< Previous60 Vol. 25/11, October 2024 Wealth Management Developers are responding with cutting-edge projects that feature state-of- the-art wellness amenities, sustainable designs, and smart home technology. This new approach to luxury real estate includes everything from meditation centres and yoga studios to work-from- home-friendly podcast rooms and sound- proof booths. It’s all about creating a holistic living experience that caters to both personal well-being and productivity. Luxury fashion In the world of fashion, luxury brands are feeling the influence of this new wave of wealthy shoppers as well. Streetwear-inspired collections, once considered niche, have gone main- stream as high-end labels scramble to capture the attention (and spending power) of Gen Z. Collaborations with influencers and limited-edition drops have become the norm, with brands like Louis Vuitton and Gucci launching streetwear collections to stay relevant in the eyes of younger buyers. Vir tual fashion, a once-fringe concept, is also gaining traction as part of this shift. Digital-only clothing and accessories, designed for use in virtual worlds or on social media avatars, are proving particularly popular. With the rise of the metaverse, luxury fashion is evolving to include pieces that exist solely in the digital realm – but still come with hefty price tags. The new playbook for wealth management As Gen Z millionaires accumulate more wealth, wealth management firms are scrambling to keep up with their uncon- ventional preferences. These young investors aren’t just different in terms of what they invest in – they’re also chal- lenging the way wealth management has traditionally been done. “To connect with this generation, you’ve got to understand them first,” Kwok explains. “They’re spiritual, they’re liberal, and they don’t like capi- talism as it’s traditionally known.” In response, many wealth management firms are hiring younger advisors who can relate to their clients’ values and need to add a pair of sneakers and a digital wallet to the equation. The future of wealth As the baby boomer generation passes down trillions of dollars to millennials and Gen Z in the coming decades, the trends we’re seeing now are only set to accelerate. These young millionaires are changing the way we think about wealth, and their spending habits – from cryp- tocurrencies and sneakers to space travel and NFTs – could have far-reach- ing implications for the global economy. “You’ve got these young people who’ve moved out of their parents’ homes, want their own place with a door- man, are taking private jets, and buying expensive goods,” Kwok observes. “For them, investing isn’t about making money – they’ve already got it.” So while Gen Z may be the newest players in the wealth game, one thing is for sure: They’re here to stay, and they’re rewriting the rules for everyone else along the way. And whether it’s a pair of rare Air Jordans or a ticket to space, these young millionaires are proving that wealth in the 21st century is about so much more than just a number in a bank account – it’s about living on their own terms. priorities. Firms are also expanding their offerings to include more alternative investments and integrating technology in ways that appeal to this digital-first generation. Yet, with all this enthusiasm for alternative assets, wealth experts like Porter warns against throwing caution to the wind. “While alternative assets can offer the potential for higher returns and diversification, they come with heightened risks, especially in terms of volatility, regulation, liquidity, and valu- ation,” he says. In other words, while Gen Z may be all about rewriting the rules, some of the old wisdom still applies – you just might Young millionaires are changing the way we think about wealth, and their spending habits could have far-reaching implications for the global economy ABE_2511_56-60_Wealthy GenZ_13377457.indd 6029/09/2024 08:5062 Vol. 25/11, October 2024 Property HO W GEN Z IS REDEFINING THE JOB SEARCH W ORDS B Y SHARON BENJ AMIN Vol. 25/11, October 2024 ABE_2511_62-64_TikTok_13401767.indd 6229/09/2024 08:54arabianbusiness.com 63 Property With CareerTok attracting billions of views, Gen Z is increasingly turning to TikTok for career advice and networking. UAE career experts weigh in on the pros and cons of this shift For many, the traditional job search process can be daunting – sending out CVs, waiting for a call-back, and navi- gating the hidden complexities of workplace culture. But what if you could gain inside knowledge about a job’s perks, pitfalls, and even its alignment with your produc- tivity before you applied? Enter TikTok. According to a report by The Economist, an increasing number of young job-seekers are using TikTok to take their first steps up the career ladder. With more than 2 billion views on Career- Tok videos, TikTok is quickly becoming a hub for career advice, job search tips, and workplace insights. But is it really challenging LinkedIn’s dominance as a professional networking platform, or is it just another social media trend? Why Gen Z are flocking to TikTok TikTok, with its short, engaging videos, has become the go-to platform for Gen Z to seek everything from job tips to insights on navigating workplace dynamics. "Gen Z is more familiar with TikTok than LinkedIn – a platform that generally attracts older generations further along in their careers," says Zeta Yarwood, a Dubai-based career coach. "From this perspective, it makes sense for Gen Z to use TikTok to educate themselves on career development and job searching." While LinkedIn remains the stalwart for profes- sionals seeking networking opportunities and career growth, TikTok offers a format that is more relatable for younger generations. With content that blends humour, creativity, and personal storytell- ing, TikTok provides a less formal, more