Property | General
The Dubai Dream
Some things seem too good to be true, and for many people, Dubai is one such thing. But Dr. Issam Daoud thinks that in terms of Dubai's success 'the proof is in the pudding'.
- Nyree Barrett, Copy Editor and Writer
- Published: 12:22 December 1, 2008
- Image Credit: Christopher List, Staff Photographer
- Dr. Issam Daoud, Lebanese national, Chairman of Avanti Holdings, leadership trainer, UAE ambassador for Liberia, and former star of TV show ‘Starting Over’.
I sit at Marina Walk waiting for Dr. Issam Daoud, Lebanese national, Chairman of Avanti Holdings, leadership trainer, UAE ambassador for Liberia, and former star of TV show ‘Starting Over'.
It's about six pm, the water over the marina is blushing with nightfall and the shisha joint beside me is taking off for the evening.
The bad taste left in my mouth from a day of Dubai traffic begins to disappear and my excitement about what is going on in this city rises toward the Marina buildings that surround me.
I'm awoken from my daydream by the roar of an engine. I look around. A batmobile-like black Lamborghini swoops into the valet and out gets Dr. Daoud.
Hair slicked back, linen clad, and perfectly groomed, he seems to personify the Dubai dream. He is instantly personable, clearly successful and therefore very busy, his phone never stops.
This man has many monikers, but his main role is as Chairman of Avanti Holdings, a company that deals in real estate development, project management, construction, media distribution, gold and diamond mining (Kimberly compliant), technology acquisition, training, and much more. Basically they cover a lot of ground, so defining exactly what it is Dr. Daoud does is no easy task.
“I can sum up a person within three seconds of meeting them,'' he announces, I instantly stiffen, judged. “It's naïve to be judgemental or assumptive,'' he continues, “but when it becomes a science, it no longer is.
'' And science it is. Dr. Daoud has a PHD in Economic and Individual Leadership in which he theorised that rather than our personalities being 75 per cent acquired like many think, they are actually only 10 per cent acquired and 90 per cent inherent.''
He used his studies to become a trainer in leadership, and has trained those on the top. Leaders from the Arab world and Africa are now on his rolodex.
“There is one core element of every company that can really move it forward or backward, the leader. When I was working as a consultant I realised that if I could fix the leader then I could fix the company. Leadership is the art of mobilizing others to achieve what you want to achieve. Fortunately, it's like a virus and it cascades down. What the leader admires, the people become, and here, Shaikh Mohammad admires leadership, execution and results, so this is what is happening in Dubai. What I always say is that we don't need PHDs, we need PH-Dos.
“The proof is in the pudding,'' is Dr. Daoud's answer to Dubai's critics. “In every developing country in history when you look at the velocity of growth it gives you a shiver down the spine. You think this is just too good to be true. There must be a bubble. There must be a catch.'' There is no denying that at the moment the world economy is not what it once was, and Dr. Daoud acknowledges this, but he doesn't think it will damage the UAE. Why? Because people and their money have to go somewhere.
“You see this market isn't based on natural organic demand. Look around you,'' he motions around the Marina in a sweeping gesture (did I mention we're sitting on his yacht?).
“How many lights do you see turned on in that building? About 10 per cent, right? Now go and try and find an apartment for rent there, you won't. Why? Because you've got people who want to park their money in the UAE because it's a safe haven from their taxes in Europe and in India, and their objective is to safeguard their money. They don't care if they make a return. The guy who owns that apartment [pointing to one of the Marina's many high rises] is not going to down-sell just to get his cash back. The money that is coming here is not finance money, it's equity money. The money that is coming out of government conflicts and fear of loss of capital in places like Iran and Pakistan needs to go somewhere, and that place can be here.''
What about Dubai in the future? Dr. Daoud sees the country's touristic power once developments like The World and Dubailand are finished as something that will draw the grey dollar here.
“In a warm country, when you have tourism, you have an immediate inflow of retirement capital.'' But wouldn't they want citizenship in order to settle down here?
“Well, the concept of giving out the citizenship of a country is terribly complicated. It's a huge liability, especially in a tax free country. But people can come here as tourists, get residency through buying a place to live and then come and spend their retirement money in this beautiful country.''
Despite this incursion of people Dr. Daoud isn't worried about Emirati culture being lost. “Emirati people are gallant, welcoming and smart. Yes, the multicultural influx into the UAE has added a lot of wealth and visibility to the Emirati identity. But I don't think their identity is gone, rather it has evolved into an identity that is capable of conversing with many nations and their people.''
The sky has turned a milky black. Dr. Daoud's phone rings for about the 100th time since the interview started and I figure that it's time to let this busy man off the hook and round up the interview.
“You know Nyree, there are two types of people in this world, those who see the doughnut and those who see the hole. We shouldn't be naïve nor cynical. We should be realists. Realistically this is a growing country with a growing population. But it's one very exciting place. I can feel it.''
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