between cultures and economiesarabianbusiness.com 15 BRAND VIEW The Chery brand aims to expand its footprint across the UAE, from Abu Dhabi to Dubai and the Northern Emirates Our partnership is set to redefi ne industry benchmarks, elevate customer experiences, and contribute signifi cantly to the UAE’s and China’s economic ties measures of the wise leadership, the UAE has fostered an environment supportive of growth, innovation, and excellence, paving the way for economic prosperity and elevating the country’s stature on the global stage.” Chao Qin, Vice President of Chery International, said: “We at Chery International feel excited to partner with AW Rostamani Group. On our journey to elevate the automotive landscape of the UAE.” The event spotlighted Chery UAE’s flagship models - TIGGO 8 PRO MAX, TIGGO 8 PHEV, and the TIGGO 7 PRO MAX, showcasing their ingenuity, sophistication, and value proposition. The evening proceeded with the unveiling of these models, complemented by engaging activities and a gala dinner. Chery aims to expand its footprint across the UAE, from Abu Dhabi to Dubai and the Northern Emirates, with its inaugural showroom opening in Sharjah, bringing its exceptional range of vehicles closer to customers in every emirate and setting a new benchmark in customer satisfaction and automotive excellence with its technolog ically advanced and eco-friendly vehicle lineup. Positioned on the bustling Sheikh Mohammed Bin Zayed Road, Chery’s showroom in Sharjah serves as a beacon for the brand’s innovative approach and commitment to the region. Zaher Sabbagh, Director of Chery UAE Chery , said: “AW Rostamani is a testament to a journey of quality, trust, and customer satisfaction. Today, we proudly build upon this legacy, driv- ing forward with the same spirit of innovation and commitment to the communities we serve. By partnering with Chery, we at AW Rostamani are thrilled to further empower our path of excellence in the UAE. Chery’s story is one of pioneering spirit and continuous innovation, and for over a quarter of a century, this global brand has been at the forefront of the automotive industry, pushing the boundaries of what’s possible.” The launch event closed on a note of anticipation and excitement for the future, with Chery and AW Rostamani Group looking forward to ushering in a new era of automotive excellence in the UAE. Chery and the AW Rostam- ani Group are excited to welcome UAE residents to discover the innova- tion and luxury embodied in Chery vehicles. This partnership, rooted in a vision of innovation and customer satisfaction, is eager to present a future where advanced and sustainable mobility is the norm, reinforcing their mutual commitment to automotive excellence. 16 Vol. 25/04, April 2024 TECHNOLOGY Bitcoin tops $71,000: Meet Bij an Alizadeh, Phoenix Group CEO and Middle East cryptocurrency founding father As Bitcoin races to further record heights, Arabian Business meets one of the region’s biggest cryptocurrency players – Bijan Alizadeh, co-founder and Group CEO of crypto mining giant Phoenix Group BY STAFF WRITER TECHNOLOGYarabianbusiness.com 17 TECHNOLOGY Success followed as interest in crypto grew, but the journey wasn’t easy. Regulations impacted mining sites worldwide, so we had to adapt and relocate operations internationally As one of the founding fathers of the crypto industry in the Middle East, Bijan Alizadeh has spent over a decade pushing the bound- aries of what was once deemed impos- sible. As co-founder and Group CEO of Phoenix Group, a pioneering crypto mining and infrastructure company based in the UAE, Alizadeh’s journey exemplifies the perseverance and vision required to established new industries. “A lot of people didn’t believe in the potential of cryptocurrencies back in 2012 when I first got interested in Bitcoin,” recalls Alizadeh. “But I had a feeling this was the future, and I was determined to play a role in building it.” Alizadeh’s curiosity was piqued after receiving his first cryptocurrency payment for a transaction. Intrigued by the revolutionary technology underlying digital currencies, he spent hours educat- ing himself on blockchain and decentral- ised networks. His conviction in this new paradigm led him to co-found Phoenix Group in 2017 alongside business part- ner Munaf Ali, with the goal of establish- sively by securing equipment and power supplies. Today, the company operates some of the world’s largest and most sustainable cryptocurrency mining facilities. “Success followed as interest in crypto grew, but the journey wasn’t easy,” recalls Alizadeh. “Regulations impacted mining sites worldwide, so we had to constantly adapt and relocate operations internationally.” When China abruptly banned cryp- tocurrency mining in 2021, Phoenix had to airlift hundreds of mining rigs out of the country overnight. But rather than deter Alizadeh, such challenges only reinforced his resolve and flexibil- ity to position Phoenix at the cutting edge of an emerging industry. Powering progress responsibly Sustainability remains a cornerstone of Phoenix’s ethos under Alizadeh’s lead- ership. The company’s facilities source over 60 percent of electricity from renewable sources such as solar panels and hydroelectric dams. There’s a massive potential for cryptocurrencies as more businesses get exposed to the new digital economy, Alizadeh believes ing one of the region's first cryptocur- rency mining facilities. “Munaf and I believed in the tech- nology because we both came from a financial background,” says Alizadeh. “We recognised blockchain’s potential to transform how value is stored and exchanged, so we knew we had to move into this space quickly.” Their early 1-megawatt mining operation in the UAE was a humble start, but it served as the testing ground that would lay the foundation for Phoe- nix’s exponential growth. As Bitcoin’s price surged, Phoenix expanded aggres-Next >