accessible platform for career-related advice. “TikTok’s algorithm may also help them access industry-specific content and communi- ties," Yarwood explains. "Its features such as stitches and duets might allow them to get in front of their target employers and engage directly with them, whereas many feel it’s harder to connect directly with decision-makers on LinkedIn.” arabianbusiness.com 63 ABE_2511_62-64_TikTok_13401767.indd 6329/09/2024 08:5464 Vol. 25/11, October 2024 Property Echoing this, Dubai- based career coach Samia Hassan points out that TikTok’s appeal lies in its authenticity. "Gen Z craves unfiltered, relatable content. They’re getting advice from peers in real- time, without the corporate gloss LinkedIn can some- times have," Hassan says. "TikTok’s short, snappy videos fit Gen Z’s attention span perfectly. LinkedIn posts can be dense and long, while TikTok gets to the point with humour, creativity, and visuals." For Gen Z, TikTok feels more casual and less intimidating. “LinkedIn feels like a place to network and impress, which can be intimidating,” Hassan adds. “TikTok is more laid-back and less about presenting a perfect image.” The potential pitfalls of careertok While TikTok offers undeniable advan- tages, experts also caution against its potential pitfalls. “The risk of misinfor- mation or dramatised information is higher, meaning the advice runs the risk of being less accurate and reliable,” warns Yarwood. “There’s also a higher risk of oversimplification in short videos, where important nuances are removed to satisfy those in search of a quick dopamine hit rather than education.” Hassan agrees, adding that the line between authenticity and professional- ism can easily blur on a platfor m designed primarily for entertainment. "Content that resonates with TikTok’s algorithm might not sit well with future employers. Balancing being 'real' while staying professional can be tricky," she says. "A mistake or offhand comment can quickly escalate on TikTok. Be mindful of how easily content can be taken out of context." Despite these risks, TikTok still holds value for Gen Z as they build their professional identities. Unlike previous generations, who often conformed to rigid workplace standards, Gen Z is more interested in presenting themselves authentically – both online and offline. career ambitions, and they’re not afraid to showcase their unique personalities online – whether on LinkedIn or TikTok," Hassan says. “They’re digital natives, comfortable with the gig economy and side hustles, and they treat their social media profiles like portfolios.” Yarwood adds that companies are also adapting to this change, with more organisations using social media to gauge a candidate’s personality and values. "Hiring managers are now looking at candidates’ social media presence to assess their personality and values,” she says. "It’s no longer just about educa- tional qualifications; companies want to see hands-on experience, projects, and natural talent." However, both experts emphasise the importance of striking a balance. “Using a mix of TikTok and LinkedIn would be a far better approach to cover all bases,” Yarwood advises. She warns that incon- sistencies between the two platforms could raise red flags for potential employ- ers. “If potential employers see someone who’s intelligent and conscientious on LinkedIn but posting videos of them- selves being reckless on TikTok, that’s going to raise questions.” The changing landscape of job searching As companies increasingly value practical experience and digital savviness, TikTok’s role in job searching and career develop- ment is only set to grow. Gen Z’s willing- ness to embrace non-traditional career advice – whether through TikTok or other social media platforms – signals a shift in the professional landscape. For many young professionals, TikTok represents a fresh, dynamic approach to job searching. “Gen Z should embrace TikTok for career development,” says Hassan. “It’s not just for dance challenges; it’s evolving into a powerful networking and brand- If potential employers see someone who’s intelligent and conscientious on LinkedIn but posting videos of themselves being reckless on TikTok, that’s going to raise questions "I think the biggest difference I’ve seen in how Gen Z presents their professional identity is that authenticity is more important to them than being seen as uber-professional,” Yarwood notes. “They want to express them- selves and be accepted in their entirety – warts and all.” The shift in professionalism This shift in how Gen Z presents their professional identity is also changing how companies view job candidates. Employers are increasingly looking beyond formal qualifications, seeking candidates with a mix of practical skills and real-world experience. “They blend personal passions with 64 Vol. 25/11, October 2024 ABE_2511_62-64_TikTok_13401767.indd 6429/09/2024 10:14Wednesday, 22nd January 2025 Dubai, United Arab Emirates NOMINATIONS ARE NOW OPEN SPONSORSHIP ENQUIRIES Sales team Direct: +971 4 444 3353 Email: absales@itp.com EVENT & NOMINATION ENQUIRIES Events and Marketing team Direct: +971 4 444 3685 Email: events@arabianbusiness.com Celebrating outstanding achievements across the region SCAN HERE TO START YOUR NOMINATIONS66 Vol. 25/11, October 2024 Property 66 Vol. 25/11, October 2024 ABE_2511_66-70_Property red flags_13401729.indd 6630/09/2024 15:54arabianbusiness.com 67 Property As Dubai’s property market continues its rapid growth, industry experts share essential tips for making smart property investments and avoiding common pitfalls WORDS BY NICOLE ABIGAEL arabianbusiness.com 67 Dubai’s real estate market is booming, attracting investors from across the globe eager to capitalise on the city’s g rowth. With its reputation as a global hub and steady rise in property values, Dubai has become a hotspot for