< PreviousCO VER S T O R Y | 20 AB Leaders — October 2024 Cover Story 20 AB Leaders — October 2024 ABE_AB Leaders Oct 2024_20-25_Cover Story - Muhammad BinGhatti_13399729.indd 2027/09/2024 16:06arabianbusiness.com 21 BY MATTHEW AMLÔT BRANDED REAL ESTATE AND BEYOND Inside Muhammad BinGhatti’s path for the future of Dubai’s luxury real estate market arabianbusiness.com 21 ABE_AB Leaders Oct 2024_20-25_Cover Story - Muhammad BinGhatti_13399729.indd 2127/09/2024 16:07CO VER S T O R Y | 22 AB Leaders — October 2024 The Burj Binghatti Jacob & Co Residences redefines the luxurious contemporary lifestyle in Dubai dences also stems from the developer’s efforts to cater to international tastes. Binghatti has secured partnerships with automotive marques like Bugatti and Mercedes-Benz, along with storied jewellery and wristwatch firm Jacob & Co. Through these branded properties, Binghatti has sought to leverage decades of reputation within these industries to resonate with a global audience. Working with brands like Bugatti to develop the world’s first Bugatti Residences was both challenging and rewarding, according to the developer. “You’re doing something that hasn’t been done before. It’s the first and only Bugatti residences worldwide. How do $204.2m The price of the Sky Mansion Penthouse at the Bugatti Residences development – one of the most expensive penthouses in Dubai riving around Dubai, there are few names as prominent on the city’s skyline as Binghatti. In many ways, the firm’s founder, Muhammad BinGhatti, has been a pioneer of the emirate’s bustling luxury real estate market, as the mind behind some of the biggest emerging trends in property. In particular, Binghatti’s role in bringing the trend of branded real estate cannot be understated. “We were trailblazers, in my opin- ion, when it came to [branded resi- dences],” he quips. The emergence of branded resi- ABE_AB Leaders Oct 2024_20-25_Cover Story - Muhammad BinGhatti_13399729.indd 2227/09/2024 16:07arabianbusiness.com 23 | MUHAMMAD BINGHATTI Binghatti’s collaboration with renowned luxury carmaker Bugatti is anchored in the rich and diverse creative heritage of both brands developers to raise product quality to compete. “You really have to present something that’s appealing to the global buyer,” BinGhatti notes. His company has responded by enhancing finishes, amenities, and designs inspired by five-star resorts worldwide. “We’ve been investing a lot in terms of enhancing the quality of our finishes, the quality of our amenities, what sort of amenities we›re putting into these projects.” FOR US, WE’D RATHER BE ON AN UPWARD TRAJECTORY THAN RAPIDLY GOING UP AND THEN EXPERIENCING A V-SHAPE FALL we make this Bugatti? What is Bugatti about? We had to sit and have workshops on a weekly basis to understand what Bugatti is about as a brand. Bugatti is a very bespoke brand, so we literally had to design 182 different layouts for differ- ent units, and not a single unit is the same as any other. They’re all unique pieces,” he explains. “It’s not your usual approach towards real estate, and that’s what makes it exciting for us.” VALUE PROPOSITION REMAINS COMPELLING The rise of Dubai’s property market mirrors the global rise of the emirate, with the sector playing a crucial role in the city’s economic landscape. In recent years, the market has been booming – BinGhatti describes it as ‘boiling hot’ – with prices rising rapidly. When asked about his outlook for the market, BinGhatti remained bull- ish on its long-term growth prospects. “I think the market’s in a solid position. I think we’re going to see steady growth moving forward … The reason why I think the growth will continue is the population continues to grow, so there’s demand chasing supply, and we have a lot of legislative policies that are enabling this demand to continue,” he explains. Does he expect any price decreases on the horizon? “I don’t foresee any dips, I see an increase, but perhaps the rate of increase will be at a steadier rate, rather than a rapid rate, which, in my opinion, is much more healthy. For us, we’d rather be on an upward trajec- tory than rapidly going up and then experiencing a V-shape fall.” CHANGING DEMOGRAPHICS One factor fuelling demand is the evolu- tion of Dubai’s buyer demographic. This year, Turkish, Egyptian, and Indian buyers have stood out as important play- ers, according to BinGhatti, which has had an impact on the market. “Developers have been in much more competition to provide a much more appealing product on a global scale,” he explains, adding that the influx of global buyers has spurred Despite rising values, Dubai’s real estate remains an affordable investment when benchmarked against global gate- way cities. At just $352 per sq ft on average, compared to over $800 per sq ft in London, Dubai offers exceptional value relative to prominent overseas markets, according to BinGhatti. This affordability, paired with Dubai’s stable economic outlook, its appeal as a regional business hub, and its political stability, contributes to the emirate’s value proposition as a safe haven destination. BinGhatti believes factors like Dubai’s growing popula- tion, tenant demand, and yields still outpacing other major international financial centres will insulate the luxury market even in a potential downturn. “The increases in price