< Previous40 Vol. 25/06, June 2024 The panellists collectively underscored the critical need for innovation, rapid adaptation and strategic investment to sustain the growth of the UAE’s real estate market In a panel discussion titled ‘Building Foundations: Leaders Reshaping the Real Estate Industry’, experts discuss the critical aspects of sustaining growth, fostering innovation, and navigating volatile market conditions in the UAE’s bustling real estate sector Industry leaders talk growth, innovation, and investment I n a panel discussion featuring prominent figures in the real estate industr y, Josef Kleindienst of Kleindienst Group, Alex Zagrebelny, founder and CEO of R. Evolution, Ben Bandari of Ben & Core Real Estate, and Atif Rahman of ORO24, discussed the critical aspects of sustaining growth, fostering innovation, and navigating the volatile market conditions in the UAE’s bustling real estate sector. Innovation in real estate Josef Kleindienst, CEO of Kleindienst Group, addressed the need for inno- vation within the industr y. “Our number one customer demographic are UAE nationals, followed by Saudi Arabia,” he said, indicating a strong local and regional interest in the devel- oper’s offerings.arabianbusiness.com 41 Zagrebelny emphasised the necessity for rapid adaptation in a fast-changing world Josef Kleindienst, CEO of Kleindienst Group, addressed the need for innovation within the industry development in Dubai. “The market has performed exceptionally well. It is going to continue going upwards.” He noted Dubai’s evolution from an emerging to a developing economy, a transition that promises sustained growth but also requires cautious opti- mism. “Is it a holistic economic boom we’re experiencing? The answer is no,” Rahman cautioned, drawing a compar- ison to the 2008 financial crisis. “The 2008 was a market with broken limbs, this time there will be some bruises but it won’t be the same,” he explained, suggesting that while challenges remain, they are less severe compared to the previous downturn. Rahman also emphasised the importance of shifting focus from merely real estate to broader economic growth. “The shift must move from overall real estate to economic growth of the country in general. Real estate impacts human life,” he pointed out. He advised investors to remain prudent, “Invest every penny in your pocket in Dubai real estate but be mindful,” underscoring the need for careful and strategic investment in the sector. The panellists collectively under- scored the critical need for innovation, rapid adaptation, and strategic invest- ment to sustain the growth of Dubai’s real estate market. Despite this robust demand, Klein- dienst acknowledged that innovation within the real estate sector is often slow-paced. However, he shared a ground-breaking development for his company. “In May, we applied for a license for floating villas; it is the first that is registered in the land depart- ment,” he announced. Alex Zagrebelny of R. Evolution echoed Kleindienst’s call for innova- tion, emphasising the necessity for rapid adaptation in a fast-changing world. “The problem with real estate is that it’s a five-year span but now that the world around is moving so fast, you always need to be innovative,” Zagrebelny remarked. He urged his fellow developers to keep pace with global advancements. “I want to ask all other developers, if you are looking to the future, move fast,” he stressed, highlighting the impor tance of ag ility and forward-thinking in the industry. Market trends and volatility Ben Bandari of Ben & Core Real Estate provided a detailed analysis of the current market dynamics, shedding light on the remarkable activity within Dubai’s real estate market. “The numbers don’t lie. There were 36,000 transactions in Q1 2024,” Bandari noted, illustrating the high volume of market transactions. He acknowledged the inherent vola- tility in the market, stating: “The market is volatile, goes up and down. We are having an upward trend right now.” This upward trend, according to Bandari, is attracting global attention. “Investors and buyers are looking at Dubai from all over the world. We are getting buyers from places we haven’t seen before,” he explained, reflecting on the expanding geographical interest in Dubai real estate. Bandari’s optimism about the market’s future is not only professional but also personal. “I believe in this market – both my son and daughter will have properties here,” he affirmed. Economic growth and real estate impact The problem with real estate is that it’s a five-year span but now that the world around is moving so fast, you always need to be innovative Founder and chairman of ORO24 Atif Rahman brought a broader economic perspective to the discussion, empha- sising the interconnectedness of real estate growth and overall economic 42 Vol. 25/06, June 2024 Panellists gave their take on striking a balance between fostering innovation and maintaining operational excellence Vineet Shukla, Vice President and Regional Business Head