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PROPERTY
MANAGEMENT
presented by VISHAL DESAI ~ +971 55 389 8410
DNA?
Often Organizations & Managements search endlessly on
options to succeed or look for a variable that will give them
an upper hand over their competitors, but in this quest
of thirst of success, they forget that one thing they want
is under their eyes, which is not recognized.
THE TEAM!
Huge advertisement budgets, capital, cash pool,
lavish interior of their office doesn’t promises a sure
shoot Success, what makes an DNA of successful
organization are the PEOPLE, the TEAM.
Like the foundation of Six Sigma says,
“do it right at first place”
Well said!
presented by VISHAL DESAI ~ +971 55 389 8410
BLUEPRINT
"blueprint" came to mean simply "plan", and it is often used in
a metaphorical sense when there is no actual drawing per se.
BEFORE WE GET INTO “ACTION”
IT IS VERY IMPORTANT TO
“PLAN THE ACTION”
In simple words, DATA
MANAGEMENT via
DATA MINING, the
more insight we have
about Market,
Economic Conditions,
Deliverable of Units,
Government Policies,
the better we are in
position to make
decision
01RESEARCH
There is always timing
for executing certain
decisions & process, to
decide those here and
moreover how we
reach from Point A to
point B, define both
points & what
between those two
points, i.e. A < = = > B
As the word says PLAN!
Equation for PLAN =
RESEARCH x TIMELINE /
PROCESS, more simple
what comes first,
second and so on…
PLAN divided by small
steps of documented
actions = PROCESS.
WHO does WHAT, at
what TIME, what
PLACE, with who’s
HELP, HOW & what is
NEEDED
02TIMELINE 03 04
presented by VISHAL DESAI ~ +971 55 389 8410
PLAN PROCESS
BRAINSTORMING
group discussion conducted to generate ideas…
UAE is one of those countries, where people come,
work & live from all walks of life, geography, age,
education background, beliefs, religion, experience &
perspective, which makes organization in UAE different
than other part of world.
Some ideas which didn’t worked in home country
market of these people, may get a momentum in UAE
market, as it is well said, NEW IS EXCITING!
It is very important management hear to all on board
to get varied thinking of individuals, we all bring
different inputs and we can choose the best for
organization. Next step is filtration of IDEAS!
presented by VISHAL DESAI ~ +971 55 389 8410
RESEARCH
DATA MANAGEMENT
via DATA MINING
Market
Economic Conditions
Deliverable of Units
Government Policies
Geography
Flexibility
AOF
(area of focus)
Variable Factors
presented by VISHAL DESAI ~ +971 55 389 8410
answers...
answers...
answers...
01 a
b
c
WHAT SHOULD BE DONE?
WHAT IS HAPPENING (FACTS)?
WHY IT IS HAPPENING (CAUSE)?
TIMELINE
What we are trying to
ACHIEVE in what TIME?
Hierarchy
Targets
Budgets
Marketing
AOF (Area of Focus)
answers...
answers...
answers...
02 a
b
c
WHAT WE WANT?
WHAT WE NEED?
WHEN WE WANT?
presented by VISHAL DESAI ~ +971 55 389 8410
PLAN
PLAN = RESEARCH x
TIMELINE / PROCESS
more simple what
comes first, second
and so on…
answers...
answers...
answers...
03 a
b
c
FIRST?
SECOND?
THIRD?
presented by VISHAL DESAI ~ +971 55 389 8410
PROCESS
PLAN divided by small
steps of documented
actions = PROCESS
WHO will do what
WHAT
at what TIME
what PLACE
with who’s HELP
HOW &
what is NEEDED
presented by VISHAL DESAI ~ +971 55 389 8410
answers...
answers...
answers...
04 a
b
c
INTERNAL
EXTERNAL
WHO WILL DO WHAT?
PROPERTY MANAGEMENT
As in particular we will discuss few of basic/unchangable steps of
PROPERTY MANAGEMENT here, addition/idea are always welcomed!
presented by VISHAL DESAI ~ +971 55 389 8410
SPOTTING
ASSOCIATE/RAPPORT
FEASIBILITY STUDY
MARKET WATCH
OFFERING
NEGOTIATION
CLOSURE
SPEP 1:
SPEP 2:
SPEP 3:
SPEP 4:
SPEP 5:
SPEP 6:
SPEP 7:
HISTORICAL INFOGRAPH
To understand the current situation, let’s have a look at past 15 years of infographic
of Property Market, Laws, and Trends & Buyers Reactions.
INFLATING BALLOON
The new law implemented by Dubai Government of FREEHOLD & LEASEHOLD, whereas
foreign national can own property in Dubai, created a high demands for property in Dubai,
which motivated Sellers & Buyers equally, many developers launched new projects, which
attracted massive buyers and moreover this even motivated buyers to go further and book
off-plan properties.
As this rush was not channelized, many developers didn’t kept the promises they made and
didn’t delivered projects on time, which effected the supply of units in market and effected
the prices of available units, both sale & rentals.
Speculation inflated the expectation of Sellers & Buyers, all this rise in market was happening
till the 2008 recession, where the seats were packed full in Property Market
DEFLATING BALLOON
There not being enough laws controlling & supporting the Freehold & Leasehold, UAE
Market was hit by recession, as most of the deals & promise were going haywire, all areas of
economy were badly hit, banking, share & capital market, jobs, immigration, airlines and
more important confidence of international investors & IFI
Rental & Sales scale also dropped, many expats started occupying affordable units in
Dubai market, because of which RERA got too active in brought in few laws & correction in
all area of Property Market, market conditions which were post 2002, reached the same
level or can say little better than that.
presented by VISHAL DESAI ~ +971 55 389 8410
HISTORICAL INFOGRAPH
...continued
ROLLING OF BALLON
As RERA initiated and implemented new laws, regulations, decrees, which even Dubai
Government supported by launching new infrastructure projects, amusement parks, tourist
attractions, supply in hotel rooms, motivated banks started supporting Dubai Government
intension, which was accepted by masses and the balloon start to roll in a stable manner.
