Entrepreneurs
Wasl’s Real Estate Empire: The Force Behind Dubai’s Modern Landscape
The Dubai real estate landscape has dramatically changed over the past decades. Among those who stand out as part of this evolution is Wasl Asset Management Group, founded in 2008 by the Dubai Real Estate Corporation, or DREC. Wasl has grown to be one of the most influential semi-governmental real estate entities in the city. With a portfolio as impressive and vast in terms of commercial, residential, and mixed-use developments, Wasl is not only changing the skyline of Dubai but also the standards set within property development and urban management.
Wasl was established as a company aimed to oversee the development and management of DREC-owned assets, a role that has dramatically expanded since its inception. It was founded by merging the two major public organizations: the Dubai Development Board and the Real Estate Department. This integration provided Wasl with an extremely vast arsenal of experience and materials that in the long run would establish it as one of the biggest players in Dubai’s real estate market. Under the leadership of Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum as Chairman, and Hesham Abdulla Al Qassim as Vice Chairman and CEO, Wasl has always envisioned and looked at the future of elevating Dubai’s urban infrastructure to new heights.
Wasl has a strong market presence in Dubai, with a significant number of developed residential and commercial projects. Wasl Properties was established in 2008 and undertakes property management in some of the oldest neighbourhoods in Dubai, such as Deira, Bur Dubai, and Al Karama. This placement in some of Dubai’s older neighborhoods has assisted Wasl in developing a strong reputation in the mind of a resident and an investor.
Wasl, entering 2014, in its aggressively competitive freehold real estate market took the first step with one big project: two iconic towers under the name of Hyatt Regency Creek Heights. Not only did it help diversify the portfolio, but it also placed it as one of the high-end players in the luxury real estate market of Dubai. Many of the recent corporate announcements represent other high-profile developments: Wasl Gate, Tiara United Towers, Wasl Green Park, and Wasl Village, all bringing something new in the way of lifestyle and operating together with a vision of what Dubai as a modern urban metropolis should represent.
Wasl has been one of the vanguards of innovative urban projects in Dubai. Through a partnership with the Dubai Integrated Economic Zones Authority, in 2017 Wasl initiated Dubai CommerCity, the largest free zone for e-commerce, marking Dubai’s effort to become a global business hub. A collaborative project between Wasl and the UAE Ministry of Climate Change and Environment, launched in 2021. Sheikh Mohammed bin Rashid Al Maktoum’s initiative improves food security and encourages sustainable agricultural practices that fit Wasl’s innovation and sustainable development commitment mirroring national priorities.
Some of its projects extend to developing community-centric spaces that pay more attention to quality life. The group manages seven community malls located all over Dubai: Dar Wasl, Wasl Vita, Wasl51, and Wasl Square. These are not just designed to be shopping destinations but hubs of community gatherings and social gatherings, which reflects Wasl’s pursuit of maintaining very vibrant and connected communities.
Such strategic focus on quality, innovation, and sustainable growth has helped Wasl earn the trust of residents in Dubai as well as international investors. With a strong slate of upcoming projects on the horizon, this company continues to play an important part in the real estate landscape of Dubai, building properties to cater to every type of need and enhancing the appeal of this cosmopolitan city as a global destination.
Entrepreneurs
Leading the Charge in Healthcare and Finance: Saeed Bin Butti Al Qebaisi’s Billion-Dollar Journey
Saeed Bin Butti Al Qebaisi is one of the richest men in Dubai, and it’s been his work that has brought significant strides and vision to the business of Centurion Investments-one that represents itself into healthcare, retail, and financial services. With an estimated net worth of $2.2 billion, Al Qebaisi has established a diversified portfolio that reflects his calculated approach towards high-value impactful investments. He remains a keen investor in the health care sector, with his favorite investment tool in NMC Health—a health care organization listed on the London Stock Exchange, established by billionaire B.R. Shetty. Al Qebaisi’s investment and partnership with other billionaires, such as Khalifa Bin Butti Al Muhairi, confirm his status as one of the great figures on the Dubai horizon of economics.
Saeed Bin Butti Al Qebaisi’s influence goes into many sectors, and Centurion Investments is a headquarter that holds several diversified investments. Situated in Abu Dhabi, the entity has several business ventures covering healthcare, finance, and retail to render it one of the most diversified investment companies in the region. Al Qebaisi’s investment career was started with the proper alignment of his capital by channelling it into promising sectors that drive daily life and economic growth. Interestingly, his high-yielding interest in NMC Health happens to stand out for its vast health care operations spread over many countries. The invested stock made NMC Health grow into one of the world’s leading names in the health care business, managing a network of hospitals and clinics serving millions of patients all around the world. The strategic interests of Al Qebaisi in NMC underscore his commitment to sectors that have great impacts on community welfare.