of HCLTech, shares his perspectives on the importance of leadership amid macroeconomic challenges Insights on leadership, innovation, and regional technology ecosystem O ne of my primary takeaways was the critical importance of adaptability in leadership. In today’s rapidly changing business environment, the ability to pivot strat- egies and embrace innovation is essen- tial,” Vineet Shukla, Vice President and Regional Business Head of HCLTech, said at this year’s summit in Dubai. The discussions underscored the need for sustainable practices. “As businesses, we must integrate sustain- ability into our core strategies to ensure long-term success and respon- sibility towards our communities and the planet,” he added. Addressing the significance of lead- ership, Shukla explained that leader-arabianbusiness.com 43 Experts discussed leadership strategies to beat out the competition Shukla said the ability to pivot strategies and embrace innovation is essential in today’s rapidly changing business environment “By supporting such initiatives, HCLTech demonstrates its commit- ment to thought leadership and its role as a catalyst for innovation,” he said. On HCLTech’s role in the region’s technology ecosystem, Shukla high- lighted the company’s involvement in driving digital transformation and innovation across industries. The focus areas include digital engineering, operations transformation, industry 4.0, cloud computing, cyber- security, artificial intelligence, and data transformation, which are crucial for the region’s digital agenda – all of which see a boost through the nurtur- ing of local talent. “We are committed to nurturing local talent through training and devel- opment programmes, thereby contrib- uting to the creation of a skilled work- force that can meet the demands of the evolving tech landscape. HCLTech is dedicated to supporting the Middle East’s vision of becoming a global tech- nology hub and driving sustainable economic growth through technology,” he concluded. ship is “crucial in navigating” the uncertainties brought about by macro- economic headwinds. “However, effective leaders provide a clear vision and direction, fostering resilience and adaptability within their teams,” he said, adding, “Leaders play a vital role in maintaining morale and motivation, helping their teams to stay engaged and productive.” In ter ms of collaboration and HCLTech’s motivation for sponsoring the panel, Shukla added that the panel “provided a platform for industry experts to exchange insights and best practices, fostering a collective approach to addressing the challenges and opportu- nities in the technology sector.” HCLTech is dedicated to supporting the Middle East’s vision of becoming a global technology hub and driving sustainable economic growth through technology 44 Vol. 25/06, June 2024 Dowidar cited figures such as Elon Musk, Jeff Bezos and companies like Apple as exemplars of innovative leadership Hatem Dowidar, Group CEO of industry giant e&, offers a compelling view on artificial intelligence (AI) and the broader technological and leadership challenges of our time The next tech revolution A I is the next revolution for the human race – this is as big as the invention of computers,” said Hatem Dowidar, Group CEO of e& at the Leadership Summit this year. Dowidar offered a compelling view on artificial intelligence (AI) and the broader technological and leadership challenges of our time alongside shar- ing his views on leadership.arabianbusiness.com 45 Dowidar called for robust frameworks to manage data consent, intellectual property and security capability. “How does that person fit with the values of the company?” he said, adding that intelligence, which encompasses capability and experience, is crucial in executing job responsibil- ities effectively. Time management and prioritisation Dowidar concluded with advice on managing the demands of leadership. “You can be doing many things, but you have to understand that at any point, you have to be doing one thing,” he advised. He highlighted the importance of focusing on the task at hand and under- standing the dynamics of prioritisation. “I always say that as long as you are clear on what’s important and focus on the one thing you have at hand, you will get it done,” he remarked, sharing a prac- tical approach to balancing multiple responsibilities. The CEO underscored the trans- formative potential of AI and the crit- ical importance of ethical governance and connectivity infrastructure. Artificial Intelligence: The next revolution “AI is here; it’s real; it’s not a concept anymore,” stated Dowidar, setting the tone for a profound discussion on the transformative power of AI. Dowidar pointed out that AI democratises many actions previously reserved for specialised experts. “Now, the layman can write to AI in plain language,” he said. This accessibility means that complex tasks can be executed by a broader range of people, enhancing productivity and innovation across various sectors. Governance and