have posi- tioned Dubai in its rightful position alongside other international cities… When you compare the level of service you’re getting, I think Dubai is up there for sure – you can experience it the moment you arrive at the airport, you’re clear within minutes. So it’s not just the price per square foot angle, but also the value you’re getting,” BinGhatti says. ABE_AB Leaders Oct 2024_20-25_Cover Story - Muhammad BinGhatti_13399729.indd 2327/09/2024 16:07CO VER S T O R Y | 24 AB Leaders — October 2024 THE FUTURE IS TECH-DRIVEN According to BinGhatti, the future of real estate will be defined by quality, design innovation, and increasing inte- gration of smart technologies. Devel- opers are investing heavily in architec- tural icons as well as AI-enabled living experiences like voice-controlled smart home systems. This drive for tech-led differentia- tion stems from healthy competitive pressures within Dubai’s development industry. As BinGhatti sees it, “compe- tition is a good thing… competition ultimately drives innovation.” “We are seeing a lot of evolution in terms of the design of assets. There’s a really clear evolution in terms of the architecture, the interior design, the level of firms that are coming in to design these projects,” he says. “We’re investing a lot in technol- ogy… I think tech and AI are definitely part of what we›re looking at in terms of the future of real estate. I think this sort of innovation is happening in a city like Dubai because it’s very much driven by the real estate market. It’s a huge part of the economy of Dubai and will drive more innovation in terms of AI, in terms of smart technologies, and quality overall.” THE EMIRATE’S ECONOMIC DRIVER The historic impact of real estate on the economic growth of Dubai cannot be understated, and this is a dynamic that BinGhatti doesn’t see changing anytime soon. “I think the market has a huge role to play… I think it’s one of the largest, if not the largest, portions of the Dubai economy, and rightfully so,” he said. “A lot of people are coming to park their money in a safe haven, and the real Binghatti believes the future of real estate will be defined by quality, design innovation, and increasing integration of smart technologies ABE_AB Leaders Oct 2024_20-25_Cover Story - Muhammad BinGhatti_13399729.indd 2427/09/2024 16:07arabianbusiness.com 25 | MUHAMMAD BINGHATTI estate market does exactly that for them,” BinGhatti explains, pointing to Egyptian and Turkish buyers as examples. “A lot of buyers coming in from Egypt and Turkey, they simply want to protect their wealth from currency volatility, so for them just investing in Dubai and keeping their money safe in an asset in Dubai already yields them a certain return when they’re comparing it with the opportunity cost of currency fluctuations,” he says. In addition to an increased global audience, BinGhatti also points to a growing appetite among residents for real estate as a stable underpinning of BinGhatti’s belief in the strength of Dubai’s real estate market is personal. When asked if he would tell a family member to buy, his response is simple, but with one important caveat: “Yes, I would tell them that now’s the time to buy, but I would tell them to make sure they’re buying the right project, in the right location, from the right developer, and at the right price.” “Now’s the time to buy because it’s the most I’ve seen in terms of popula- tion growth in Dubai, more than ever. I think all of these people have to either rent or buy properties. There’s still room for growth.” the sector. This increased purchasing from residents has been driven by several factors, according to the devel- oper: “One is that people feel safe in Dubai right now, they feel secure with Golden Visa programmes… [Buyers are] bringing their families, they’re choosing Dubai to settle. They know that they’re here for a very long time.” “The market has been performing very well, and yields have gone up, and because of that [residents] are noticing day by day that it makes more sense to actually put money towards a down payment and then pay instalments and own a home in Dubai.” NOW’S THE TIME TO BUY BECAUSE IT’S THE MOST I’VE SEEN IN TERMS OF POPULATION GROWTH IN DUBAI, MORE THAN EVER. I THINK ALL OF THESE PEOPLE HAVE TO EITHER RENT OR BUY PROPERTIES. THERE’S STILL ROOM FOR GROWTH ABE_AB Leaders Oct 2024_20-25_Cover Story - Muhammad BinGhatti_13399729.indd 2527/09/2024 16:0726 Vol. 25/11, October 2024 Dining ABE_AB Leaders Oct 2024_26-31_Dining Dubai_13402879.indd 2627/09/2024 16:10arabianbusiness.com 27 Dining Fair warning – you’ll be hungry after reading this WORDS BY KATE-LYNNE WOLMARANS Dining around Dubai A new season of culinary innovation has arrived, and Dubai’s vibrant restaurant scene is more exciting than ever, brim- ming with fresh openings and refined menus that are set to raise the dining experience across the city. As a global hub for food lovers and discerning palates, Dubai continues to push the boundaries of gastronomic excellence, offering a mix of traditional flavours and cutting-edge culinary concepts. We’ve taken the liberty of explor- ing the city’s latest and greatest culi- nary hotspots, ensuring that only the finest establishments made our list. Whether you’re seeking a modern twist on classic Middle Eastern dishes or a bold new fusion