< PreviousTECHNOLOGY 30 CEO MIDDLE EAST 16–31 MAY 2024 menity-rich residences have been gaining significant traction globally, and it’s no surprise that this trend is poised to make its mark in our region as well. We’ve seen first-hand how these residences of- fer a comprehensive living experience, catering to the demands of convenience and exclusivity sought by discerning include basic amenities such as gyms or swimming pools, today, residential apartments are setting themselves apart by offering a comprehensive array of facilities catering to virtually every aspect of modern living. Imagine co-working spaces for hybrid work schedules, conference rooms for meetings and presentations, and entertainment zones like children’s playrooms, lounges, all available within the residence. Beyond prime locations and stunning views, amenity-rich residences boast a myriad of amenities, such as integrated smart technology, digital concierges, app-based services, rooftop infinity pools, saunas/steam rooms, BBQ areas, etc. The global trend towards prioritising wellness and health is reflected in the demand for residences with facilities like gyms and wellness centres. These residences also foster a sense of community with com- munal dining areas, event spaces, and community gardens. These amenities encourage interaction and build a sense of belonging among residents, reflect- ing a changing lifestyle. Internationally, we can witness remarkable examples of amenity-rich residences. For instance, One Wall Street in New York offers an array of amenities, including wellness facili- ties, co-working spaces, and a world of white glove services. What sets this building apart from the rest is its me- ticulous attention to the diverse needs of its residents, including pet groom- ing facilities and a Whole Foods just an elevator ride away, which adds another layer of convenience to daily life. One Port Street is another example of an amenity-rich residence located in Manchester’s iconic Northern Quarter. As the locality becomes a hotspot for young professionals and local businesses, the development caters specifically to the needs of working professionals. It features a resident’s lounge, co-working space, a 7th-floor rooftop terrace, and private dining areas, providing a comprehensive As remote or flexible work becomes more prevalent, fewer people have to commute to work, which increases the demand for homes that facilitate a work-from-home lifestyle THE EMERGENCE OF AMENITY-RICH RESIDENCES IN DUBAI’S REAL ESTATE SPACE Developers continually innovate to distinguish themselves through unique offerings A REAL ESTATE BY SEAN MCCAULEY, CEO OF DEVMARK buyers. The emphasis on ‘move-in- ready’ properties coupled with a desire for aspirational lifestyles underscores the importance of amenities in shaping the real estate landscape in 2024. But what exactly are amenity-rich residences? While it’s common for buildings to REAL ESTATE 16–31 MAY 2024 CEO MIDDLE EAST 31 suite of amenities designed to enhance residents’ lifestyles and productivity. In Dubai, we’ve noticed a con- siderable surge in properties that offer extensive amenities, aligning with global trends. Developers of both branded and non-branded residences continually in- novate to distinguish themselves through unique offerings, resulting in a series of developments with distinctive amenities. Projects that we represent, includ- ing Hammock Park Residences in Wasl Gate, Sonate Residences in JVT, and Society House in Downtown, additionally exemplify this shift toward amenity-rich living. These develop- ments offer recreational facilities and co-working spaces catering to the diverse needs of modern families and professionals. Not only do these pro- jects offer luxuriously furnished homes and an exclusive all-inclusive com- munity, but they also provide resort- like amenities right at the doorstep for modern families. For instance, Ham- mock Park Residences offers a unique sandy lagoon, providing a beachside experience within the development, even though they are located away from the actual beach. On the other hand, Sonate Residences has a private cinema, a padel tennis court, herb gardens, and more. Meanwhile, Society House caters to golf enthusiasts with a hi-tech golf simulator and offers a pet grooming salon for pet owners along with addi- tional amenities such as a squash court, multipurpose room for community events and parties, etc. Yet, these pro- jects are just the beginning. As expert real estate sales and marketing consult- ants, we’ve observed a notable uptick in demand for amenity-rich residences in the region. So, why is there a rising demand for amenity-rich residences in Dubai? The answer lies in the city’s evolution and the changing expectations of its residents. With the UAE’s economy hub attracts professionals who desire residences that provide comprehen- sive amenities to seamlessly integrate into the city’s lifestyle. Families also significantly contribute to this demand