NEW FORMULA FOR R&D EFFICIENCY
IMKAN's research strategy gives equal attention to each project's total gross contribution and rate of maturity.
The real estate industry has long been stagnant and in need of a new model capable of appealing to new demographics and technological breakthroughs; for too long, formulas such as capitalization rate and gross rent multipliers have set the tone on defining the worth of innovation in the industry. Rethinking traditional infrastructure assets is, thus, paramount to serve a new client base, an imperative for Walid El Hindi, CEO of IMKAN. El Hindi notes, “We now find ourselves in a situation where our traditional clientele has reached a point of saturation… thus, we must develop and advance if we seek to thrive."
Committed to developing “soulful places" that “enrich people's lives," the Abu Dhabi-based real estate developer places research at the core of its efforts to meet new market realities. Its outward, market-based approach strives for efficiency, factoring in potential benefits for both the investment and development sides of its business. It considers all the necessary elements of an efficient R&D productivity formula—one introduced by McKinsey & Co—that no longer relies on dividing revenue from products developed in the past by what is currently being spent on products for the future. The progress in digital technology and access to a wide variety of metrics and data allow companies to measure productivity, both at the project level and across the entire R&D organization. As such, the new method speaks to the whole company, by multiplying a project's total gross contribution by its rate of maturation and then dividing the result by the project's R&D cost.
IMKAN's holistic, outward-oriented research looks at trends and estimates from around the world and across industries to
ensure the developed assets bring economic value to customers, also known as the total gross contribution. Indeed, its team first looks at trends in food, fashion, sociology, psychology, physics, and other areas related to human behavior; then it integrates them at each stage of the development process. Using this multi-sector research increases the degree and scope of the first variable of the R&D productivity equation and has direct benefits on the investment side.
Maker's District, an 18ha masterplan development on Al Reem Island, for example, was based on a focus on building enriching communities designed for human interaction. Research has shown that design with people in mind is key to achieving long-term ROI. For example, research efforts led IMKAN to question the traditional profitability of a parking garage: people use their cars only 4% of their time and the advent of the sharing economy is likely to supplement this inefficiency. Developers aware of this trend should thus adapt flexible, cost-saving approaches within their developments.
Long-gone are the times of building a block and selling it; today product variations, functional requirements, and customization needs proliferate, increasing both the complexity and cost of R&D efforts. This complexity is, for the most part, conveyed on the timeframe aspect of the research efforts. The likelihood that a project will attain the projected gross contribution depends, in part, on the maturity of the product at the time of its market introduction, meaning how close it is to verifying and validating its technical and commercial requirements. IMKAN's approach, based on constantly questioning the validity of its new research findings, ensures any further efforts are both in line with the most updated trends and valid for a longer period at the moment the asset is launched. Naturally, this mindset places an equally important role on marketing.
As such, every project by IMKAN is underpinned by its long-term vision, with most the developments in the range of seven to 10 years, and heavy investments. In this sense, empowering clients becomes paramount, as it allows the company to share the weight of achieving both full maturity of an asset and returns on investments. Nudra Villas on Saadiyat Island, for example, offer clients the opportunity to design and build their own home, once again in the name of design flexibility within IMKAN's prescribed development controls. Assets will move toward maturity led by clients' needs, and its value will grow according to the needs of the customer.
In light of outdated game plans in the industry, IMKAN's integrated performance-management system is a fresh take on innovation.
NEW FORMULA FOR R&D EFFICIENCY
TABLE OF CONTENTS
Focus: Tackling Unlawful Cryptocurrency Use
Crypto Crime
The rapidity and anonymity of crypto-transactions make them attractive not only to risk-prone investors, but also to criminals. Finding an efficient solution that does not completely undermine or overturn the nature of digital currencies is proving to be extremely hard.