Year 2013 was an exceptional for Dubai and will be recorded in history, Dubai win the bid for
EXPO 2020, which gave a new life to Dubai economy.
After winning the bid for EXPO 2020, international investors start to see Dubai as safe haven
for their investment, willing to migrate to Dubai, those developer who were yet not sure
about their ROI start to launch new projects around the expo site, banks opened their arms
with regards to mortgages, RERA made buyers money more safer & mediated the deals
between developers & investor by implementing new law of ESCROW ACCOUNT
YEAR 2016
You can say this, year 2016 was more dedicated to infrastructure & tourism, Dubai
Government was more inclined towards delivery & initiation of infrastructure, many
amusements parks open their gates in 2016. Palm Deira start to see some movement, EXPO
2020 site layout was planned.
Dubai Government was pumping the best efforts to make Dubai an investment hub. Though
things were not moving quickly but a blueprint was being designed to follow, which will
keep investor on a safer side and not lose interest in Dubai market.
presented by VISHAL DESAI ~ +971 55 389 8410
2016 delivered... 2017 expected...
8,000 - 9,000
Apartments
30,000 - 32,000
Apartments
4,000 - 5,000
Villas
11,000 - 12,000
Villas
3,500,000 - 4,000,000
sq.ft. Office Space
(BUA)
3,500,000 - 3,800,000
sq.ft. Office Space
(BUA)
presented by VISHAL DESAI ~ +971 55 389 8410
INVENTORY
Let’s have a look at what we have on shelfs, divided into past
year deliveries and present year, sources of this data are
taken from online news organizations published articles on
different occasions & dates or from archives, like Gulf News,
Emirates 24/7, The National, MSN News, Arabian Business,
Gulf Business, Reidin, MEED, Property Forum, ME Construction
News, International Property Show, Property Week, Etc.
There has always been 20 – 35% under delivery of projects,
which were promised on a certain date, reason being
stringent laws & rules with regards to civil defense & fire safety
commissioning, which was for safety of tenants/owners
occupying the units, this was praised by all organizations
involved in delivering the property.
2 6 0
2 5 0
2 4 0
2 3 0
2 2 0
2 1 0
2 0 0
1 9 0
1 8 0
1 7 0
1 6 0
1 5 0
1 4 0
1 3 0
1 2 0
1 1 0
1 0 0
9 0
8 0
7 0
6 0
5 0
4 0
3 0
2 0
1 0
0
2008 2009 2010 2011 2012 2013 2014 2015 2016
RENTAL
TRENDS
2008 - 2016
Everybody witnessed where
the market was heading and
reacted to speculations, but
all this turned upside-down
after 2008, the graphs next
represents the rental trends
pre-recession, post-recession,
recovery phase and present
market.
TIER 1 RENTALS:
Luxury, High Rise-towers, Water View, Master Development
(variation applicable between 5,000 – 15,000
subject to size, facilities, accessibility, view)
140 - 150
185 - 190
260 - 265
165 - 175
135 - 145
130 - 140
165 - 175
195 - 200
215 - 220
225 - 230
210 - 215
125 - 135
105 - 115
105 - 115
120 - 130
145 - 155
160 - 170 165 - 170
145 - 155
85 - 95
75 - 85 70 - 80
85 - 95
110 - 120
115 - 125
110 - 120
105 - 115
1000’s YEARS
BEDROOM ONE TWO THREE
125 - 135125 - 135
105 - 115
125 - 135
105 - 115
105 - 115
105 - 115
105 - 115105 - 115
120 - 130
145 - 155
145 - 155
BEDROOM ONE TWO THREE
presented by VISHAL DESAI ~ +971 55 389 8410
2 6 0
2 5 0
2 4 0
2 3 0
2 2 0
2 1 0
2 0 0
1 9 0
1 8 0
1 7 0
1 6 0
1 5 0
1 4 0
1 3 0
1 2 0
1 1 0
1 0 0
9 0
8 0
7 0
6 0
5 0
4 0
3 0
2 0
1 0
0
2008 2009 2010 2011 2012 2013 2014 2015 2016
RENTAL
TRENDS
2008 - 2016
There was an immense gap
between Tier 1 & 2, which was
the population paying the
highest rental in city, but
massive job cut, pay cut
resulted in shift of Tier 1 to Tier
2 and Tier 2 to Tier 3
TIER 2 RENTALS:
High-end to Mid-range, Outskirts & Outer Areas
(variation applicable between 5,000 – 10,000
subject to size, facilities, accessibility, view)
110 - 120
145 - 155
85 - 95
75 - 85 65 - 75 75 - 85
110 - 120
120 - 130
125 - 130
145 - 155
215 - 225
130 - 140
115 - 125
110 - 110
120 - 130
155 - 165
165 - 175 175 - 180
165 - 175
60 - 70
50 - 60
45 - 55
55 - 65
75 - 85
85 - 95
95 - 105
80 - 90
100 - 110
1000’s YEARS
BEDROOM ONE TWO THREE
145 - 155
85 - 95
75 - 85 65 - 75 75 - 85
110 - 120
120 - 130120 - 130
125 - 130
BEDROOM ONE TWO THREE
215 - 225
130 - 140
115 - 125
110 - 110110 - 110
120 - 130
155 - 165155 - 165
165 - 175
155 - 165
165 - 175 175 - 180165 - 175 175 - 180
165 - 175
175 - 180
110 - 120
60 - 70
50 - 6050 - 60
45 - 55
50 - 60
45 - 55
55 - 65
45 - 55
55 - 65
75 - 85
55 - 65
75 - 85
85 - 95
75 - 85
95 - 10595 - 105
presented by VISHAL DESAI ~ +971 55 389 8410
2 6 0
2 5 0
2 4 0
2 3 0
2 2 0
2 1 0
2 0 0
1 9 0
1 8 0
1 7 0
1 6 0
1 5 0
1 4 0
1 3 0
1 2 0
1 1 0
1 0 0
9 0
8 0
7 0
6 0
5 0
4 0
3 0
2 0
1 0
0
2008 2009 2010 2011 2012 2013 2014 2015 2016
RENTAL
TRENDS
2008 - 2016
What the economy was
going through was putting a
lot pressure on job cuts and
shuffling lots of tenants from
Tier 1 & 2 to Tier 3, if we
observe there was a declined
in rents in all three tiers but
prices in Tier 3 was
comparatively less effected
than the other two, which was
notable by everyone, so
recently developers adopted
new strategy of affordable
housing, which will be
supplied to Tier 3 category.