as they actively seek residences that provide family-friendly features such as children’s play areas and proximity to schools. This setup not only enables busy professionals to effectively work from home if they choose but also allows them to maximise quality time with family or engage in leisure activi- ties. Amenities like co-working spaces, gyms, and entertainment zones within these residences allow residents to opti- mise their time and enhance their qual- ity of life. Moreover, the allure of status and prestige associated with owning or living in a residence with exclusive amenities further drives the demand for such properties in Dubai’s society. Property developers must recognise this growing demand and invest in projects that offer an array of ameni- ties. Our industry analysis reveals that residents seek homes that seamlessly integrate amenities into their daily routines, eliminating the need for costly memberships and time-consuming commutes. Unique amenities dif- ferentiate developments, driving sales and enhancing property values. In a competitive real estate market, standout amenities attract residents and buyers willing to pay a premium for enhanced convenience and quality of life. For in- vestors, amenity-rich residences present opportunities for higher rental yields and resale values due to the added value brought by desirable amenities. In essence, these residences are more than just homes. They serve as lifestyle destinations, reshaping Dubai’s real estate industry and redefining urban living as we know it. As Dubai thrives, the continued demand for such properties is undeniable. We look forward to upcoming amenity-rich residences poised to redefine luxury living experiences. Amenity-rich residences present opportunities for higher rental yields and resale value, says CEO McCauley projected to grow by 5.7 percent, driven by international investments and buyers, the region is set to attract even more global attention. Accord- ing to Knight Frank, the sale of homes priced above $10m increased by 19 percent in the first quarter of the year, underscoring its appeal as a destination for affluent buyers and tenants. The in- vestor-friendly environment, freehold areas, and iconic architecture draw high-net-worth individuals seeking an opulent lifestyle. The emirate’s status as a premier tourist destination fuels their desire for residential options that reflect upscale hotels, complete with pools, spas, and concierge services. In fact, property prices increased in February, 5 percent more than the city’s previous market peak in Septem- ber 2014, according to the Property Monitor Dynamic Price Index. This significant increase in property prices is evidence of Dubai’s thriving economy coupled with the growth in demand for luxury residences in the city. As remote or flexible work be- comes more prevalent, fewer people have to commute to work, which increases the demand for homes that facilitate a work-from-home lifestyle. This need has been magnified by the pandemic’s emphasis on health and wellness. Dubai’s status as a business TECHNOLOGY 32 CEO MIDDLE EAST 16–31 MAY 2024 rtificial intelligence has trans- formed the way every indus- try does business. Whether that is through automation, virtual experiences or predicting future trends, every single one of us has encountered AI at some point in the last few years, whether we are aware of it or not. The real estate market is no differ- ent. Emerging technologies are being used to streamline operations and en- hance the customer experience. They are also able to provide more accurate valuations and predict future trends, while virtual tours and augmented re- ality experiences are allowing potential buyers or tenants to explore a property without having to visit in person. In every business, the more infor- mation you have about your customer, the better your relationship is with them and the more value you can generate from it. We have all come to expect a personalised experience nowadays – whether that’s when you switch on Netflix, log in to Amazon or open a real estate search engine. We want technology to respond intuitively and learn from our past behaviours and transactions to give us tailored recom- mendations. In real estate, we can use In every business, the more information you have about your customer, the better your relationship is with them and the more value you can generate from it A.I. IS RESHAPING THE REAL ESTATE MARKET Data-driven decision making gives agents, investors and brokers the ability to access real-time market insights and make faster decisions A REAL ESTATE BY ANNA SKIGIN, FOUNDER AND CEO OF FRANK PORTER At a basic level, chatbots are helping field enquiries on websites and because, unlike humans, they do not need a lunch break, they are always on and ready to react. However, the more advanced adopters of AI are using technology to fundamentally change their business and disrupt their entire industry.REAL ESTATE 16–31 MAY 2024 