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Juan Carlos Varela, President, Republic of Panama
TBY talks to Juan Carlos Varela, President of the Republic of Panama, on expanding the country's diplomatic footprint, the importance of participating in Expo 2020, and both countries' respective leadership roles as regional entrepôts.
read articleInterview
Rashed A. Al Blooshi, Chief Executive, Abu Dhabi Securities Exchange (ADX)
TBY talks to Rashed A. Al Blooshi, Chief Executive of Abu Dhabi Securities Exchange (ADX), on highlighting the opportunities available to companies on ADX, adopting best practices in the field, and further developing the market.
read articleFocus: ADNOC’s Partnership Model
Spheres of Influence
Following the announcement of an expanded partnership model and a more active approach to managing its businesses and portfolio of assets, a series of cooperation accords position the national oil company as a champion of commercial liberalism.
read articleInterview
hmed Omar Abdulla, CEO, Abu Dhabi Polymer Company Ltd (Borouge),
TBY talks to Ahmed Omar Abdulla, CEO of Abu Dhabi Polymer Company Ltd (Borouge), on the impact of its new Borouge 4 plant, specialized solutions for global challenges, and the need to continue to invest in innovation.
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Philippe Peccard, President Middle East Engineering & Investment Projects, Linde Group
TBY talks to Philippe Peccard, President Middle East Engineering & Investment Projects of Linde Group, on being a key partner of its regional partners, developing the downstream value chain, and further enhancing operations with technology.
read articleFocus: In-Country Value
Time to Commit
The announcement of the In-Country-Value program is a significant step for ADNOC and Abu Dhabi in growing the local private sector. Vertically, it will develop the energy industry through a trickle-down effect; horizontally, it will affect other sectors through a multiplier effect in the long-term.
read articleInterview
Ali Vezvaei, Executive President & CEO, Bilfinger Middle East
TBY talks to Ali Vezvaei, Executive President & CEO of Bilfinger Middle East, on its keys areas of focus in the UAE, trends in the hydrocarbons sector, and the application of energy efficiency technologies to new sectors.
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Samia Bouazza, Managing Director , Multiply Marketing Consultancy
TBY talks to Samia Bouazza, Managing Director of Multiply Marketing Consultancy, on satisfying sophisticated consumers with high purchasing power, targeting different categories of the population, and thinking globally while acting locally.
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Yousuf Al Shaibani, Director General, Mohammed Bin Rashid Space Centre (MBRSC)
TBY talks to Yousuf Al Shaibani, Director General of the Mohammed Bin Rashid Space Centre (MBRSC), on the goals of the national space program, attracting youth to the program, and the significance of KhalifaSat.
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Abdulla Jassem bin Kalban, Managing Director & CEO , Emirates Global Aluminium (EGA)
TBY talks to Abdulla Jassem bin Kalban, Managing Director & CEO of Emirates Global Aluminium (EGA), on its expansion upstream, strategies to grow the sector, and sustainability initiatives.
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Sheikh Abdulla bin Mohammed Al Hamed, Chairman , Department of Health (DoH)
TBY talks to Sheikh Abdulla bin Mohammed Al Hamed, Chairman of the Department of Health (DoH), on facilitating investment for local and foreign investors and building and maintaining a sustainable workforce.
read articleFocus: Technical Training vs. Academic Teaching
Balanced Learnıng
Abu Dhabi's technical institutes are growing in popularity among young Emiratis; however, finding a balance with more traditional academic programs is paramount to ensure the development of a truly knowledge-based economy.
read articleInterview
Noura bint Mohammed Al Kaabi, Minister , Culture and Knowledge Development
TBY talks to Noura bint Mohammed Al Kaabi, Minister of Culture and Knowledge Development, on the Creative Industries Contributions Index, bridging the AI-culture divide, and adopting a systems leadership approach moving forward.
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Mohamed Khalifa Al Mubarak, Chairman , Department of Culture and Tourism (DCT)
TBY talks to Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism (DCT) Abu Dhabi, on the role of innovation, the late Sheikh Zayed's cultural vision, and strengthening cultural engagement among youth.
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Saif Saeed Ghobash, Undersecretary , Department of Culture and Tourism (DCT)
TBY talks to Saif Saeed Ghobash, Undersecretary of the Department of Culture and Tourism (DCT) Abu Dhabi, on becoming a beacon of cultural tourism, tailoring its approach to different markets, and penetrating the MICE segment.
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Humaid Matar Al Dhaheri, Group CEO , Abu Dhabi National Exhibitions Company (ADNEC),
TBY talks to Humaid Matar Al Dhaheri, Group CEO of Abu Dhabi National Exhibitions Company (ADNEC), on fast-tracking Abu Dhabi's economic diversification, the importance of the Year of Zayed, and technology's impact on the world of event planning.
read articleInterview
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister , Climate Change and Environment
TBY talks to Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Climate Change and Environment, on the UAE's commitment to reducing its ecological footprint, transitioning to a climate-resilient green economy, and the importance of sustainable green finance.