TIER 3 RENTALS:
Old Town, Below Mid-range, Internal & Remote Area
(average/variation applicable between 5,000 – 10,000
subject to size, facilities, accessibility, view)
85 - 95
45 - 55
35 - 45
30 - 40
35 - 45
60 - 70
65 - 75 65 - 75
55 - 65
120 - 130
65 - 75 50 - 60
40 - 50
50 - 60
80 - 90
85 - 95
90 - 100
85 - 90
160 - 170
80 - 90
75 - 85 70 - 80
80 - 90
120 - 130 120 - 130 115 - 125
110 - 120
1000’s YEARS
BEDROOM ONE TWO THREE
85 - 95
45 - 55
65 - 75
35 - 45
35 - 45
60 - 70
65 - 7565 - 7565 - 75 65 - 75
120 - 130
65 - 75 50 - 6050 - 60
40 - 50
50 - 60
40 - 50
50 - 60
80 - 9080 - 9080 - 90
85 - 95
90 - 10090 - 100
85 - 90
90 - 100
160 - 170
80 - 90
75 - 8575 - 85 70 - 8075 - 85 70 - 80
80 - 9080 - 90
120 - 130
80 - 90
120 - 130 120 - 130120 - 130 115 - 125
110 - 120
presented by VISHAL DESAI ~ +971 55 389 8410
UNIT
COUNT
MINIMUM RENT
PER UNIT
MAXIMUM RENT
PER UNIT
MINIMUM RENT
ALL UNIT
MAXIMUM RENT
ALL UNIT
1 BEDROOM 90 65,000 68,000 5,850,000 6,120,000
2 BEDROOM 6 75,000 78,000 450,000 468,000
TOTAL UNITS 96 6,300,000 6,588,000
315,000 329,400
6,615,000 6,917,400
252,000 263,520
126,000 131,760
63,000 65,880
94,500 98,820
535,500 559,980
8.10% 8.10%
5,800,000 6,000,000
87.68% 86.74%
279,500 357,420
4.23% 5.17%
BARSHA
PROFIT %
TOTAL OUTWARD %
TOTAL INWARD % TO LANDLORD
PROFIT
TOTAL RENT
TOTAL OUTWARD
PAYOUT [ 2.5 % ]
VACANCY LOSS [ 1 % ]
BAD DEBTS [ 1.5 % ]
TOTAL INWARD
EXPENSES [ 4 % ]
TO LANDLORD
COMMISSION [ 5 % ]
UNIT NO. TYPE BATH BALCONY RENT
101 1 BEDROOM 1.5 YES / BIG 60,000
102 1 BEDROOM 1.5 YES 60,000
103 1 BEDROOM 1.5 YES 60,000
104 1 BEDROOM 1.5 YES 60,000
105 1 BEDROOM 1.5 YES 60,000
106 1 BEDROOM 1.5 NO 60,000
107 1 BEDROOM 1.5 NO 60,000
108 1 BEDROOM 1.5 YES / SMALL 60,000
109 1 BEDROOM 1.5 YES / SMALL 60,000
110 1 BEDROOM 1.5 NO 60,000
111 1 BEDROOM 1.5 YES 60,000
112 1 BEDROOM 1.5 YES 60,000
113 1 BEDROOM 1.5 NO 60,000
114 1 BEDROOM 1.5 YES 60,000
115 2 BEDROOM 1.5 YES 70,000
116 1 BEDROOM 1.5 YES 60,000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR
MTH 1 MTH 2 MTH 3 MTH 4 MTH 5 MTH 6 MTH 7 MTH 8 MTH 9 MTH 10 MTH 11 MTH 12 MTH 13 MTH 14 MTH 15
264,603
3rd CHEQUE
1,450,000
1st CHEQUE
125,000 125,000 125,000
704,603
FUNDS AVAILABLE
829,603
FUNDS AVAILABLE
1,450,000 1,450,000 1,450,000 1,450,000
TOTAL RENT COLLECTION - 6,300,000 RENT TO LANDLORD - 5,800,000
PROFIT
1,450,000
3rd CHEQUE
0
GRC PRD INCOME
0
SECURITY DEPOSIT
0
GRC PRD INCOME
0
SECURITY DEPOSIT
348,000
EXPENSES
1,450,000
2nd CHEQUE
1,450,000
0
GRC PRD INCOME
315,000
315,000
SECURITY DEPOSIT
172,603
COMMISSION
GRC PRD INCOME
EXPENSES 4% LL RENT - 252,000
1,575,000
TENANT RENTS
1,575,000
TENANT RENTS
1,575,000
TENANT RENTS
1,575,000
TENANT RENTS
0
SECURITY DEPOSIT
PROFIT PROFIT PROFIT
0
COMMISSION
0
EXPENSES
0
COMMISSION
0
EXPENSES
0
COMMISSION
0
EXPENSES
1
PROPERTY
10
PROPERTY
2,646,027 3,896,027 5,146,02710 X
PROFIT
639,603
PROPERTY MANAGEMENT OUTRIGHT MODEL
264,603
FUNDS AVAILABLE
IF
SECURITY
DEPOSIT IS
IN
CHEQUE
FORMAT
389,603
FUNDS AVAILABLE
514,603
FUNDS AVAILABLE
639,603
FUNDS AVAILABLE
GRACE PERIOD
END OF YEAR 1
954,603
FUNDS AVAILABLE
579,603
FUNDS AVAILABLE