CEO MIDDLE EAST 33 machine learning algorithms to find out more about who are customers are and what they want. Data-driven decision making also gives agents, investors and brokers the ability to access real-time market insights and make faster decisions. The way properties are searched for, marketed and managed, as well as bought or sold, is changing and it is up to individual com- panies to try and get ahead of the curve if they want to stay relevant. AI in the short-term rental market In the short-term market, we are see- ing a huge impact from AI. Communications with guests have been made easier by automation, with chatbots and virtual assistants laying a lot of the groundwork to answer commonly asked questions. With multilingual capabilities, the bots can enhance the overall customer service experience. Waiting in a queue to raise a query or not being able to contact hosts and property management teams out of business hours, is a thing of the past given the right technology. The short-term market is also using AI to personalise the guest experi- ence ranging from providing local recommendations for restaurants and activities, to the finer details such as the temperature of the AC units and your preferred amenities on arrival. Machines are learning about our guests at a rapid rate and using the data to provide exceptional customer service moments - which is ultimately what hospitality is all about. With AI, we are also able to easily highlight the unique features of each property on our website. The data is far more detailed than it ever has been, offering a much more bespoke experi- ence which matches the prospective guest’s likes and dislikes. When catering for short-term renters, communication is paramount and can become a time intensive process. Matching the be- haviours of the guests with the unique Interestingly, it profiles its custom- ers by scanning social media activity to evaluate guest personalities. Yes, that’s right –in an intervew last year the Airbnb CEO controversially revealed the company had looked at over a billion data points to analyse which guests had thrown a house party while staying in one of its properties – in other words, who was likely to break the rules and who was not. Airbnb also uses predictive pricing to maximise revenue for a host giving them real time information on com- petitors, past booking trends and what is happening in the local area. At Frank Porter, I am placing a huge emphasis on using AI to stream- line everything – any part of the busi- ness we can improve or make more efficient will be transformed and we are not afraid to try new things. The future of the real estate market and the short term rental market will depend on the successful adaptation of AI, and by this time next year the entire busi- ness may look entirely different. “WE WANT TECHNOLOGY TO RESPOND INTUITIVELY AND LEARN FROM OUR PAST BEHAVIOURS AND TRANSACTIONS TO GIVE US TAILORED RECOMMENDATIONS” The future of the real estate market and the short term rental market will depend on the successful adaptation of AI, Skigin believes details of a property ensures smarter and more efficient communication. If you look at Airbnb as an exam- ple, it is a model which has shaken up the hospitality industry with cutting- edge technology and constant innova- tion. To enhance the matching process between guests and hosts, the app uses predictive search which incorporates AI to analyse user behaviour when booking a property. TECHNOLOGY 34 CEO MIDDLE EAST 16–31 MAY 2024 mposter Syndrome is defined as a psychological phenom- enon where individuals doubt their intellect, skills, or accom- plishments, despite often being high achievers objectively. It is commonly experienced when transitioning to new roles, being promoted, or moving organisations. Have you ever felt like an imposter in your life? Consider this perspective shift: what if we viewed ‘Imposter Syndrome’ not as feeling like a fraud, but as embodying the role of a student while still in the Imposter Syndrome doesn’t need to be a negative experience REFRAMING ‘IMPOSTER SYNDROME’: A CATALYST FOR LEARNING AND PERSONAL DEVELOPMENT A person must be willing to set aside doubts and believe in his/her own abilities and potential to progress BY WESLEY KEW, CLINICAL PSYCHOLOGIST, MA (SOUTH AFRICA) I WELLBEINGWELLBEING 16–31 MAY 2024 CEO MIDDLE EAST 35 process of learning? What if we saw ‘Imposter Syndrome’ as an inherent aspect of our journey towards develop- ment and expansion? The truth is, the feeling of being an “imposter” accompanies any signifi- cant status shift. When you ascend or transition into a new role, you are, in essence, a beginner; required to learn new skills, routines, and forge new relationships, all while getting acquainted with unfamiliar experi- ences or demands. Yet, your previous knowledge and wisdom have not van- ished. The challenge arises when panic or overwhelming self-doubt makes you forget to access your prior abilities. The central