Inside Muhammad BinGhatti’s path for the future of Dubai’s luxury real estate market BRANDED REAL ESTATE AND BEYOND October 2024 ABE_AB Leaders Oct 2024_01_Front cover_13391733.indd 127/09/2024 15:44Wednesday, 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 NOMINATIONSarabianbusiness.com 3 20 Contents October 2024 BRANDED REAL ESTATE AND BEYOND Muhammad Binghatti has been a pioneer of Dubai’s bustling luxury real estate market, as the mind behind some of the biggest emerging trends in property COVER STORY LEADERSHIP The importance of failure We present five CEOs who are living proof that failure can refine your vision, sharpen your skills, and lead you to unimaginable heights with their stories of resilience LEADER IN FOCUS The man who dressed the world in luxury From engineering to elegance, LVMH’s CEO Bernard Arnault quietly built a $210bn empire – with a touch of class DINING Dubai’s latest restaurants Dubai continues to push the boundaries of gastronomic excellence as we take you on a journey through the city’s latest dining venues 261006 ABE_AB Leaders Oct 2024_03_Contents_13403735.indd 327/09/2024 15:454 AB Leaders, October 2024 SUBSCRIBE NO W www.itp.com/subscriptions +971 4 4443000 EXPERT VIEWS EXCLUSIVE INTERVIEWS INDEPTH NEWS PUBLISHED BY AND © 2024 ITP MEDIA GROUP FZ-LLC. 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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 HEAD OF CONTENT Kate-Lynne Wolmarans, +971 4 444 3541, kate.wolmarans@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 PRODUCTION PRODUCTION MANAGER Gijo Thomas SENIOR IMAGE EDITOR Emmalyn Robles EVENTS & MARKETING SENIOR MARKETING AND EVENTS MANAGER Anthony Chandran, +971 4 444 3685, anthony.chandran@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 GROUP COMMERCIAL MANAGER Jad Karam, +971 4 444 3692, jad.karam@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_AB Leaders Oct 2024_04_Flannel_13403736.indd 427/09/2024 15:50arabianbusiness.com 5 Column Fresh perspective Welcome to the latest edition of Arabian Business Leaders. This issue is all about the twists in the road that make success what it is – the failures, the pivots, and the strategic genius behind the scenes. So, if you’re here for the straight facts with a side of insight, you’re in the right place. Let’s start with the one thing no one likes to talk about: Failure. In “The Importance of Fail- ure”, we break down why falling flat isn’t the catastrophe it’s made out to be. In fact, for some of the most successful CEOs, failure is part of the process – the plot twist that takes them from medi- ocre to remarkable. These aren’t just feel-good stories. They’re real examples of how hitting a wall is often the best way to figure out how to break through it. So, before you dismiss your latest setback, you might want to read this one. On to the cover story “Branded Real Estate and Beyond” takes us into the world of Muhammad Binghatti, the man who put his name on some of Dubai’s most talked-about real estate develop- ments. But this isn’t just another luxury property piece. Binghatti has taken branding to a whole new level, partnering with names like Bugatti and Jacob & Co. to create properties that scream exclusivity. Want to know what it’s like to create the first Bugatti-branded residence in the world? Binghat- ti’s story of turning real estate into a luxury brand playground is where you’ll find the answers. From luxury to leadership, our “Leader in Focus” feature takes us a deep dive into Bernard Arnault. While others are busy making noise, Arnault has quietly built the world’s biggest luxury empire, LVMH, transforming brands like Louis Vuitton and Dior into untouchable global giants. But don’t expect the usual billionaire story here. Arnault’s approach is all about control, precision, and playing the long game. If you’re interested in how real power operates, this feature is essential reading. Need a break from the boardroom? “Books CEOs Love” takes you inside the minds of indus- try titans through the books that have shaped them. Spoiler alert: It’s not all business theory and market analysis. These are the books that go beyond the bottom line – the ones that influence how they lead, think, and approach life. It’s a rare glimpse into the influences behind the decisions that move markets. If you’re hungry for something a little more literal, “Dining around Dubai” is your go-to guide for the city’s latest culinary hotspots. We’ve rounded up the restaurants that are pushing the boundaries of what it means to dine in Dubai, from bold new fusions to modern takes on Middle East- ern classics. Whether you’re a food connoisseur or just looking for a standout meal, this feature is packed with options that will have you booking tables before you’ve finished reading. For