His influence also extends into currency exchange, which is one of the essential financial service sectors. Through a strategic partnership with Khalifa Bin Butti Al Muhairi, Al Qebaisi has developed interests in UAE Exchange and Travelex, both of which represent important segments in the financial services industries, particularly for a country as interlinked around the world as the United Arab Emirates is. UAE Exchange and Travelex together function as conduits of currency exchange and financial transactions for a broad customer base-from local businessmen to international guests. This reflects the Al Qebaisi team’s vision of sustainable, integrated businesses that are aligned with a global financial hub status.
The business vision and enterprises reveal planning by Al Qebaisi for partnership as well as development operations. In addition to the joint ventures, the list of partnerships includes companies from market giants to further bolster the reputation of Centurion Investments in the UAE and in the international markets. With the diversified portfolio of Centurion, it makes a strong market position with a financial base that can easily adapt to possible economic shifts. Its ability to be adaptable had contributed a lot in ensuring growth, where Al Qebaisi reached the top 15 billionaires in Dubai.
Al Qebaisi’s success, generally speaking, cannot be limited to expansion through wealth but also the making of investments in keeping with social and economic flows. His specialty in a sector like health and finance helps to underscore his foresight as he identifies industries which will most likely prove critical to both the public and private sectors. Healthcare, in particular, has experienced unprecedented growth globally, and Al Qebaisi’s interest in NMC Health reflects the services offered and increased accessibility, and therefore the healthcare needs of Dubai are met. Involvement in currency exchange through UAE Exchange and Travelex relates to dynamic changes in the needs of expatriate populations in Dubai as it has increasingly become a tourist and trading hub worldwide.
In a nutshell, the impact Saeed Bin Butti Al Qebaisi has created for himself in the business world of Dubai is not merely because of his high rate of success in terms of finance, but it is also due to his vision and his acumen to invest in business streams that have the potential to be transformative. For instance, his role as chairman for Centurion Investments has meant that his investments have played a deep impact across health services and financial companies. That journey has served to illustrate how calculated risks, strategic partnerships, and in-depth knowledge of market trends have been fueling remarkable growth and sustaining long-term success in a very competitive global economy.
Entrepreneurs
Mara Corporation: A Model for Sustainable Development and Economic Empowerment in Africa
Mara Corporation’s success story began with a clear vision to bridge gaps in critical sectors across Africa. Starting as a small business in 1996, the company evolved into a multifaceted powerhouse with an impressive footprint. Operating in 24 countries, including 22 across Africa, Mara now employs over 11,000 people, making it a key player in economic development and job creation across the continent. Through social responsibility integrated into its business model, Mara ensures that expansion also benefits those communities it caters to.
The most impressive area for Mara is the African entrepreneurship venture through the Mara Foundation established in 2009. This is Mara’s social enterprise wing that contributes to supporting young African entrepreneurs via mentorship, business incubation, and funding. It nurtures young, promising talent, while adding value to the economy because of its facilitation of home-based enterprises. The initiative focuses on mentorship because the foundation has the conviction that aspiring entrepreneurs need people who have spent more years in the game to better guide them and scale the businesses effectively.
In recent times, Mara has popularized its venture, Mara Phones, worldwide. Mara Phones, which the company launched in 2019, was the first smartphone manufacturing initiative on the African continent. Factories were located in Kigali, Rwanda, and Durban, South Africa. This move speaks volumes regarding Mara’s intent to continue promoting self-sufficiency and technological innovation in this continent. The fact that the production of Mara X and Mara Z models led to the reduction of Africans’ reliance on imported phones enhances the resilience of economics and offers employment to a larger percentage of people who are found locally. Mara Phones is also representative of a greater purpose for the company, one of incorporating technology and economic development toward a sustainable Africa.
Besides technology, Mara Corporation has a huge portfolio in other critical sectors of importance. Its real estate undertakings respond to housing and infrastructure needs for fast-urbanizing cities in Africa. In addition, the agricultural projects of Mara target the modernization of farming, improved food security, and supply chains. With Mara supporting the local farmers through innovative solutions, its role in enabling Africa’s agricultural sector become more productive and resilient within the face of global challenges is very positive.