objective is to harmonise this fresh role with the knowledge, experience, and achievements you’ve amassed thus far. During the transition period, it’s important to trust that those who believed in your potential. You must be willing to set aside your doubts and believe in your own abilities and potential to progress. To a degree, this entails adopting the mindset of “acting as if” until you fully embody it – not by being disingenuous, but by embracing the duties of your new role and evolv- ing through the process. This involves confronting inevitable obstacles, gradu- ally gaining confidence until you attain the self-perception you aspire to. Maslow once said: “We fear our highest possibilities. We are gener- ally afraid to become that which we can glimpse in our most perfect moments, under conditions of great courage. We enjoy and even thrill to the godlike possibilities we see in ourselves in such peak moments. And yet we simultaneously shiver with weakness, awe, and fear before these very same possibilities.” By embracing the discomfort of being ‘new’, exercising patience, and trusting that we have all the resources we need within us, we can transcend Imposter Syndrome by acknowledg- way, and Tolkien in a secluded library section. These documents, often frenetic and chaotic, were stained with liquids, had ink blotches, and many torn pages. This was a powerful re- minder to the students: “never compare your work in progress to other people’s finished product.” How to navigate feelings of Imposter Syndrome in a practical way: • Shift your perspective: During tran- sitional phases, try viewing situations from an outsider’s perspective. Lean on the confidence others have in you; let their faith in your capabilities over- shadow your uncertainties. Adopt the mindset: “I am as you see me.” • The recognition reserve: Set aside a physical or digital space for a Recognition Reserve – a compilation of affirmations, achievements, and times you’ve been acknowledged. Jot these down on paper and revisit them when you need a boost. This tangible reminder acts as a strong antidote to imposter syndrome, anchoring you in your true worth and contributions. • The triad reflection: Regularly ponder three individuals: one who re- flects your past, one who mirrors your present, and one who epitomises your future aspirations. This reflection aids in recognising your progress, valuing your current contributions, and un- derstanding that even your role models were once navigating their own paths. • Seek professional insight: Engage with a psychologist or coach to help navigate and mitigate feelings of imposter syndrome, equipping you with effective coping strategies. • Actionable planning: Cre- ate a structured plan with achievable milestones to track your growth and accomplishments. Breaking down your goals into smaller steps can make them more manageable and al- lows you to celebrate progress along the way, reinforcing your confidence and motivation. “BREAKING DOWN YOUR GOALS INTO SMALLER STEPS CAN MAKE THEM MORE MANAGEABLE AND ALLOWS YOU TO CELEBRATE PROGRESS ALONG THE WAY” Kew says engaging with a psychologist or coach could help navigate and mitigate feelings of imposter syndrome 70% The percentage of the general population who experience some degree of imposter syndrome, according to reports ing our role as students on a journey towards mastery. I had a friend who attended a pres- tigious British university. During their orientation, they were shown original handwritten manuscripts and journals by authors such as Dickens, Heming-TECHNOLOGY 36 CEO MIDDLE EAST 16–31 MAY 2024 ntrepreneurship can be ex- hilarating, like a rollercoaster – with thrilling highs, and sudden, steep drops. This career path is often seen as a symbol of success, excitement, and freedom that many individuals aspire to. While all that can be true, the relentless pursuit of suc- cess can also take a heavy toll on one’s wellbeing. In this article I talk about the mental health challenges faced by entrepreneurs and founders, the factors contributing to these challenges, and the necessary steps that can be taken to address these. Entrepreneurs report facing a range of mental health problems, such as depression, panic attacks, burnout, insomnia, anxiety, and addiction THE HIDDEN MENTAL HEALTH CHALLENGES OF ENTREPRENEURS Many entrepreneurs encounter a looming threat of failure, pressure to stay innovative, isolating nature of leadership, chronic uncertainty, financial pressures, poor work-life balance, layoffs, and other difficult decisions E LEADERSHIP BY DR. RIM MAHMOUD, HEALTH PSYCHOLOGIST, THE LIGHTHOUSE ARABIALEADERSHIP 16–31 MAY 2024 CEO MIDDLE EAST 37 Entrepreneurs report facing a range of mental health problems, such as depression, panic attacks, burnout, insomnia, anxiety, and addiction. The isolation and aloneness that frequently accompany entrepreneurial endeavours can further exacerbate these difficulties. A groundbreaking 2015 study at UC Berkeley showed