the business purists, “Why Keeping Customers is the Key to Business Success” gets straight to the point: customer retention is where the real money is. You’ll find out why focusing on the customers you already have is far more profit- able than chasing new ones and how companies like Amazon have turned this into an art form. It’s practical, it’s smart, and it’s something every busi- ness should be paying attention to right now. Finally, if you’re looking to sharpen your mind on the move, “Audio Guide to Business Brilliance” has you covered. We’ve curated the best podcasts in finance and business – the ones that are equal parts informative and engaging. Whether you’re interested in stock market insights or decoding the world of crypto, these shows will make sure you stay ahead of the game. That’s the issue. No fluff, no filler. Just the features you need to read, from the stories that define failure and success to the strategies that turn ordinary businesses into global empires. So, what are you waiting for? Dive in. ABE_AB Leaders Oct 2024_05_Editorial column_13403731.indd 527/09/2024 15:566 AB Leaders — October 2024 words by KATE-LYNNE WOLMARANS THE IMPORTANCE OF FAILURE. It’s a word that often makes people cringe, feel uneasy, or want to hide. We’ve all been there – whether it's missing out on that promotion, watching a business idea crumble, or simply falling short of a goal you worked tirelessly toward. In those moments, failure feels like a heavy, immovable roadblock. But what if we flipped the script? What if failure wasn’t the enemy, but rather the unsung hero of success? What if it wasn’t the end of your story, but the plot twist that takes you to an even greater chapter? Picture this: You’ve put everything you’ve got into a business venture. Countless hours, sleepless nights, money you didn’t have. Then it flops. Most people would walk away, defeated. But some of the most successful people in the world didn’t. They saw failure not as a sign to quit but as a signal to adjust, re-evaluate, and try again. That’s the beauty of failure – it doesn’t mean you’ve failed. It means you’ve tried. And trying is the only way to learn, grow, and evolve. Failure is inevitable on the road to success. Every great entrepreneur, innovator, and leader has hit walls, faced criticism, and endured setbacks. Yet they didn’t stop. Take comfort in knowing that failure is not a unique experience reserved for the unfortunate. Some of the world’s most powerful CEOs – people who have revolutionised industries, disrupted markets, and redefined success – have all failed, often more than once. They didn’t just bounce back; they used those failures as a springboard for success. These are the stories that will show you that falling short is not the end of the road. It’s the beginning of something bigger. The following five CEOs are living proof that failure can refine your vision, sharpen your skills, and lead you to unimaginable heights. Their stories of resilience and perseverance will inspire anyone who’s ever faced obstacles to keep pushing forward, to redefine what failure really means. So, buckle up and get ready to see how setbacks can be the catalyst for your greatest comeback. After all, failure doesn’t define your journey – it refines it. ABE_AB Leaders Oct 2024_06-09_The Importance of Failure_13399450.indd 627/09/2024 16:18arabianbusiness.com7 A look at how some of the world’s top CEOs turned setbacks into success Elon Musk Net worth as of 2024: $225bn Company: Tesla, SpaceX, X (Formerly Twitter) His story of failure: In 2008, Musk’s world nearly fell apart. Both Tesla and SpaceX were teetering on the brink of bankruptcy. Tesla struggled with production delays, and SpaceX’s first three launches failed. Musk had invested all of his own money, and both companies were at risk of total collapse. What he learned from failure in his own words: “Persistence is very important. You should not give up unless you are forced to give up.” Musk knew that success was not guaranteed, but his unwavering focus on the long-term vision allowed him to push through immense difficulties. How he overcame it in his own words: SpaceX’s fourth launch succeeded, winning NASA’s trust, and Tesla eventually delivered the Model S, saving both companies from financial ruin. Musk emphasised that his commitment to his long-term vision was crucial, despite multiple short-term failures. The lesson to take from it: Perseverance is ever ything. Musk’s stor y illustrates that resilience and the refusal to quit, even when faced with seemingly insurmountable obstacles, are often the difference between failure and success. Push through, and keep your eyes on the long-term vision. ABE_AB Leaders Oct 2024_06-09_The Importance of Failure_13399450.indd 727/09/2024 16:188 AB