30
PROPERTY
30 X 7,938,082 11,688,082 15,438,082
END OF YEAR 2
20
PROPERTY
20 X 5,292,055 7,792,055 10,292,055 12,792,055
END OF YEAR 3
FUNDS AVAILABLE FUNDS AVAILABLE FUNDS AVAILABLE FUNDS AVAILABLE
6,396,027
FUNDS AVAILABLE FUNDS AVAILABLE FUNDS AVAILABLE FUNDS AVAILABLE
19,188,082
END OF YEAR 4
FUNDS AVAILABLE FUNDS AVAILABLE FUNDS AVAILABLE FUNDS AVAILABLE
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR
YEAR 1 PRJ 1 1
TOTAL
PRJ 1 1
PRJ 2 2
PRJ 3 3
PRJ 4 4
PRJ 5 5
PRJ 6 6
PRJ 7 7
PRJ 8 8
PRJ 9 9
PRJ 10 10
PRJ 11 11
TOTAL
PRJ 1 1
PRJ 2 2
PRJ 3 3
PRJ 4 4
PRJ 5 5
PRJ 6 6
PRJ 7 7
PRJ 8 8
PRJ 9 9
PRJ 10 10
PRJ 11 11
PRJ 12 12
PRJ 13 13
PRJ 14 14
PRJ 15 15
PRJ 16 16
PRJ 17 17
PRJ 18 18
PRJ 19 19
PRJ 20 20
PRJ 21 21
TOTAL
500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
500,000
5,500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000
125,000 125,000 125,000 125,000 500,000
125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
500,000125,000 125,000 125,000 125,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
10,500,000
YEAR 3
YEAR 2
PRJ 1 1
PRJ 2 2
PRJ 3 3
PRJ 4 4
PRJ 5 5
PRJ 6 6
PRJ 7 7
PRJ 8 8
PRJ 9 9
PRJ 10 10
PRJ 11 11
PRJ 12 12
PRJ 13 13
PRJ 14 14
PRJ 15 15
PRJ 16 16
PRJ 17 17
PRJ 18 18
PRJ 19 19
PRJ 20 20
PRJ 21 21
PRJ 22 22
PRJ 23 23
PRJ 24 24
PRJ 25 25
PRJ 26 26
PRJ 27 27
PRJ 28 28
PRJ 29 29
PRJ 30 30
PRJ 31 31
TOTAL
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
500,000125,000 125,000 125,000 125,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
15,500,000
YEAR 4
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000 125,000 125,000 500,000
125,000 125,000
21 PRJ
YEAR 1 YEAR 4
AED 500,000 AS NET PROFIT PER PROJECT
TOTAL ONE TIME COMMISSION
9,765,000
SUM OF COMMISSION & PROFIT
COLLECTION FROM DIFFERENCE BETWEEN ACTUAL & PAID RENT
TOTAL PROJECTS
31
ONE TIME COMMISSION
315,000
32,000,000
31 PRJ
500,000 5,500,000 10,500,000 15,500,000
1 PRJ
YEAR 2
11 PRJ
YEAR 3
41,765,000
YEAR 1 YEAR 2 YEAR 3 YEAR 4
AED 150,000 AS NET PROFIT PER PROJECT
1 PRJ 11 PRJ 21 PRJ 31 PRJ
150,000 1,650,000 3,150,000 4,650,000
150,000
TOTAL ONE TIME COMMISSION
4,650,000
SUM OF COMMISSION & PROFIT
14,250,000
9,600,000
COLLECTION FROM DIFFERENCE BETWEEN ACTUAL & PAID RENT
TOTAL PROJECTS
31
ONE TIME COMMISSION
OVERVIEW
presented by VISHAL DESAI ~ +971 55 389 8410
It seems that market is slopping downwards
but it is not a right time to make a conclusion
yet, what numbers & speculation narrates is
2016 was better than 2017, we just finished the
first quarter in which rents showed a 1 – 1.5%
declined. Reasons being many to name few,
new supply, overall drop of market, landlords
fear, there are cases where landlords are
being generous to renew contracts for 3
months also if tenants have a job loss, on the
other hand landlords also fear to keep their
apartments vacant for months.
It must not be ignored that EXPO 2020 is
aiming to create a lot of movement in all
markets, from Retails to F&B, Aviation to
Tourism, Rents to Sales of property which will
need more manpower to serve all industry,
that’s what the economy needs a massive
JOB MARKET.