us that 72 percent of entrepreneurs reported mental health concerns, with 49 percent experienc- ing one or more mental health condi- tions. One can imagine these numbers even higher if the study was completed after the pandemic. This is not so surprising if you consider the multitude of stresses founders face. Building a business can be tough on the mind and soul. Many entrepreneurs encounter a looming threat of failure, pressure to stay in- novative, isolating nature of leadership, chronic uncertainty, financial pres- sures, poor work-life balance, layoffs, and other difficult decisions. It’s no wonder that burnout, depression, and anxiety are common psychological conditions associated with business ownership. While some stress is inevitable, entrepreneurs do not have to live in a constant state of stress and anxiety. Below I share some ways to better manage mental health as an entrepreneur: 1. Learn to pause As an entrepreneur, it’s easy to con- stantly be “on” as the lines between what’s personal and professional are blurred. Many entrepreneurs take significant personal risks, such as quit- ting their day jobs, investing personal funds, and working long hours from home. This can easily lead to a cycle where work dominates life, and per- sonal needs are neglected. It’s crucial to consciously draw boundaries that allow you to step away – whether it’s taking a short walk or scheduling a few days off to relax without guilt. Pausing is not optional; it is needed to succeed. Would you miss an impor- tant customer lead or a sale? Maybe, but think of all the sales you’ll be missing if you burn out and need to stop entirely. 2. Learn to lessen the burden Entrepreneurs often carry a dual burden of inherently managing busi- ness stress and pressures, while also maintaining a confident, reassuring presence for their employees, family, friends, investors, and other stakehold- ers. Set up regular, structured updates with key stakeholders (employees, “BURNOUT, DEPRESSION, AND ANXIETY ARE COMMON PSYCHOLOGICAL CONDITIONS ASSOCIATED WITH BUSINESS OWNERSHIP” Entrepreneurs do not have to live in a constant state of stress and anxiety, believes Dr. Mahmoud investors, etc.) to prevent the build- up of stress and triggers of anxiety. A “no shop talk” rule at home or social gatherings can help you in stepping away from your professional identity and responsibilities, allowing you to unwind and rejuvenate. 3. Become aware of your inner dialogue Negative self-talk can be a major barrier to success. Begin with moni- toring your thoughts. Pay attention to any reoccurring thoughts or rules like “I can’t…”, “I should…” , or “this will never happen”. Learn to take a step back and challenge them. For example, get curious about reoccur- ring thoughts like “I can’t …” ask yourself “why can’t I achieve this?” What do I feel about it? Maybe it feels daunting?... if so, break the goal into smaller, more manageable steps and gradually tackle each one. By refram- ing your thoughts, you empower yourself to take constructive action. 4. Make building a support network a priority You don’t have to build your business alone. Join local or online entrepreneur groups, attend industry conferences, or even informal meet ups. These allow you to connect with peers or mentors who understand and relate to your entrepreneurial journey and can offer meaningful insights and support. 5. Learn to spot the warning signs Stay attuned to persistent negative feelings, loss of interests in pleasurable activities, noticeable changes in energy, sleep, appetite, or concentration. Ad- ditionally watch for any significant increases in substances like caffeine or alcohol intake. Recognising these signs early can prompt timely interventions, such as getting screened by a licensed psychol- ogist, which can help provide insights and strategies for managing your men- tal health effectively. TECHNOLOGY 38 CEO MIDDLE EAST 16–31 MAY 2024 ealth management isn’t just a sector of finance; it’s a cornerstone of national autonomy. By anchoring wealth lo- cally, countries not only shield their individuals and institutions’ wealth personal financial assets constitute about 7 percent of global personal financial wealth, a striking 70 percent is managed outside the region. This figure, nearly three times the global average of 25 percent, signals a critical need for a shift in strategy. In the quest for economic sovereignty, a deliberate approach to localising wealth capabili- ties is not just an option but a necessity for forward-thinking economies. Wealth in the GCC: A call for local management The pattern of managing wealth in the GCC is notably distinct. While the dominant wealth financial centres are cities like Geneva, London, and New Localising management is the key to leverage home-grown wealth THE WEALTH SOVEREIGNTY IMPERATIVE The GCC’s geopolitical stability, asset pool, business agility, and solid regulatory frameworks make it well-positioned to develop a wealth management ecosystem