Leaders — October 2024 Sara Blakely Net worth as of 2024: $1.2bn Company: Spanx Her story of failure: Before Spanx became a billion-dollar brand, Blakely faced repeated rejections. After failing the LSAT twice, she abandoned her dream of becoming a lawyer. She then sold fax machines door-to-door, where rejection was a daily experience. Even after inventing Spanx, she faced countless refusals from manufacturers unwilling to back her vision. What she learned from failure in her own words: “My dad encouraged us to fail… he would ask us what we failed at that week. If we didn’t have something, he would be disappointed.” Blakely’s upbringing taught her to embrace failure as a stepping stone rather than something to fear. How she overcame it in her own words: After many rejections, Blakely eventually found a manufacturer to produce Spanx. Her mind-set of viewing failure as a necessary part of success was key. “I feel like failure propels you to try different things,” she said. The lesson to take from it: Failure is a teacher. Blakely reframed failure as an opportunity to learn and pivot. Her experience shows that failing isn’t about falling short – it’s about experimenting and refining until you find success. Jeff Bezos Net worth as of 2024: $165bn Company: Amazon His story of failure: In 2014, Amazon’s Fire Phone was an infamous flop. The phone failed to catch on with consumers, resulting in a $170m loss and a major setback for Amazon’s ambitions in the smartphone industry. What he learned from failure in his own words: “Failure and invention are inseparable twins.” Bezos has long believed that failure is a necessary ingredient for innovation. For him, the Fire Phone failure was a valuable lesson in bold experimentation. How he overcame it in his own words: Bezos didn’t let the Fire Phone define his journey. He doubled down on innovation, which led to major successes like the Amazon Echo and Alexa. “If you’re going to take bold bets, they’re going to be experiments,” Bezos said. The lesson to take from it: Take risks and embrace the lessons of failure. Bezos shows us that bold bets often come with setbacks, but those f ailures are the fuel for future breakthroughs. Don’t fear experimentation, even if it leads to mistakes. Failure is inevitable, but it’s also essential for growth. The biggest CEOs in the world didn’t avoid failure – they faced it, emraced it (even), learned from it, and used it as a launching pad for greater success ABE_AB Leaders Oct 2024_06-09_The Importance of Failure_13399450.indd 827/09/2024 16:18arabianbusiness.com9 Steve Jobs Net worth at the time of his death (2011): $10.2bn Company: Apple His story of failure: In 1985, Jobs was ousted from Apple, the company he co-founded. After a power struggle with the board, Jobs was forced out, a crushing blow for someone who had built one of the most innovative companies in the world. What he learned from failure in his own words: “I didn’t see it then, but getting fired from Apple was the best thing that could have ever happened to me.” Jobs realised that his firing gave him the freedom to start over and rediscover his passion for innovation. How he overcame it in his own words: After founding NeXT and acquiring Pixar, Jobs returned to Apple in the late 1990s, transforming the company with products like the iPhone and iMac. “It freed me to enter one of the most creative periods of my life,” Jobs said of his firing. The lesson to take from it: Failure can be a catalyst for reinvention. Jobs’ story shows that what seems like a devastating setback can often be the push you need to rebuild, refocus, and come back even stronger. Oprah Winfrey Net worth as of 2024: $3.5bn Company: Harpo Productions Her story of failure: Early in her career, Oprah Winfrey was fired from her job as a television news anchor in Baltimore. She was told she was “unfit for TV,” a statement that could have ended her media career before it truly began. What she learned from failure in her own words: “There is no such thing as failure. Failure is just life trying to move us in another direction.” Winfrey realised that this career setback wasn’t the end – it was life nudging her toward her true path. How she overcame it in her own words: Winfrey transitioned from news anchoring to hosting her own talk show, The Oprah Winfrey Show, which became an iconic success. “Turn your wounds into wisdom,” she said, showing how failure can make you stronger and more resilient. The lesson to take from it: Failure can redirect you toward your true purpose. Winfrey’s experience shows that setbacks often open the door to new and better opportunities. Sometimes, failure is life’s way of showing you where you truly belong. ABE_AB Leaders Oct 2024_06-09_The Importance of Failure_13399450.indd 927/09/2024 16:18Next >