ORA’s impressive journey to becoming a global leader in real estate and hospitality has been built on transforming challenges into triumphs empowered by unwavering vision and teamwork.
The company has demonstrated resilience and proven innovation to create an evolving portfolio of world-class projects as it navigates an inspirational course to sustained growth.
ORA is preparing to add the UAE to its list of successes with one of the largest mixed-use developments in the country’s history, to be constructed at Ghantoot midway between Dubai and Abu Dhabi.
The master developer enjoys an international reputation for delivering luxury lifestyles via its property and hospitality verticals.
ORA has become a celebrated name with flagship projects in cherished locations, resulting in prestigious new destinations.
The vision of ORA’s chairman and chief executive officer, Eng. Naguib Sawiris, is central to a dynamic team skilled in identifying opportunities and making them a reality.
Together they have taken ORA from humble beginnings in 2016 and swiftly grown the company into a leading developer renowned for world-class addresses, often in unique locations.
Some of the challenges overcome by the ORA Hospitality and ORA Properties divisions are touched upon during an inspiring five-episode documentary series.
A Journey Through Time encapsulates ORA’s industry-leading progress and pioneering spirit.
In the fourth episode - Always Moving Forward - we get a specific look at the obstacles that have confronted the talented team and how they have turned adversity into an opportunity to ultimately create further commercial success and long-term growth for ORA.
The episode puts the spotlight on the expertise and leadership applied by ORA executives to overcome tough situations and see their projects to completion, all the while maintaining an unflinching commitment to innovation and excellence within a unique company culture.
Always Moving Forward draws on real examples from ORA’s journey as well as insights from a team that shares a sense of united purpose to foster a collaborative environment that gets things done.
Among the challenges Eng. Sawiris outlines was securing good quality contractors in Pakistan, where ORA is delivering the huge Eighteen project.
He also highlights challenging soil conditions due to constant rain, alongside importation and local bank financing hurdles that ORA had to overcome to set a new standard for destination living in the country. With an 18-hole championship golf course at its heart, the appealing location in the hills of Islamabad has been developed by ORA in partnership with Saif Group and Kohistan Builders. Tarek Hamdy, chief executive officer of Eighteen, reveals how political turbulence in the country also “made it quite difficult for us”, alongside currency devaluation and inflation.
The devaluation of the Egyptian pound also impacted construction costs in ORA’s home country where it is developing significant projects.
These include ZED Towers, part of ZED El Sheikh Zayed, ZED East, Pyramid Hills in Giza Plateau, Solana in New Zayed, and Silversands North Coast, an emerging beach destination occupying a picturesque seaside location.
In the Caribbean, ORA faced limited resources and contractors for its Silversands Grand Anse in Grenada, which required the importation of materials from Europe or the USA in order to fulfil Eng. Sawiris’s vision for the high-end resort on the idyllic island.
Always Moving Forward offers glimpses into the harmonious synergy between the executive team and their chairman, highlighting how collective efforts and shared values have propelled ORA to unprecedented achievements in the real estate and hospitality industries.
Speaking broadly, Amgad Sabry, ORA’s chief business development officer, says: “The challenge is to meet the very long-term vision with a very quick execution.”
And Khaled Morgan, ORA chief development officer, says that when starting any project “you try to do your research and understand the context very well” of how people work, their lives and their preferences.
This refreshing outlook has been applied to ORA’s other headline-making projects, including Ayia Napa Marina, in Cyprus.
The international lifestyle destination and mixed development masterpiece is located in one of the most famous locations on the island and includes world-class facilities such as upscale retail boutiques, recreational and entertainment experiences including waterfront dining, and the iconic Twisted Tower, with a second one under construction.
Complimenting 220 luxury apartments overlooking the Mediterranean is Commercial Village, stylish yachting facilities comprising 600 berths, 11 beach villas, and 12 island villas appealing to end-users and investors.
Sherif Hany, chief human resources officer, describes ORA as “young” in the real estate market, but says “we have the potential … we have the passion to do a lot”.
Meanwhile, Dimitrios Zarikos, chief executive of ORA Hospitality, says: “We need to do things right in the beginning to have a chance to sustain staying at the top.
“We certainly have the vision, the resources … the right team.”
All this promises great things for ORA’s substantial entry into the UAE market, in Ghantoot.
In partnership with Abu Dhabi investment company Q Holding, the company will deliver a smart, sustainable city - ORA’s largest development and first footprint in the UAE.
The huge project will target residents and tourists seeking a luxurious live-work-play community in a desirable destination that bridges the UAE’s two most progressive and best-known cities.
ORA says it understands that every project comes with its own set of challenges and risks, but its team of experts works tirelessly to identify those risks and overcome them with innovative solutions to ensure the successful completion of all projects.
Mr Hamdy adds: “ORA will go further, we will go beyond a lot of things because the vision and the excellence in the decision-making that we have at the top is really making a difference.”
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
MATCH INFO
England 241-3 (20 ovs)
Malan 130 no, Morgan 91
New Zealand 165 all out (16.5ovs)
Southee 39, Parkinson 4-47
England win by 76 runs
Series level at 2-2
The Dark Blue Winter Overcoat & Other Stories From the North
Edited and Introduced by Sjón and Ted Hodgkinson
Pushkin Press
