Your excellencies, ladies and gentlemen, welcome. It's an honor and a privilege to be here, joined by Mohamed Alabbar, who is a legend, as you all know, here in the UAE.
We've done a lot of these, you and I.
You and I, many times. I have to say, we're going to talk about the journey of MR, but I want to give Mohamed an opportunity to walk us through how he sees the world today.
Oh, we just spoke about Bangkok. The world is full of incredible opportunities. At least my view is that it is so positive. Maybe because I live in an environment where in Dubai and the UAE, you are infused with positivity, tremendous value, and optimism about tomorrow. I've lived it since I came from Singapore, thanks to His Highness Sheikh Mohammed bin Rashid and Sheikh Mohammed bin Zayed. Every time I talk about Bangkok or Macedonia, it's nothing but positivity. These are real opportunities we analyze and test. But at the same time, it's worrying because the world is in such turmoil. One has to be realistic: you are positive, but the world is in turmoil. Maybe that makes us work harder, wiser, seek advice. On my desk and in my phone, I have four AIs running all the time to help me figure out what to do. I'm still learning, and my daughter Haya is here with me. She's my main adviser, the mathematician of the family. We seek advice. Two days ago, I was with the founder of Uber, Travis Kalanick, and had an amazing two hours seeking advice. So seek advice, learn more. The world in our view is very positive, but there is so much turmoil.
Speaking of that turmoil, how does that impact your investment strategy? If you can go anywhere in the world to develop property, where do you want to go next?
I think the UAE is growing aggressively, so there's a lot of force in what we do here. My e-commerce business is almost exploding, and real estate is on fire. We can't catch up, but we're growing 40-50% a year. Instead of building 50 buildings, we build 100. It's a lot of activity. We take care of our brand. Your brand and authenticity are everything, especially for social influencers. Internationally, things are looking good. We are big in Eastern Europe and the Middle East, and we are starting operations in Asia, between Indonesia and Bangkok.
Would you consider the United States?
Yes, we have a business in the US. We went first in 2005 and ran away after losing $1.2 billion. Learning hard. I run a public company, so I'm glad my shareholders were kind enough to know I lost $1 billion but made $70 billion. They were forgiving. This is good for the audience to understand: you will not do everything right. You'll fail at many things, but failing is learning. Can you stand up after failure? The US was a big learning for us. We are back in the US. My family has been investing there for 20 years. Now I'm looking to create a land company in the US.
No concerns about the leadership?
Without a healthy United States, there is a big risk for the world economy. We all want the best for the US because the world depends on China and the US. We want these countries to be healthy. We are in long-term business. Content creators and social influencers, if you don't build your business long-term, you're not in business. We look at our business as long-term. Cycles will come and go. The US is the US, and you need to invest long-term and do your homework.
When you think about the relationship between the US and China, if you're sitting in Beijing, what are they thinking?
I read the book 'The Party.' The Chinese leadership are the smartest people from schools and universities. They run China, not technology companies. Last week, I met a lady running our China office. I was impressed. I sent her to my team, and they asked if I had seen her university certificate. She graduated in math and physics with a 4.0. The next day, she said she needed to introduce me to her partner because he is politically connected. He is the son of a senior political party member. In Singapore, they marry the smart people. The West doesn't realize how serious they are. The Chinese are looking at the world with wisdom, saying they will take a breather. They are not worried about elections because the world decides based on how to get more votes. California is kicking out billionaires. They know it, but it gets more votes. Destroy your country to stay in power. That is the problem with democracy. Somebody needs to fix democracy. In the UAE, we are happy with our democracy.
Speaking of elections and less qualified people, Sadiq Khan's mayoral election is coming up in London. Another candidate, Leila Cunningham, is a reform candidate and a Muslim from Egypt. As someone who has worked in London, what needs to change to bring people back?
London, Tokyo, and Los Angeles are cities that make the earth interesting. We want them to be great. It's a shame that in London, people snatch your phone and watch on the street. Where are we? It's about leadership. I don't know what went wrong, but I blame the people. We want London to be incredible, but something is failing. They are busy with wars, but they have no money for police. They are in debt and want to go to war. Are they awake? They are not in touch with reality. I'm from the Middle East, not British, but as an outsider, I see they have no money. They collect two pounds per night for hotel stays to fund the budget. Shame on you. You want to go to war, but you can't collect two pounds. It's all about leadership.
Your name is synonymous with Dubai. You were empowered by the leadership to do extraordinary things. What was the genesis?
It's humbling how we businessmen think we are so successful. With all my capability, I failed in America and other countries. That tells you how easy it is to succeed in the Emirates. This country is like autopilot. You get rich because regulations are incredible. The environment is great, government policies help. This country makes you succeed easily. In other countries, you can't breathe and lose your money. In Berlin, the mayor said they need 12 years to study the snails. I said, 'Take care of the snails and let the Germans sleep on the streets.' That's the problem in California too. This country makes it easy for us to succeed. We have to be humble. The story of my company is that I was able to think of an idea that solves a problem. Think of a problem you can solve better than others. Then it's hard work, protecting your brand, bringing your best people, and working your ass off. We struggled and made mistakes. The biggest mistake was going public. What a stupid idea.
What was the most stupid idea?
Going public. For 28 years, I announce results every 90 days. It feels like stripping naked in front of the public. Don't go public. But being public differentiates the men from the boys. Shareholders want their shares to go up every quarter. Don't tell me about COVID or US problems. It takes discipline and resilience. Brand value is everything. You have to enjoy the ride. We are in flying mode now, but we grip everything tight: less people, less marketing, even the type of tea. We had no meetings in September, no Zoom. Profit and sales went up. If you want something, pick up the phone. We tighten operations as we succeed. It's an incredible journey with many mistakes.
Beyond the UAE, you love Egypt. What is it about Egypt?
The North coast and the people. The Egyptian people are incredible. When you fly to Europe, at immigration they ask, 'Why are you coming? How long will you stay?' No smile. I say, 'I'll spend £1,500 a night in your hotel and pay VAT. Please let me in.' It's insulting. Don't go to a country that treats you like that. In Egypt, they love you from the tarmac.
Who will fund the rebuild of Gaza? Will we see MR buildings in Gaza?
I think everybody should sort out their own problems. If you break it, you fix it. I'm not involved. I'm a public company, and my shareholders want me to make money. I'm not in the charity business. If you broke it, you fix it.