THANK YOU!
We need to see a big picture,
there is a stable growth
expected in UAE & GCC
Market. Government reforms
are doing great job to make
UAE market Safe & Stable,
which we will see in coming
years.
VISHAL DESAI
+971 55 38 98 410
yash422.vd@gmail.com
www.linkedin.com/in/vishal-desai

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Property Management Prospect

  • 2. presented by VISHAL DESAI ~ +971 55 389 8410
  • 3. DNA? Often Organizations & Managements search endlessly on options to succeed or look for a variable that will give them an upper hand over their competitors, but in this quest of thirst of success, they forget that one thing they want is under their eyes, which is not recognized. THE TEAM! Huge advertisement budgets, capital, cash pool, lavish interior of their office doesn’t promises a sure shoot Success, what makes an DNA of successful organization are the PEOPLE, the TEAM. Like the foundation of Six Sigma says, “do it right at first place” Well said! presented by VISHAL DESAI ~ +971 55 389 8410
  • 4. BLUEPRINT "blueprint" came to mean simply "plan", and it is often used in a metaphorical sense when there is no actual drawing per se. BEFORE WE GET INTO “ACTION” IT IS VERY IMPORTANT TO “PLAN THE ACTION” In simple words, DATA MANAGEMENT via DATA MINING, the more insight we have about Market, Economic Conditions, Deliverable of Units, Government Policies, the better we are in position to make decision 01RESEARCH There is always timing for executing certain decisions & process, to decide those here and moreover how we reach from Point A to point B, define both points & what between those two points, i.e. A < = = > B As the word says PLAN! Equation for PLAN = RESEARCH x TIMELINE / PROCESS, more simple what comes first, second and so on… PLAN divided by small steps of documented actions = PROCESS. WHO does WHAT, at what TIME, what PLACE, with who’s HELP, HOW & what is NEEDED 02TIMELINE 03 04 presented by VISHAL DESAI ~ +971 55 389 8410 PLAN PROCESS
  • 5. BRAINSTORMING group discussion conducted to generate ideas… UAE is one of those countries, where people come, work & live from all walks of life, geography, age, education background, beliefs, religion, experience & perspective, which makes organization in UAE different than other part of world. Some ideas which didn’t worked in home country market of these people, may get a momentum in UAE market, as it is well said, NEW IS EXCITING! It is very important management hear to all on board to get varied thinking of individuals, we all bring different inputs and we can choose the best for organization. Next step is filtration of IDEAS! presented by VISHAL DESAI ~ +971 55 389 8410
  • 6. RESEARCH DATA MANAGEMENT via DATA MINING Market Economic Conditions Deliverable of Units Government Policies Geography Flexibility AOF (area of focus) Variable Factors presented by VISHAL DESAI ~ +971 55 389 8410 answers... answers... answers... 01 a b c WHAT SHOULD BE DONE? WHAT IS HAPPENING (FACTS)? WHY IT IS HAPPENING (CAUSE)?
  • 7. TIMELINE What we are trying to ACHIEVE in what TIME? Hierarchy Targets Budgets Marketing AOF (Area of Focus) answers... answers... answers... 02 a b c WHAT WE WANT? WHAT WE NEED? WHEN WE WANT? presented by VISHAL DESAI ~ +971 55 389 8410
  • 8. PLAN PLAN = RESEARCH x TIMELINE / PROCESS more simple what comes first, second and so on… answers... answers... answers... 03 a b c FIRST? SECOND? THIRD? presented by VISHAL DESAI ~ +971 55 389 8410
  • 9. PROCESS PLAN divided by small steps of documented actions = PROCESS WHO will do what WHAT at what TIME what PLACE with who’s HELP HOW & what is NEEDED presented by VISHAL DESAI ~ +971 55 389 8410 answers... answers... answers... 04 a b c INTERNAL EXTERNAL WHO WILL DO WHAT?