of international flavours, Dubai’s newest restaurants are sure to impress. So, gather your appetite and a sense of adventure as we take you on a journey through the city’s latest dining destinations. THREE CUTS When a family renowned for their smoked salmon decides to venture into the meat world, you might raise an eyebrow. But let us tell you, Joe and Jason Bassili, the brains behind Le Fumoir, have nailed it with Three Cuts. The steakhouse sits atop the Nakheel Mall on Palm Jumeirah, offering a breathtaking view and a menu that embodies the rule of three: Three cuts of beef, three delectable sauces, and three styles of potatoes. Best for: Three Cuts is perfect for those who want a no-nonsense steak- house experience with a touch of elegance. It’s a meat lover’s paradise, ideal for a night out with friends or a special date. Dishes to try: Start with the warm goat cheese salad – the grilled peaches and orange slices are a pleasant surprise. For mains, the sirloin, tenderloin, or ribeye will satisfy any beef craving. The Greek sea bream is a must if you’re a seafood aficionado. Don’t skip the double-fried potatoes or the apple tart with cinnamon ice cream for dessert. Ambiance: The setting is a blend of old-world French bistro with a dash of Middle Eastern charm. The intricate mashrabiya designs create an intimate and moody atmosphere that’s both sophisticated and welcoming. Where: Rooftop West, Nakheel Mall, Palm Jumeirah. ABE_AB Leaders Oct 2024_26-31_Dining Dubai_13402879.indd 2727/09/2024 16:1028 Vol. 25/11, October 2024 Dining LILA MOLINO + CAFÉ Snuggled in Alserkal Avenue, Lila Molino is a breath of fresh air. From the team that brought us Lila Taqueria, this spot is all about authentic Mexican vibes with a dash of Dubai’s artistic flair. It’s more than a café – it’s a cultural journey. Best for: Those craving Mexican comfort food with a side of artsy charm. Perfect for laid-back brunches or cosy dinners, and a great spot to catch up on work with some of the best coffee in town. Dishes to try: The mole de olla is a standout – a comforting bowl of roasted short ribs and masa dumplings that’ll transport you straight to Mexico City. Don’t miss the chile relleno, stuffed with gooey Mexican cheese and bathed in a tangy tomato-arbol sauce. Pair it all with a coconut horchata, and you’re golden. Ambiance: Earthy tones and terra- cotta tiles set the stage for a cosy yet vibrant dining experience. Upstairs, you’ll find a tranquil space perfect for sipping house- roasted coffee, while downstairs, the concept store invites you to explore tradi- tional Mexican crafts. Where: Alserkal Avenue, Al Quoz. RONIN Dubai might be saturated with Japanese restaurants, but Ronin is a different beast. Located at the glamorous Five Luxe on JBR, this place is all about the theatre of dining. From the moment you step in, the gong rings, flames spark, and you’re in for a memorable culinary ride. Best for: Those seeking a fine-dining Japanese experience with a side of specta- cle. Great for impressing clients or a lavish night out with your inner circle. Dishes to try: The truffle Wagyu gyozas are a must, floating in a bed of rich ponzu butter. For something with a kick, try the ise ebi prawn tempura with wasabi mayo. And don’t skip the chocolate fondant – it’s pure indulgence. Ambiance: The terrace offers stun- ning views, perfect for soaking in the Dubai skyline as you sip on a lychee infused beverage. Where: Five Luxe, JBR. Lila Molino + Cafe founders, Shaw and Tarek ABE_AB Leaders Oct 2024_26-31_Dining Dubai_13402879.indd 2827/09/2024 16:10arabianbusiness.com 29 Dining JARA by MARTIN BERASETEGUI Jara by Martin Berasetegui is a celebration of Basque culinary tradition, brought to life by one of Spain’s most decorated chefs. This spot at The Lana doesn’t do things halfway – it’s all about flavour, quality, and simplicity. Best for: Fans of Spanish cuisine will find a haven here. It’s the perfect venue for a leisurely meal that emphasises tradi- tion and taste. Dishes to tr y: Star t with the croquettes, stuffed with mushrooms or cecina, and prepare for bliss. The char- coal-grilled Westholme Wagyu T-bone is a highlight, as is the Basque cheesecake – rich, creamy, and unforgettable. Ambiance: With an open kitchen alive with flames and a window wall framing Dubai’s skyline, Jara offers a dining expe- rience that's as dramatic as it is delicious. Where: The Lana, Marasi Drive, Business Bay. ROW on 45 Row on 45 isn’t just another multi-course experience – it’s a culinary journey orches- trated by the brilliant Jason Atherton. This isn’t just dinner – it’s a spectacle that unfolds across three rooms, each with its own story to tell. Best for: Adventurous foodies who crave an experience beyond the ordinary. This is a place to indulge in creativity and savour flavours that surprise and delight. Dishes to try: The A5 Wagyu is melt- in-the-mouth perfection, and the Hokkaido scallops are a revelation. Finish with the financier with karak-infused cream for a truly indulgent end to your meal. Ambiance: Set on the 45th floor of Grosvenor House, Row on 45 oozes elegance and charm. The décor is eclectic, with plush velvet chairs and a playlist that’s as curated as the menu itself. Where: Grosvenor House, Dubai Marina. ABE_AB Leaders Oct 2024_26-31_Dining Dubai_13402879.indd 2927/09/2024 16:10Next >