For instance, in the financial services sector, Mara operates providing access to financial solutions to underserved communities. Most African nations still have to grapple with financial exclusion as a significant proportion of the population lacks access to formal banking. With strategic investments and partnerships, Mara is working to make all financial services accessible to bring about economic empowerment.
As if that was not enough, Mara Phones is also but a part of Mara Corporation’s more ambitious undertaking into African economies. Expanding its influence and outreach as it does, it looks toward sustainable growth and ensures social responsibility and regional power. Ashish Thakkar at the helm sets Mara Corporation on an outstanding course for Africa, offering a future model to enterprises in the continent.
The Mara journey from one company to a conglomerate spread across five critical industries has well epitomized transformation in the approach of conducting business in Africa. This corporation is building a legacy, going beyond mere profits to contribute to long-term prosperity and resilience in this continent by combining corporate success with social impact. As Mara continues as a pioneer in several industry sectors, it is therefore setting the standards for change leadership by business while it remains grounded in community value and economic empowerment.
Entrepreneurs
Crafting Experiences, Building Communities: The Majid Al Futtaim Approach
Majid Al Futtaim Holding, an Emirati conglomerate and pioneer, has transformed the landscape of retail, entertainment, and real estate business in the Middle East and North Africa (MENA) region. The company was founded by its namesake and his family back in 1992 and is now a global player, most famously being home to the Mall of the Emirates in Dubai and Carrefour hypermarkets. MAF is all about quality, innovation, and customer satisfaction through shopping malls, leisure, and lifestyle businesses.
MAF has today an extensive footprints in 15 countries and has the most fabulous portfolio of assets that includes shopping malls, hotels, hypermarkets, entertainment venues, and residential communities. It’s a journey since Majid Al Futtaim first founded the company with an aim to redefining retail experiences across the region. His vision was not to create just business environments but entire ecosystems that bring shopping, leisure, and living together in a harmonic and sustainable way. Such vision has been delivered by both pioneering developments and sustainable growth strategies.
Majid Al Futtaim became one of the most revolutionary entities in the retail world through the exclusive franchise of Carrefour in the region. MAF took the French hypermarket chain to new heights in the UAE and, beyond that, ensured brand presence in several other countries of the MENA region. The success of this partnership opened up opportunities for MAF to eventually fully own the Carrefour franchise in 2013. The company is once again innovating through schemes like the “sail-through” supermarket concept from Dubai, which caters to customers on yachts and provides a perfect mixture of luxury and convenience.
Another subsidiary that has contributed to the evolution of the MENA retail landscape is Majid Al Futtaim Properties, the real estate arm of MAF. Under this division are flagship properties like Mall of the Emirates, a world-class shopping destination home to the region’s first indoor ski resort, Ski Dubai. Such properties attract millions of visitors annually and have made Dubai a shopping and entertainment destination in the world. From shopping malls, MAF Properties has developed complete living communities such as Tilal Al Ghaf in Dubai and Al Zahia in Sharjah, integrating shopping, dining, and play to residential spaces-all aspects of lifestyle-driven real estate from the vision of MAF.
Majid Al Futtaim Ventures has ventured into entertainment and leisure by launching several pathbreaking initiatives. Vox Cinemas, another asset under MAF, has very significantly altered the perception of viewing cinemas in the region with its premium offerings and advanced technology. MAF through the growth of Vox Cinemas across Saudi Arabia, plays a part in rebuilding the entertainment sector as Saudi Vision 2030 unfolds. Other initiatives are Ski Egypt, the first indoor ski slope in Cairo and Magic Planet family entertainment centres, with family fun held in malls throughout MENA. MAF commitment to sustainability is also reflected in green building initiatives as well as in community well-being. Investments in eco-friendly infrastructure were guided by the ambitious sustainability goals of Dubai. First in this region to hold LEED-certified facilities, all its buildings minimize environmental impacts. Furthermore, MAF empowers communities through the initiatives it undertakes toward education and training programs to arm its employees in making its clientele feel more elevated while delivering service in harmony with the company’s expectation for excellence.
Majid Al Futtaim died in 2021, and with him, an era ended. His legacy continues to inspire MAF’s current ventures and strategic expansions. The company is still interested in improving the customer experience by fusing luxury and innovation in its wide range of ventures. In 2023, MAF reported revenues of AED 34.5 billion and net profit of AED 2.7 billion, which reflects a sound business model and customer appeal.
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