  • 10. PROPERTY MANAGEMENT As in particular we will discuss few of basic/unchangable steps of PROPERTY MANAGEMENT here, addition/idea are always welcomed! presented by VISHAL DESAI ~ +971 55 389 8410 SPOTTING ASSOCIATE/RAPPORT FEASIBILITY STUDY MARKET WATCH OFFERING NEGOTIATION CLOSURE SPEP 1: SPEP 2: SPEP 3: SPEP 4: SPEP 5: SPEP 6: SPEP 7:
  • 11. HISTORICAL INFOGRAPH To understand the current situation, let’s have a look at past 15 years of infographic of Property Market, Laws, and Trends & Buyers Reactions. INFLATING BALLOON The new law implemented by Dubai Government of FREEHOLD & LEASEHOLD, whereas foreign national can own property in Dubai, created a high demands for property in Dubai, which motivated Sellers & Buyers equally, many developers launched new projects, which attracted massive buyers and moreover this even motivated buyers to go further and book off-plan properties. As this rush was not channelized, many developers didn’t kept the promises they made and didn’t delivered projects on time, which effected the supply of units in market and effected the prices of available units, both sale & rentals. Speculation inflated the expectation of Sellers & Buyers, all this rise in market was happening till the 2008 recession, where the seats were packed full in Property Market DEFLATING BALLOON There not being enough laws controlling & supporting the Freehold & Leasehold, UAE Market was hit by recession, as most of the deals & promise were going haywire, all areas of economy were badly hit, banking, share & capital market, jobs, immigration, airlines and more important confidence of international investors & IFI Rental & Sales scale also dropped, many expats started occupying affordable units in Dubai market, because of which RERA got too active in brought in few laws & correction in all area of Property Market, market conditions which were post 2002, reached the same level or can say little better than that. presented by VISHAL DESAI ~ +971 55 389 8410
  • 12. HISTORICAL INFOGRAPH ...continued ROLLING OF BALLON As RERA initiated and implemented new laws, regulations, decrees, which even Dubai Government supported by launching new infrastructure projects, amusement parks, tourist attractions, supply in hotel rooms, motivated banks started supporting Dubai Government intension, which was accepted by masses and the balloon start to roll in a stable manner. Year 2013 was an exceptional for Dubai and will be recorded in history, Dubai win the bid for EXPO 2020, which gave a new life to Dubai economy. After winning the bid for EXPO 2020, international investors start to see Dubai as safe haven for their investment, willing to migrate to Dubai, those developer who were yet not sure about their ROI start to launch new projects around the expo site, banks opened their arms with regards to mortgages, RERA made buyers money more safer & mediated the deals between developers & investor by implementing new law of ESCROW ACCOUNT YEAR 2016 You can say this, year 2016 was more dedicated to infrastructure & tourism, Dubai Government was more inclined towards delivery & initiation of infrastructure, many amusements parks open their gates in 2016. Palm Deira start to see some movement, EXPO 2020 site layout was planned. Dubai Government was pumping the best efforts to make Dubai an investment hub. Though things were not moving quickly but a blueprint was being designed to follow, which will keep investor on a safer side and not lose interest in Dubai market. presented by VISHAL DESAI ~ +971 55 389 8410
  • 13. 2016 delivered... 2017 expected... 8,000 - 9,000 Apartments 30,000 - 32,000 Apartments 4,000 - 5,000 Villas 11,000 - 12,000 Villas 3,500,000 - 4,000,000 sq.ft. Office Space (BUA) 3,500,000 - 3,800,000 sq.ft. Office Space (BUA) presented by VISHAL DESAI ~ +971 55 389 8410 INVENTORY Let’s have a look at what we have on shelfs, divided into past year deliveries and present year, sources of this data are taken from online news organizations published articles on different occasions & dates or from archives, like Gulf News, Emirates 24/7, The National, MSN News, Arabian Business, Gulf Business, Reidin, MEED, Property Forum, ME Construction News, International Property Show, Property Week, Etc. There has always been 20 – 35% under delivery of projects, which were promised on a certain date, reason being stringent laws & rules with regards to civil defense & fire safety commissioning, which was for safety of tenants/owners occupying the units, this was praised by all organizations involved in delivering the property.