ethical use of AI While AI holds immense potential, Dowidar stressed the importance of governance. “AI has a big challenge, which is the governance of AI for several things.” He highlighted issues such as AI hallucination, where AI generates false data, and the creation of deepfakes, which involve producing realistic audio and video content using existing images and sounds. “We need to make sure that there is ethical use of AI,” he asserted, call- ing for robust frameworks to manage data consent, intellectual property, and security. Investing in connectivity Reflecting on e&’s role in the techno- logical ecosystem, Dowidar shared: “We have been investing over the last 40 years in connectivity.” He underscored the critical importance of infrastruc- ture to support AI and other techno- logical advancements. This investment is not just about enabling new technologies but also about enhancing everyday applications, from remote working to Internet of Things (IoT) solutions aimed at sustain- ability and carbon footprint reduction. Leadership in the digital age Transitioning to the topic of leader- ship, Dowidar cited industry leaders such as Elon Musk, Jeff Bezos, and companies like Apple as exemplars of innovative leadership. “Working on values really becomes the compass for As long as you are clear on what’s important and focus on the one thing you have at hand, you will get it done leaders,” he said, asserting the impor- tance of integrity and moral guidance in steering organisations. He also highlighted the multi-stake- holder mentality, asserting that busi- nesses must balance the needs of customers, shareholders, and the broader community. “Companies that keep thinking of the customer only, lose the trust of the shareholder and vice versa,” he stated, advocating for a holis- tic approach to decision-making. When discussing team building, Dowidar identified two main criteria: Alignment with company values and 46 Vol. 25/06, June 2024 Sheikh believed the process of evolution and adaptation will never end StarzPlay, a leading streaming platform in the MENA region, has seen steady growth since its launch in 2015, driven by localisation, strategic partnerships, and a resilient leadership team that has remained intact from the start How to beat Netflix M aaz Sheikh, the co-founder and CEO of StarzPlay, a leading over-the-top (OTT) streaming platform in the MENA region, recently shared insights into the company’s journey and strategic pillars at the event. “When we first got started, we benefited from lack of competition, we had the early mover advantage,” Sheikh said.arabianbusiness.com 47 The defining traits of a good leader are resilience, patience and to lead by example, said Sheikh Qualities of a good leader When asked if he has the same team from when he began StarzPlay, Sheikh said: “The process of evolution and adaptation has been ongoing, and I don’t believe it will ever truly end. We haven’t cracked any definitive formula. In all honesty, we are consistently learning and making mistakes, even with our team. When we first began, there were four of us who had already worked together in this region for over a decade. Now, that core group of three or four team members have collabo- rated side-by-side for 20 years. “We have known each other for a long time, which is quite rare. I believe this continuity has been one of the core reasons for our success. Typically, founders start companies, visions shift, frustrations arise, and founders ulti- mately part ways. We are blessed as a company that all the original founders have remained from day one,” he said, concluding that the defining traits of a good leader are resilience, patience and to lead by example. From startup to media empire: StarzPlay’s journey StarzPlay is ranked number 2 in the MENA region as an OTT platform with an 18 percent market share as of 2023, according to Sheikh. Launched in 2015, Starzplay offers SVOD (subscription video on demand) and FAST (free ad-supported stream- ing TV) services across various devices It cannot merely be about professional success or financial gain. There has to be a deeper driving force that provides the energy to persevere such as smart TVs, mobile, web, and gaming platforms. Its content offerings include entertainment, Arabic, and sports programming. The platform’s growth journey started from 100,000 subscribers in 2014 and projected to reach 3.5 million subscribers by the first half of 2024, showing steady year-over-year growth, with investors including Lionsgate, GE, and the Abu Dhabi Investment Office (ADIO) backing the platform. StarzPlay’s strategic pillars include localisation (building content for the MENA audience), partnerships (creat- ing win-win distribution and content deals with companies like Ooredoo, STC, UFC, Disney, and ICC), and agility (adapting model to cater to evolving content and audience prefer- ences across Western, Arabic, anime, and sports genres). However, despite its success, Sheikh believed that when faced with important life missions, one