UAE AED 15 KSA SAR 15 BAHRAIN BHD 1.500 OMAN OMR 1.500 KUWAIT KWD 1.200 QATAR QAR 15 Inclusive of VAT An ITP Media Group Publication MY WORLD ABE_2507_01_Cover_13322391.indd 103/07/2024 15:06arabianbusiness.com 3 www.arabianbusiness.comSUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription#arabianbusinessarabianbusinessarabianbusiness Contents July 2024 COVER STORY Emirati developer Ali Sajwani’s journey has been marked by a fearless embrace of risks, a trait that transcends the realm of business and permeates his personal pursuits MEDIA In uencer ‘bubble’ The economics of being an influencer are changing as brands ditch aspirational content for authentic endorsements with measurable ROI SPECIAL FEATURE Real Estate Legends We explore the multifaceted importance of real estate in the UAE, encompassing economic, social, and cultural dimensions 18 FIRST WORD Our in-depth analysis offers valuable insights for businesses navigating this new terrain of digital marketing 12 Matthew Amlot Editorial Director matthew.amlot@itp.com 34 ABE_2507_03_Contents_13328273 NEW.indd 303/07/2024 17:44FIR ST WORD | Matthew Amlot, Managing Editor 4 Vol. 25/07, July 2024 Celebrating legends MATTHEW AMLÔT @MatthewAmlot Hello and welcome to the July issue of Arabian Business. Gracing our cover this month is a figure who embodies the new generation of Middle Eastern business leaders – Ali Sajwani of DAMAC Properties. In our exclusive interview, Ali unpacks his remarkable journey, offering insights into the unique challenges and opportuni- ties of growing up in one of the region’s most prominent business families. From his early days delivering speeches at product launches in Madinat Jumeirah at the tender age of 13, to his current role at DAMAC, Ali’s story is one of determination, innovation, and a deep-rooted commitment to pushing boundaries. “We grew up with it,” he reflects, recounting how the world of real estate and development was woven into the fabric of his childhood. What stands out in Ali’s narrative is not just his inher- itance of a business empire, but his drive to carve out his own path within it. His journey offers valuable lessons for aspiring entrepreneurs and established business leaders alike. It’s a story that resonates with the evolving landscape of Middle Eastern business – one that honours tradition while embracing innovation and change. But Ali’s story is just the beginning of what this issue has to offer. As we dive deeper into the pages, we explore some of the most pressing topics shaping our business world today. In an era where digital influence reigns supreme, we turn our attention to the burgeoning influencer economy. On page 12, we delve into the world of social media stardom and its impact on marketing strategies. But as the influencer bubble continues to expand, we ask the crucial question: Is it sustainable, or are we on the brink of a burst? Our in-depth analysis offers valuable insights for businesses navigating this new terrain of digital marketing. The gig economy, another disruptive force reshaping our world, takes centre stage on page 24. From ride-hailing services to freelance platforms, we explore how companies like Uber, Deliveroo, and Upwork have revolutionised the concept of employment. But with this shift comes new chal- lenges. We examine the skills that leaders need to cultivate in this evolving landscape and how traditional businesses can adapt to this new reality. In a region where real estate continues to be a cornerstone of economic growth, we’re excited to introduce a new feature: Legends of Real Estate. This comprehensive guide showcases the top brokers who are making waves in the UAE’s property market. It’s our way of recognising the often-unsung heroes who play a crucial role in one of our most vital sectors. Last but certainly not least, we’re proud to include our annual supplement: The 2024 edition of the Greatest CEOs. This celebration of leadership excellence showcases the visionaries who are steering Middle Eastern businesses towards new horizons. From tech startups to established conglomerates, these leaders are shaping the future of busi- ness in our region and beyond. With that I’ll let you get to reading. Until next time. Excellence takes centre stage this month ABE_2507_04_Editors letter_13328276.indd 403/07/2024 15:166 Vol. 