serving both regional and global needs W WEALTH BY ROGER ROUHANA, CEO OF ALPHEYA from global uncertainties, but also benefit from the attractive fees and high-paying jobs this industry gener- ates, while nudging more capital into local growth. In the GCC, where almost $5 trillion in high-net-worth WEALTH 16–31 MAY 2024 CEO MIDDLE EAST 39 York, with a lion’s share of these assets being managed by non-GCC institu- tions, the internal landscape presents its unique trends. Locally, 50 percent of individual portfolios are held in cash and equivalents, which is significantly higher than the percentage in Europe and APAC, where it falls below 30 percent, signalling a lack of onshore commitment. Furthermore, a lack of advice-based relationships remains a significant issue, exemplified by over 75 percent of onshore investable secu- rities in the GCC held in ‘execution- only’ arrangements, a stark contrast to the advisory-driven models pre- dominant elsewhere in Europe where execution-only arrangements represent less than half of allocated assets. This situation not only highlights missed opportunities for local wealth management but also perpetuates the ‘fly-in, fly-out’ model of international banks, revealing a ‘generate wealth here, manage it elsewhere’ trend. Historically, limited local options and the domi- nance of international banks have been the norm. Feedback from hundreds of interviews with regional players and investors highlights the challenges the regional industry faces, including inad- equate digital experiences, subpar advice quality, limited access to diverse product sets, and a prevalent sales-driven rather than advisory-focused culture. However, the tide is turning, sup- ported by a significant 70 percent of investors who demonstrate a preference for local institutions to manage their wealth. This positive investor sentiment emboldens a pivotal shift in the sector, with regional players actively looking to bridge these gaps and enhance the competitiveness of their offerings. The vast majority of bank Boards and CEOs I meet across the region are shifting their focus on wealth management as a core part of their strategic discussions. This evolving trend suggests a revitali- sation of the wealth management sector within the GCC, aiming to retain more laboration among key industry players, including regulators, banks, asset man- agers, and fintech firms, is vital to foster growth and innovation. This involves cultivating a dynamic regulatory environment, fully em- bracing technology, manufacturing, packaging, and distributing diverse investment products responding to regional needs, and encouraging investments in the sector. These efforts will reinforce the GCC’s position as a leading wealth management hub, en- suring the effective management and retention of locally generated wealth, and the attraction of global assets. Banks must upgrade their offerings, investing in technologies, tools, and professionals that enhance customer ex- perience and offer world class solutions. Asset managers need to develop prod- ucts that meet the market’s demand for diversity, blending global and regional investment opportunities. Fintech firms should drive the innovation and solve specific issues along the value chain. Private and public capital sources should invest boldly in the sector, recognising its potential for substantial returns and broader economic benefits. International players can enrich the local market by bringing in global best practices and innovation. To- gether, these actions will strengthen the GCC’s global wealth management position and support broader economic and social objectives. The imperative to localise wealth management in the GCC is clear: It’s not just about protecting and growing wealth; it’s about enhancing eco- nomic sovereignty and empowering the region’s financial future. Wealth is and will remain one of the most global aspects of finance, exposing investors to global opportunities. A local transition is a vital move towards ensuring the wealth engine is close to its investors, bolstering the region’s financial auton- omy and securing a thriving future for the communities within the GCC. “WEALTH IS AND WILL REMAIN ONE OF THE MOST GLOBAL ASPECTS OF FINANCE, EXPOSING INVESTORS TO GLOBAL OPPORTUNITIES” Collaboration among key industry players is vital to foster growth and innovation, Rouhana says wealth locally and develop a more sophisticated, investor-centric financial landscape. Putting wealth at the heart of the conversation(s) Developing a ‘Wealth fibre’ in the GCC offers benefits to stakeholders ranging from high-net-worth individu- als, family offices, to the broader mass affluent segment. Ultimately it creates an even stronger link between these stakeholders and the region. The GCC’s geopolitical stability, asset pool, business agility, and solid regulatory frameworks make it well-positioned to develop a wealth management ecosystem serving both regional and global needs. Col-Next >