must dig deep within their heart and soul to understand the true purpose. “It cannot merely be about profes- sional success or financial gain. There has to be a deeper driving force that provides the energy to persevere. For me, it was the desire to provide for my family that served as that profound motivation to keep pushing forward,” he said. 3.5M The projected number of StarzPlay subscribers by the first half of 202448 Vol. 25/06, June 2024 Phillips shared his views on sustainable practices in revenue generation to ensure continued economic growth of RAK RAKTDA CEO Raki Phillips explains the northern emirate’s potential to become a premier global destination RAK tourism boss talks Wynn resort, women as better workers T his is the most exciting job I’ve had in my whole career,” said Raki Phillips, CEO of Ras Al Khaimah Tourism Development Authority (RAKTDA) at the event. The CEO shared his insights into the emirate’s burgeoning tourism sector and ambitious future plans. Highlighting the rapid growth and stra- tegic vision for RAK, Phillips explained the emirate’s potential to become a premier global destination. “As we look for the prospects to growth, our targets between now and the end of the decade is 3.5 million overnight visitors and 1.5 million day arabianbusiness.com 49 Phillips shared strategies to leverage emerging industries, untapped markets, and innovative business models He advocated for gender parity in leadership, acknowledging the unique strengths women bring to the table, adding that: “I believe in hiring more women than men.” “Men have egos,” he said. “We can only do one thing at a time, we cannot multitask. Women are smarter than men; they can multitask. If you give them the opportunity they will be much more loyal and hardworking,” Phillips said, garner- ing an applause from the audience. He further emphasised the impor- tance of being a calm and steady leader. “You’ve got to be the calm in the storm – I don’t get frazzled very easily,” he said. He values passion, risk-taking, and customer focus as essential traits for successful leadership. The future of RAK Looking ahead, RAK aims to become a hub for nature-based and adventure tourism. The emirate’s strategic initia- tives and investments are set to drive significant economic growth and enhance its global appeal. Phillips concluded by highlighting the emirate’s unique position and bright future, stating, “RAK is only going to grow further.” guests,” he revealed. This growth will be supported by doubling the room inventor y to between 16,000 and 20,000 keys. The RAKTDA head believed that the authority has covered the UK and India “pretty well” in terms of tourism, however, more focus needs to be placed on the West, specifically the Americas. He underscored RAK’s significant attractions and opportunities, position- ing it as the destination of the future. Domestically, RAK is already the number one place for staycations, which Phillips dubbed “shortcations,” and is the fastest-growing contributor to the emirate’s GDP. “RAK is the destination of the future,” he affirmed. UAE casino: Wynn Al Marjan Addressing what can be considered as one of the emirate’s biggest devel- opments and announcements recently, Phillips believed that the region’s first fully-integrated gaming resort – Wynn Al Marjan will have as big as an impact on the region as the opening of the Burj Al Arab, Burj Khalifa and Atlantis, The Palm. “When you talk about a destination of the future there is no better stamp of approval than Wynn announcing a $3.9bn project in RAK,” he gleamed. The Wynn Resor t will employ 7,000 people and is complemented by other significant developments, includ- ing the opening of the Westin and the Rove Hotel later this year, the CEO revealed. These projects will dr ive the creation of new housing, schools, hospitals, and lifestyle amenities, further enhancing the emirate’s appeal. Adapting to change: Borderless and frictionless travel Phillips shared how the pandemic was an eye-opener for RAK, allowing the emirate to pivot and offer a diverse range of experiences to consumers. This adaptability has been crucial in position- ing RAK as a versatile destination. Initiatives such as borderless and frictionless travel, and the recently announced GCC-style Schengen visa, When you talk about a destination of the future there is no better stamp of approval than Wynn announcing a $3.9bn project in RAK and par tnerships with the Omani government to allow seamless travel experiences aims to significantly boost tourism in the region. “Covid-19 allowed us to pivot and become a destination that offers multi- ple things to consumers,” Phillips said. ‘Hire people that are better than you’ Phillips’ leadership philosophy centres around hiring individuals who are better than him in their respective domains and fostering a supportive, non-bureaucratic work environment. “I’ve surrounded myself with a lead- ership team that I trust and in their respective domain are significantly stronger than me,” he said.Next >