  • 14. 2 6 0 2 5 0 2 4 0 2 3 0 2 2 0 2 1 0 2 0 0 1 9 0 1 8 0 1 7 0 1 6 0 1 5 0 1 4 0 1 3 0 1 2 0 1 1 0 1 0 0 9 0 8 0 7 0 6 0 5 0 4 0 3 0 2 0 1 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 RENTAL TRENDS 2008 - 2016 Everybody witnessed where the market was heading and reacted to speculations, but all this turned upside-down after 2008, the graphs next represents the rental trends pre-recession, post-recession, recovery phase and present market. TIER 1 RENTALS: Luxury, High Rise-towers, Water View, Master Development (variation applicable between 5,000 – 15,000 subject to size, facilities, accessibility, view) 140 - 150 185 - 190 260 - 265 165 - 175 135 - 145 130 - 140 165 - 175 195 - 200 215 - 220 225 - 230 210 - 215 125 - 135 105 - 115 105 - 115 120 - 130 145 - 155 160 - 170 165 - 170 145 - 155 85 - 95 75 - 85 70 - 80 85 - 95 110 - 120 115 - 125 110 - 120 105 - 115 1000’s YEARS BEDROOM ONE TWO THREE 125 - 135125 - 135 105 - 115 125 - 135 105 - 115 105 - 115 105 - 115 105 - 115105 - 115 120 - 130 145 - 155 145 - 155 BEDROOM ONE TWO THREE presented by VISHAL DESAI ~ +971 55 389 8410
  • 15. 2 6 0 2 5 0 2 4 0 2 3 0 2 2 0 2 1 0 2 0 0 1 9 0 1 8 0 1 7 0 1 6 0 1 5 0 1 4 0 1 3 0 1 2 0 1 1 0 1 0 0 9 0 8 0 7 0 6 0 5 0 4 0 3 0 2 0 1 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 RENTAL TRENDS 2008 - 2016 There was an immense gap between Tier 1 & 2, which was the population paying the highest rental in city, but massive job cut, pay cut resulted in shift of Tier 1 to Tier 2 and Tier 2 to Tier 3 TIER 2 RENTALS: High-end to Mid-range, Outskirts & Outer Areas (variation applicable between 5,000 – 10,000 subject to size, facilities, accessibility, view) 110 - 120 145 - 155 85 - 95 75 - 85 65 - 75 75 - 85 110 - 120 120 - 130 125 - 130 145 - 155 215 - 225 130 - 140 115 - 125 110 - 110 120 - 130 155 - 165 165 - 175 175 - 180 165 - 175 60 - 70 50 - 60 45 - 55 55 - 65 75 - 85 85 - 95 95 - 105 80 - 90 100 - 110 1000’s YEARS BEDROOM ONE TWO THREE 145 - 155 85 - 95 75 - 85 65 - 75 75 - 85 110 - 120 120 - 130120 - 130 125 - 130 BEDROOM ONE TWO THREE 215 - 225 130 - 140 115 - 125 110 - 110110 - 110 120 - 130 155 - 165155 - 165 165 - 175 155 - 165 165 - 175 175 - 180165 - 175 175 - 180 165 - 175 175 - 180 110 - 120 60 - 70 50 - 6050 - 60 45 - 55 50 - 60 45 - 55 55 - 65 45 - 55 55 - 65 75 - 85 55 - 65 75 - 85 85 - 95 75 - 85 95 - 10595 - 105 presented by VISHAL DESAI ~ +971 55 389 8410
  • 16. 2 6 0 2 5 0 2 4 0 2 3 0 2 2 0 2 1 0 2 0 0 1 9 0 1 8 0 1 7 0 1 6 0 1 5 0 1 4 0 1 3 0 1 2 0 1 1 0 1 0 0 9 0 8 0 7 0 6 0 5 0 4 0 3 0 2 0 1 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 RENTAL TRENDS 2008 - 2016 What the economy was going through was putting a lot pressure on job cuts and shuffling lots of tenants from Tier 1 & 2 to Tier 3, if we observe there was a declined in rents in all three tiers but prices in Tier 3 was comparatively less effected than the other two, which was notable by everyone, so recently developers adopted new strategy of affordable housing, which will be supplied to Tier 3 category. TIER 3 RENTALS: Old Town, Below Mid-range, Internal & Remote Area (average/variation applicable between 5,000 – 10,000 subject to size, facilities, accessibility, view) 85 - 95 45 - 55 35 - 45 30 - 40 35 - 45 60 - 70 65 - 75 65 - 75 55 - 65 120 - 130 65 - 75 50 - 60 40 - 50 50 - 60 80 - 90 85 - 95 90 - 100 85 - 90 160 - 170 80 - 90 75 - 85 70 - 80 80 - 90 120 - 130 120 - 130 115 - 125 110 - 120 1000’s YEARS BEDROOM ONE TWO THREE 85 - 95 45 - 55 65 - 75 35 - 45 35 - 45 60 - 70 65 - 7565 - 7565 - 75 65 - 75 120 - 130 65 - 75 50 - 6050 - 60 40 - 50 50 - 60 40 - 50 50 - 60 80 - 9080 - 9080 - 90 85 - 95 90 - 10090 - 100 85 - 90 90 - 100 160 - 170 80 - 90 75 - 8575 - 85 70 - 8075 - 85 70 - 80 80 - 9080 - 90 120 - 130 80 - 90 120 - 130 120 - 130120 - 130 115 - 125 110 - 120 presented by VISHAL DESAI ~ +971 55 389 8410
  • 17. UNIT COUNT MINIMUM RENT PER UNIT MAXIMUM RENT PER UNIT MINIMUM RENT ALL UNIT MAXIMUM RENT ALL UNIT 1 BEDROOM 90 65,000 68,000 5,850,000 6,120,000 2 BEDROOM 6 75,000 78,000 450,000 468,000 TOTAL UNITS 96 6,300,000 6,588,000 315,000 329,400 6,615,000 6,917,400 252,000 263,520 126,000 131,760 63,000 65,880 94,500 98,820 535,500 559,980 8.10% 8.10% 5,800,000 6,000,000 87.68% 86.74% 279,500 357,420 4.23% 5.17% BARSHA PROFIT % TOTAL OUTWARD % TOTAL INWARD % TO LANDLORD PROFIT TOTAL RENT TOTAL OUTWARD PAYOUT [ 2.5 % ] VACANCY LOSS [ 1 % ] BAD DEBTS [ 1.5 % ] TOTAL INWARD EXPENSES [ 4 % ] TO LANDLORD COMMISSION [ 5 % ]
  • 18. UNIT NO. TYPE BATH BALCONY RENT 101 1 BEDROOM 1.5 YES / BIG 60,000 102 1 BEDROOM 1.5 YES 60,000 103 1 BEDROOM 1.5 YES 60,000 104 1 BEDROOM 1.5 YES 60,000 105 1 BEDROOM 1.5 YES 60,000 106 1 BEDROOM 1.5 NO 60,000 107 1 BEDROOM 1.5 NO 60,000 108 1 BEDROOM 1.5 YES / SMALL 60,000 109 1 BEDROOM 1.5 YES / SMALL 60,000 110 1 BEDROOM 1.5 NO 60,000 111 1 BEDROOM 1.5 YES 60,000 112 1 BEDROOM 1.5 YES 60,000 113 1 BEDROOM 1.5 NO 60,000 114 1 BEDROOM 1.5 YES 60,000 115 2 BEDROOM 1.5 YES 70,000 116 1 BEDROOM 1.5 YES 60,000