25/07, July 2024 SUBSCRIBE NO W www.itp.com/subscriptions +971 4 4443000 EXPERT VIEWS EXCLUSIVE IN TERVIEWS INDEPTH NEWS PUBLISHED BY AND © 2024 ITP MEDIA GROUP FZ-LLC. NOTICE The publishers regret that they cannot accept liability for error or omissions contained in this publication, however caused. The opinions and views contained in this publication are not necessarily those of the publishers. Readers are advised to seek specialist advice before acting on information contained in this publication, which is provided for general use and may not be appropriate for the readers’ particular circumstances. The ownership of trademarks is acknowledged. 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PO Box 500024, Dubai, UAE Tel: +971 4 444 3000 Off ices in KSA, UAE, UK, US, and INDIA ITP MEDIA GROUP CEO Ali Akawi MANAGING DIRECTOR Marne Schwartz MANAGING DIRECTOR Anil Bhoyrul EDITORIAL EDITOR-IN-CHIEF Rob Corder, rob.corder@itp.com EDITORIAL DIRECTOR Matthew Amlot, + 971 4 444 3264, matthew.amlot@itp.com SUB EDITOR Edward Liamzon, +971 4 444 3474, edward.liamzon@itp.com ARABIANBUSINESS.COM EDITOR AT LARGE Will Milner DESIGN SENIOR DESIGN MANAGER Geri Batara Sonny ART DIRECTOR Mohammed Irqsosy STUDIO VIDEOGRAPHER Muhammad Kaleem VIDEO EDITOR Liju Cheruvathur PRODUCTION PRODUCTION COORDINATOR Mahendra Pawar SENIOR IMAGE EDITOR Emmalyn Robles EVENTS & MARKETING SENIOR MARKETING AND EVENTS MANAGER Anthony Chandran, +971 4 444 3685, anthony.chandran@itp.com SENIOR EVENTS MANAGER Shivangi Roy, +971 4 444 3460, shivangi.roy@itp.com DISTRIBUTION HEAD OF DISTRIBUTION AND NEWSTRADE Abdulrahim Alparambil DISTRIBUTION COORDINATOR Avinash Pereira CIRCULATION EXECUTIVE Rajesh Pillai ADVERTISING GENERAL MANAGER Mirei Avdou, +971 4 444 3215, mirei.avdou@itp.com GROUP COMMERCIAL MANAGER Neha Sikri, +971 4 444 3353, neha.sikri@itp.com SENIOR COMMERCIAL MANAGER Samir Glor, +971 4 444 3320, samir.glor@itp.com COMMERCIAL MANAGER Pallavi Choudhary +971 4 444 3359, pallavi.choudhary@itp.com ITP GROUP CEO Ali Akawi CFO Toby Jay Spencer-Davies CORPORATE WEBSITE itp.com CIRCULATION CUSTOMER SERVICE +971 4 444 3000 WEB arabianbusiness.com ABE_2507_06_Flannel_13305093.indd 603/07/2024 15:168 Vol. 25/07, July 2024 FINANCE What does achieving financial freedom mean? The foundation of financial freedom is rooted in a comprehensive understanding of one’s financial situation The foundation of financial freedom The foundation of financial freedom is rooted in a comprehensive understand- ing of one’s financial situation. This clarity begins by taking a detailed inventory of current financial condi- tions, including income streams, monthly expenses, outstanding debts, and accumulated savings. Knowing these figures provides a clear financial snapshot and serves as the cornerstone for all subsequent financial decisions. This initial assessment is not a one-time task but the beginning of an ongoing process. As life circum- stances change – such as receiving a raise, encounter ing unexpected expenses, or changing family dynam- ics – this financial snapshot must be regularly updated. Each update provides fresh insights, allowing for the continuous adjustment and refinement of financial strategies. Such vigilant monitoring and adapting of one’s financial plan ensure BY JOSEPH EL AM, GENERAL MANAGER MENA, STASHAWAY Budgeting and expense management are crucial steps on the path to financial freedom Achieving financial freedom is a goal many aspire to, yet it involves more than just accumu- lating wealth. It requires a comprehen- sive approach to managing finances that empowers individuals to live according to their values and goals without the burden of financial constraints. This freedom allows for choices that align with personal aspirations, whether pursuing a passion, investing in future opportunities, or securing a comforta- ble retirement. Central to this journey are informed financial decisions – span- ning from effective budgeting and stra- tegic debt management to wise invest- ments. Each choice plays a crucial role, setting the stage for a secure financial future and the liberty to enjoy life on one’s own terms. ABE_2507_08-10_FINANCE_Financial Freedom_13292637.indd 803/07/2024 15:17arabianbusiness.com 9 FINANCE that decisions are based on the most current data, aligning closer with finan- cial goals