Companies across the UAE are increasing their investments in the retail and hospitality sectors, banking on strong growth, despite the pessimism in much of Europe and the US.
Gaucho, the upmarket steak chain based in London, is the latest company to show its confidence in the future. It plans to launch restaurants in Dubai this year and in Abu Dhabi next year, followed by as many as 10 further outlets across the Middle East and North Africa.
The restaurant joins a host of retailers and hoteliers expanding across the UAE and the Middle East.
"There's a lot more potential here and there's a lot more demand here," said Ryan Hattingh, the international operations director at Gaucho.
"It's becoming more discerning, the people here tend to have more cash and they want something different and of quality, whereas in Europe it's a bit stagnant."
Grosvenor House, the five-star luxury hotel in Dubai Marina, has now opened its second tower, doubling its size at a time when there is an abundance of supply in the emirate.
As many as 8,000 rooms became available in Dubai last year. Despite that occupancy has increased this year because of rising numbers of free-spending tourists.
The party has extended to Abu Dhabi, which has seen record numbers of visitors this year.
Having originally opened its first tower in 2005, Grosvenor is banking on the continued recovery in the hospitality market and is investing early to rapidly benefit from the upward trend.
"I'm sure there are more openings coming along," said Pam Wilby, the complex general manager of Grosvenor House Dubai and Le Royal Meridien Beach Resort and Spa.
"Times are tough, there's so many thousands of rooms, but its the edge on service, it's like a boutique hotel in this [new] tower."
The second 45-storey tower has 206 premium rooms and suites, five villas and 216 residence apartments.
Right across the retail and hospitality spectrum, companies are investing and betting on a growing market in the UAE.
Geant, Lulu, Carrefour and Al Maya are all rolling out new supermarkets and local convenience stores on the back of strong sales growth this year. At the luxury end, Chalhoub Group, which has partnerships with retailers such as Chanel, Fendi and Saks Fifth Avenue, intends to open more than 40 stores in Abu Dhabi over the next two years.
Subway and McDonald's both plan to increase their store count and Cravia, which is the parent company of Zaatar W Zeit, Cinnabon and Seattle's Best Coffee, plans to open nearly 200 outlets in the Middle East and North Africa over five years.
Mr Hattingh said Gaucho would invest from US$5 million (Dh18.3m) to $8m in each new store across the region.
"I am hoping to go to Doha, to Turkey, Istanbul and we were looking at Cairo and potentially Bahrain but we'll see what happens," he said.
Gaucho has 15 restaurants in the UK and opened its first outside the country in Beirut last year as it looks to focus on the Middle East region.
Its Dubai restaurant will open next month in the Dubai International Financial Centre.
rjones@thenational.ae
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The%20Specs
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SPECS
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COMPANY%20PROFILE
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A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
OPENING FIXTURES
Saturday September 12
Crystal Palace v Southampton
Fulham v Arsenal
Liverpool v Leeds United
Tottenham v Everton
West Brom v Leicester
West Ham v Newcastle
Monday September 14
Brighton v Chelsea
Sheffield United v Wolves
To be rescheduled
Burnley v Manchester United
Manchester City v Aston Villa
Brief scores:
Everton 0
Leicester City 1
Vardy 58'
The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
COMPANY%20PROFILE
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The five stages of early child’s play
From Dubai-based clinical psychologist Daniella Salazar:
1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.
2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.
3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.
4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.
5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The bio
His favourite book - 1984 by George Orwell
His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard
Favourite place to travel to - Peloponnese, Southern Greece
Favourite movie - The Last Emperor
Favourite personality from history - Alexander the Great
Role Model - My father, Yiannis Davos
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Aldar Properties Abu Dhabi T10
*November 15 to November 24
*Venue: Zayed Cricket Stadium, Abu Dhabi
*Tickets: Start at Dh10, from ttensports.com
*TV: Ten Sports
*Streaming: Jio Live
*2017 winners: Kerala Kings
*2018 winners: Northern Warriors