  • 19. JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR MTH 1 MTH 2 MTH 3 MTH 4 MTH 5 MTH 6 MTH 7 MTH 8 MTH 9 MTH 10 MTH 11 MTH 12 MTH 13 MTH 14 MTH 15 264,603 3rd CHEQUE 1,450,000 1st CHEQUE 125,000 125,000 125,000 704,603 FUNDS AVAILABLE 829,603 FUNDS AVAILABLE 1,450,000 1,450,000 1,450,000 1,450,000 TOTAL RENT COLLECTION - 6,300,000 RENT TO LANDLORD - 5,800,000 PROFIT 1,450,000 3rd CHEQUE 0 GRC PRD INCOME 0 SECURITY DEPOSIT 0 GRC PRD INCOME 0 SECURITY DEPOSIT 348,000 EXPENSES 1,450,000 2nd CHEQUE 1,450,000 0 GRC PRD INCOME 315,000 315,000 SECURITY DEPOSIT 172,603 COMMISSION GRC PRD INCOME EXPENSES 4% LL RENT - 252,000 1,575,000 TENANT RENTS 1,575,000 TENANT RENTS 1,575,000 TENANT RENTS 1,575,000 TENANT RENTS 0 SECURITY DEPOSIT PROFIT PROFIT PROFIT 0 COMMISSION 0 EXPENSES 0 COMMISSION 0 EXPENSES 0 COMMISSION 0 EXPENSES 1 PROPERTY 10 PROPERTY 2,646,027 3,896,027 5,146,02710 X PROFIT 639,603 PROPERTY MANAGEMENT OUTRIGHT MODEL 264,603 FUNDS AVAILABLE IF SECURITY DEPOSIT IS IN CHEQUE FORMAT 389,603 FUNDS AVAILABLE 514,603 FUNDS AVAILABLE 639,603 FUNDS AVAILABLE GRACE PERIOD END OF YEAR 1 954,603 FUNDS AVAILABLE 579,603 FUNDS AVAILABLE 30 PROPERTY 30 X 7,938,082 11,688,082 15,438,082 END OF YEAR 2 20 PROPERTY 20 X 5,292,055 7,792,055 10,292,055 12,792,055 END OF YEAR 3 FUNDS AVAILABLE FUNDS AVAILABLE FUNDS AVAILABLE FUNDS AVAILABLE 6,396,027 FUNDS AVAILABLE FUNDS AVAILABLE FUNDS AVAILABLE FUNDS AVAILABLE 19,188,082 END OF YEAR 4 FUNDS AVAILABLE FUNDS AVAILABLE FUNDS AVAILABLE FUNDS AVAILABLE
  • 20. JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR YEAR 1 PRJ 1 1 TOTAL PRJ 1 1 PRJ 2 2 PRJ 3 3 PRJ 4 4 PRJ 5 5 PRJ 6 6 PRJ 7 7 PRJ 8 8 PRJ 9 9 PRJ 10 10 PRJ 11 11 TOTAL PRJ 1 1 PRJ 2 2 PRJ 3 3 PRJ 4 4 PRJ 5 5 PRJ 6 6 PRJ 7 7 PRJ 8 8 PRJ 9 9 PRJ 10 10 PRJ 11 11 PRJ 12 12 PRJ 13 13 PRJ 14 14 PRJ 15 15 PRJ 16 16 PRJ 17 17 PRJ 18 18 PRJ 19 19 PRJ 20 20 PRJ 21 21 TOTAL 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 500,000 5,500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 500,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 500,000125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 10,500,000 YEAR 3 YEAR 2
  • 21. PRJ 1 1 PRJ 2 2 PRJ 3 3 PRJ 4 4 PRJ 5 5 PRJ 6 6 PRJ 7 7 PRJ 8 8 PRJ 9 9 PRJ 10 10 PRJ 11 11 PRJ 12 12 PRJ 13 13 PRJ 14 14 PRJ 15 15 PRJ 16 16 PRJ 17 17 PRJ 18 18 PRJ 19 19 PRJ 20 20 PRJ 21 21 PRJ 22 22 PRJ 23 23 PRJ 24 24 PRJ 25 25 PRJ 26 26 PRJ 27 27 PRJ 28 28 PRJ 29 29 PRJ 30 30 PRJ 31 31 TOTAL 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 500,000125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 15,500,000 YEAR 4 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000 125,000 125,000 500,000 125,000 125,000
  • 22. 21 PRJ YEAR 1 YEAR 4 AED 500,000 AS NET PROFIT PER PROJECT TOTAL ONE TIME COMMISSION 9,765,000 SUM OF COMMISSION & PROFIT COLLECTION FROM DIFFERENCE BETWEEN ACTUAL & PAID RENT TOTAL PROJECTS 31 ONE TIME COMMISSION 315,000 32,000,000 31 PRJ 500,000 5,500,000 10,500,000 15,500,000 1 PRJ YEAR 2 11 PRJ YEAR 3 41,765,000
  • 23. YEAR 1 YEAR 2 YEAR 3 YEAR 4 AED 150,000 AS NET PROFIT PER PROJECT 1 PRJ 11 PRJ 21 PRJ 31 PRJ 150,000 1,650,000 3,150,000 4,650,000 150,000 TOTAL ONE TIME COMMISSION 4,650,000 SUM OF COMMISSION & PROFIT 14,250,000 9,600,000 COLLECTION FROM DIFFERENCE BETWEEN ACTUAL & PAID RENT TOTAL PROJECTS 31 ONE TIME COMMISSION
  • 24. OVERVIEW presented by VISHAL DESAI ~ +971 55 389 8410 It seems that market is slopping downwards but it is not a right time to make a conclusion yet, what numbers & speculation narrates is 2016 was better than 2017, we just finished the first quarter in which rents showed a 1 – 1.5% declined. Reasons being many to name few, new supply, overall drop of market, landlords fear, there are cases where landlords are being generous to renew contracts for 3 months also if tenants have a job loss, on the other hand landlords also fear to keep their apartments vacant for months. It must not be ignored that EXPO 2020 is aiming to create a lot of movement in all markets, from Retails to F&B, Aviation to Tourism, Rents to Sales of property which will need more manpower to serve all industry, that’s what the economy needs a massive JOB MARKET.
  • 25. THANK YOU! We need to see a big picture, there is a stable growth expected in UAE & GCC Market. Government reforms are doing great job to make UAE market Safe & Stable, which we will see in coming years. VISHAL DESAI +971 55 38 98 410 yash422.vd@gmail.com www.linkedin.com/in/vishal-desai