and realities. Budgeting and expense management Budgeting and expense management are crucial steps on the path to financial freedom. Effective budgeting allows individuals to control their finances, ensuring that spending aligns with their financial goals. This disciplined approach to managing money is critical for transforming one’s financial land- scape over time. One practical framework for guid- ing financial planning is the 50/30/20 rule. This rule advocates for dividing after-tax income into three categories: 50 percent for necessities, 30 percent for wants, and 20 percent for savings or debt repayment. By structuring a budget this way, individuals can ensure that essential living costs are covered, personal enjoyment is accounted for, and financial savings and debt reduc- tion are prioritised. Adopting such a str uctured approach to budgeting helps individu- als maintain a balanced financial plan. It encourages disciplined spending habits and empowers proactive finan- cial decisions. If meeting the 20 percent allocation to savings or debt repayment is challenging, it’s important to find an allocation that works for your unique financial situation. The key is to estab- lish a sustainable plan and consistently stick with it. Ultimately, this optimises the use of every dollar, paving the way for a secure financial future and achiev- ing financial freedom. The role of debt Debt management is crucial in the jour- ney toward financial freedom. Effective management of debt is not just about reducing balances but understanding and strategising around the terms and impacts of different debts. High-interest debts, such as those from credit cards, are particularly detrimental because they can rapidly accumulate and under- mine financial stability. Effective debt management begins with a thorough assessment of all outstanding debts – identifying their interest rates, minimum payments, and payoff terms. This clarity allows indi- viduals to strategically prioritise repay- ments. High-interest debts should typi- cally be prioritised to avoid paying more over time. Additionally, consoli- dating debts can be a smart strategy. Debt consolidation involves combining multiple debts into a single debt, often with a lower interest rate, which can lead to lower monthly payments and faster debt reduction. Another critical aspect of debt management is avoiding the accumula- tion of new debt. This requires a disci- plined approach to spending and saving, ensuring that expenses can be met with- out resorting to additional borrowing. Establishing an emergency fund is a fundamental step in this process. It provides a financial buffer that can help cover unexpected expenses without the need to take on new debt. Effective debt management begins with a thorough assessment of all outstanding debts The importance of emergency funds An emergency fund is an essential component of financial security. It acts as a safety net that can cover unfore- seen expenses such as medical emer- gencies, sudden job loss, or urgent home repairs without the need to incur additional debt. Having this fund in place not only prevents financial setbacks but also provides peace of mind, knowing that you are prepared for financial emergencies. The size of an emergency fund can vary depending on personal circum- stances, but a general guideline is to save enough to cover three to six months of living expenses. This buffer ensures that you can maintain your lifestyle and meet your financial obligations even during periods of financial uncertainty. Regu- larly contributing to an emergency fund and keeping it in a readily accessible but separate account is a smart financial practice that reinforces overall financial health and supports long-term financial stability and independence. Savings and investments Savings and investments are indispen- sable elements on the path to financial freedom. The act of saving provides a financial cushion against unexpected events and serves as a foundation for investment. Investing, in turn, is the mechanism that enables the growth of wealth over time, utilising the power of compounding to turn savings into a substantial financial resource. Debt management is crucial in the journey toward financial freedom, says El Am ABE_2507_08-10_FINANCE_Financial Freedom_13292637.indd 903/07/2024 15:17Next >