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Neri Askland, Vice President , Middle East and UAE Country Manager of Statoil
TBY talks to Neri Askland, Vice President of Middle East and UAE Country Manager of Statoil, on its efforts to help reduce its carbon footprint, opportunities for R&D in the area, and its collaboration with Masdar.
read articleFocus: Nuclear Energy
The Nuclear Option
The UAE is the first country in the MENA region to develop nuclear power, with Abu Dhabi's Barakah nuclear power plant. The Emirate hopes to achieve energy security and embrace alternative sources of energy, ensuring full cooperation and support from the international community.
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Christer Viktorsson, Director General , Federal Authority for Nuclear Regulation (FANR)
TBY talks to Christer Viktorsson, Director General of Federal Authority for Nuclear Regulation (FANR), on the role of the institution in advancing the nuclear energy regulatory environment, the Barakah Power Plant, and the importance of an integrated network.
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Eng. Omar Husain Al Hashmi, Acting Managing Director , Abu Dhabi Sewerage Services Company (ADSSC),
TBY talks to Eng. Omar Husain Al Hashmi, Acting Managing Director of Abu Dhabi Sewerage Services Company (ADSSC), on its successes with STEP, helping Abu Dhabi to reduce its carbon footprint, and its successful Emiratization policies.
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Saeed Al Bahri Salem Al Ameri, Director General , Abu Dhabi Food Control Authority (ADFCA)
TBY talks to Saeed Al Bahri Salem Al Ameri, Director General of Abu Dhabi Food Control Authority (ADFCA), on the Farmers Income Support Program, the UAE's agroecological climate, and introducing intelligent control systems.
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Falah Al Ahbabi, Chairman, Department of Urban Planning and Municipalities (DPM)
TBY talks to Falah Al Ahbabi, Chairman of Department of Urban Planning and Municipalities (DPM), on coordinating joint-investment programs and strategic alliances with the private sector and integrating technology within developments and services.
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Mohammed Ahmed Bin Abdulaziz Al-Shehhi, Undersecretary of Economic Affairs, the Ministry of Economy
Mohammed Ahmed Bin Abdulaziz Al-Shehhi, Undersecretary of Economic Affairs of the Ministry of Economy, on efforts to enhance the UAE's intellectual property framework, creating a knowledge-based economy, and fostering a culture of innovation.
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Khalifa Al Mubarak, Group Chief Executive Officer & Managing Director, Mubadala Investment Company
TBY talks to Khaldoon Khalifa Al Mubarak, Group Chief Executive Officer & Managing Director of Mubadala Investment Company, on the company's diversification strategy, its technology investments, and its focus on innovation.
read articleFocus: Economic Stimulus Package
Desert Breeze
Abu Dhabi unveiled the new stimulus package, Ghadan 21, in effort to counter the post-oil crisis slowdown. While it might be too soon to call for the end of austerity measures, it definitely signifies the leadership's commitment to grow the Emirate's economy.
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Rashed Lahej Al Mansoori, Chairman, Statistics Centre- Abu Dhabi (SCAD)
TBY talks to Rashed Lahej Al Mansoori, Chairman of Statistics Centre-Abu Dhabi (SCAD), on its efforts to improve data collection and lower costs, innovative statistical development tools, and its Emiratization policies.
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Saeed Al Neyad, Director General, Abu Dhabi Monitoring and Control Centre (ADMCC)
TBY talks to Saeed Al Neyadi, Director General of Abu Dhabi Monitoring and Control Centre (ADMCC), on being a critical enabler for various key partner organizations, efforts to increase Abu Dhabi's competitiveness in tourism and commerce, and improving the quality of life for citizens and visitors.
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Nick Cochrane-Dyet, Chairman, British Business Group (BBG)
TBY talks to Nick Cochrane-Dyet, Chairman of British Business Group (BBG), on Abu Dhabi's forward-looking strategy, the need for British firms to continue to bring value to the Emirate, and areas of opportunity for the UK.
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