high-demand real estate. However, alongside the opportunities lie potential risks, and experts are urging buyers to approach property investments with caution. While the appeal of sleek new developments and attractive price points may be tempting, seasoned property experts warn that rushing into the market without thorough research can lead to costly mistakes. So, what should investors be mindful of when buying property in Dubai? The developer’s track record When investing in property, the devel- oper’s reputation should be a top prior- ity. “Developer track record is one of the main metrics to look at when eval- uating a developer because that will help predict its future projects,” advises Yassir El Ghazi, Managing Partner at McCone Properties. He emphasises the importance of not only considering the quality of the build but also looking beyond to assess how the developer handles building maintenance after the project is handed over. Paul Sharland, Associate Director of Off Plan & Investment at haus & haus, echoes this sentiment, stressing the need for buyers to thoroughly exam- ine a developer’s history. “A good devel- oper should have a proven history of delivering on time and meeting expec- tations,” says Sharland. He adds: “There are always developers to be cautious about,” referring to the influx of new developers entering the market. Dubai’s property boom has indeed attracted many new players into the development space. While this brings fresh opportunities, it also introduces a level of risk, particularly for buyers working with developers who lack expe- rience in the region’s real estate market. Sharland points to past lessons from the 2005-2008 period, when the market saw numerous first-time developers ABE_2511_66-70_Property red flags_13401729.indd 6729/09/2024 09:0168 Vol. 25/11, October 2024 Property struggle due to cash flow issues. “Many couldn’t complete their projects, leav- ing buyers at a loss,” he recalls. Although Dubai’s regulatory environment has since improved, the risks associated with inexperienced developers remain. Red flags to watch out for To protect their investment, buyers should be on the lookout for potential warning signs. Unrealistic promises, poor project management and missed deadlines are all red flags that experts advise keeping an eye on. As Sharland puts it: “Some common red flags include unrealistic promises, poor project management, and missed deadlines.” El Ghazi adds a word of caution about deals that seem too good to be true. “The biggest red flag is if the deal “This is crucial as it protects the inves- tors on handover so they can refer back to it and check if the developer delivered on what was promised,” he explains. This level of transparency ensures that investors have a clear understand- ing of the materials being used and what they can expect in terms of quality when the project is completed. Which properties make the best investment? As Dubai’s market evolves, certain property types have emerged as stronger investments than others. According to Sharland, townhouses, villas, and three-bedroom apartments represent the most solid investment opportunities. “There’s currently a significant under- supply in these segments, which makes is too good to be true, it probably isn’t,” he says. Often, issues arise from poor building quality, which can lead to significant problems down the line. Protecting your investment As the property market heats up, protect- ing your investment through due diligence is crucial. One key step, according to Shar- land, is working with a trusted broker who has a strong reputation. He also advises investors to go beyond surface-level research and dig into reviews, not only for the development companies but also for individual brokers. El Ghazi provides a practical tip for safeguarding your investment: Request the developer to include a detailed build- ing materials specification sheet in the Sales and Purchase Agreement (SPA). Unrealistic promises, poor project management and missed deadlines are all red flags that experts advise keeping an eye on ABE_2511_66-70_Property red flags_13401729.indd 6829/09/2024 09:01arabianbusiness.com 69 Property them a solid investment,” he explains. Data from Arabian Business supports this view, with the city’s residential stock comprising 800,000 units, of which only 15 percent are villas and townhouses. This limited supply contributes to higher demand for these property types, making them attractive for investors seeking strong returns. Haider Tuaima, Director & Head of Real Estate Research at ValuStrat, high- lights the appeal of villas and townhouses: “Townhouses and villas typically yield higher returns on investment and lower service charges compared to apartments, enhancing their attractiveness.” Understanding the bigger picture For those looking to make smart prop- er ty investments, under standing broader market trends and Dubai’s long-term development plans is essen- tial. El Ghazi advises taking a wider view when evaluating real estate oppor- tunities. “When investing in real estate, it’s very important to look at the bigger picture, to look at the government plans and vision for the area as well as the surrounding infrastructure,” he says. Considering the developers that are building or planning to build in the area is another factor that El Ghazi suggests keeping in mind, as this can indicate potential price appreciation on hando- ver. Seasoned investors, he notes, are increasingly focusing on long-term market trends and government initia- tives to guide their decisions. In addition to government-driven projects, buyers should consider the When investing in real estate, it’s very important to look at the bigger picture, to look at the government plans and vision for the area as well as the surrounding infrastructure ABE_2511_66-70_Property red flags_13401729.indd 6929/09/2024 09:02Next >