Seven Tides CEO Abdulla bin Sulayem says new rental scheme will be piloted at Dubai's Discovery Gardens
Is there a moonshot idea that you are currently intrigued by?
We are working on a new rental scheme for tenants, which we plan to pilot at Discovery Gardens. On signing the rental agreement, tenants will pay their initial deposit and the first and last month’s rent upfront. Thereafter, they will be charged via an automated payment on a monthly basis.
Upon reaching the final rental installment there will be no termination fee, regardless of whether they decide to leave on the 12th, 13th or 14th month and so on. This is an innovative idea that we believe can make a real difference by easing the pressure that three, six or 12 months of rental commitment can place on tenants. It is also advantageous for landlords, providing them with regular and timely payments into their bank accounts.
In our hospitality division, we are working on hydroponic planting. We have three hotels in Dubai, all of which consume a large amount of fruit and vegetables on a daily basis. Hydroponics is a subset of hydroculture, the method of growing plants without soil, using mineral solutions in a water solvent. This process allows you to grow almost any plant at virtually any time of the year. We already have a large greenhouse located on the World Islands, and we are working to upgrade the facility, with the intention of supplying all our hotels with the majority of the fruit and vegetables they require.
How are you keeping up with the rapid pace of change?
We look at market conditions and reacting accordingly. World events are beyond our control and will always have a slight effect on the region, but these effects are only ever temporary. Dubai remains a very safe investment environment. If you have the right product at the right price point, you can overcome any geopolitical or economical challenges that come your way. Regardless of the market conditions, Seven Tides continuously works to find creative ways to stay ahead of the competition.
Do you value education or experience?
While education provides the foundations, experience teaches you how to apply what you have learned to produce positive outcomes and succeed in the workplace. If I take myself as an example, I have not had a formal education in construction or engineering, but by learning from others I know how to utilise space with design. In the hospitality industry every single square foot has to make money.
Where do great ideas come from?
Great ideas come from all over at Seven Tides, but especially from our customers. We talk to a lot of people, listen, carry out research and keep ourselves up-to-date. One thing I have learned is never to reject a meeting, regardless of how unimportant you feel it may be. That meeting could form the basis of a great business idea.