He Was Born in 1949, But He Built A City For 2071: Entrepreneurial Lessons From The Dynamic Dichotomy Of The Ruler Of Dubai, H.H. Sheikh Mohammed bin Rashid Al Maktoum A dissection of the incredible business acumen of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai- a man who was born in 1949, but has built a metropolitan with an aesthetic of 2071.
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The landscape of entrepreneurship in the UAE and beyond has undergone a remarkable shift with the rise of a new generation of entrepreneurs, distinguishing them from the traditional realm of "old money" businessmen. But that's not to put one over the other- both of their traits play crucial roles in the business world, each with their unique significance.
For instance, "old money" business traits, rooted in tradition and generational wealth, bring stability, established networks, and experience. These traits offer a foundation of resources and connections that can provide a competitive advantage. On the other hand, the "new money" generation of entrepreneurs embody innovation, agility, and disruption. They leverage technology, embrace change, and challenge traditional norms, driving progress and pushing boundaries. The differences lie in their approaches, with "old money" relying on established systems, rational thinking, and classical administration, while "new money" thrives on adaptability and embracing emerging opportunities. That said, both perspectives contribute to the ever-evolving landscape of entrepreneurship.
"Old money" business magnates like Henry Ford, the founder of Ford Motor Company, and Warren Buffett, Chairman of Berkshire Hathaway, tend to exhibit more conservative and methodical administration styles. Their rational thinking is rooted in thorough analysis and disciplined execution. Ford's administration focused on streamlining manufacturing processes through the development of the assembly line, which revolutionized the automotive industry. Similarly, Buffett's administration approach revolves around fundamental analysis, long-term value creation, and patience in investments.
Henry Ford. Image supplied by author.
Another example would be Andrew Carnegie, an iconic figure in the steel industry, who demonstrated a rational approach to administration characterized by strategic planning and vertical integration. His administration style focused on meticulous analysis of market conditions, efficient resource management, and industry expertise. Carnegie's rational thinking allowed him to build a steel empire through careful control of the entire production process.
Steve Jobs, a visionary pioneer in the tech industry, and Mark Zuckerberg, a quintessential "new money" serial entrepreneur, exemplify distinct characteristics of their respective eras. Jobs, a titan of the late 20th and early 21st century, revolutionized multiple industries through his innovative products. He co-founded Apple Inc., leading the charge in personal computing, mobile devices, and digital entertainment. Jobs was known for his relentless pursuit of perfection, his ability to anticipate consumer needs, and his focus on creating intuitive, user-friendly experiences.
Similarly, Zuckerberg founded Facebook in the digital age, embracing disruption, agility, and innovation, and leveraging technology and social media to build his empire. Like Jobs, Zuckerberg's success stemmed from rapid scaling, user-centric platforms, and a focus on connectivity and social interaction. Both Jobs and Zuckerberg represent the transformative power of entrepreneurship in their respective eras, demonstrating how visionary thinking and technological advancements can shape industries and impact society on a global scale.
Mark Zuckerberg Image supplied by author.
However, if one is to really succeed in the sphere of business, one needs to also be able to adapt to different economical, political, technological and social times. And as such, it is fair to dissect the incredible business acumen of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai- a man who was born in 1949, but has built a metropolitan with an aesthetic of 2071.
Indeed, Sheikh Mohammed has operated Dubai as an enterprise, through sheer branding and infrastructure planning. His business methodology derives from traits combining both, a traditional financier and a tech-savvy visionary, which has resulted in the fostering of a dynamic ecosystem that holds on to tradition while embracing innovation, thereby ensuring long-term sustainability as well as advancement in the ever-evolving business landscape.
Dubai's business revolution since the founding of the city is a testament to the transformative power of visionary leadership and strategic planning. In the early 1970s, Dubai was a modest trading port with limited natural resources. However, the forward-thinking vision of Sheikh Mohammed recognized the need to diversify the economy and reduce dependence on oil. He thus embarked on an ambitious journey to position Dubai as a global business hub and a top tourist destination.
H.H. Sheikh Mohammed bin Rashid Al Maktoum. Image supplied by author.
This led to the creation of free trade zones, such as Jebel Ali Free Zone and Dubai International Financial Centre, which attracted multinational corporations and positioned Dubai as a regional business hub. Additionally, he championed infrastructure development, including world-class airports, seaports, and logistics facilities, facilitating international trade, and attracting investments.
Sheikh Mohammed also recognized the immense potential of the digital age, and spearheaded initiatives to transform Dubai into a smart city. The Dubai Smart City initiative integrated advanced technologies like artificial intelligence, internet of things, and blockchain to enhance efficiency, sustainability, and citizen services. This led to the implementation of smart systems for transportation, energy management, healthcare, and public services, elevating the quality of life for residents, and enhancing the business ecosystem.
This integration also resulted in the creation of a smarter government for the operation of a fast-buzzing city like Dubai. Sheikh Mohammed's leadership also emphasized innovation and entrepreneurship. He established institutions like Dubai Future Foundation and Dubai Future Accelerators to foster innovation, and collaborate with startups and global companies. At the same time, the annual World Government Summit and the Dubai Future Week became platforms for knowledge exchange, and thereby shaping the future of various sectors.
H.H. Sheikh Mohammed bin Rashid Al Maktoum at the Expo 2020 Dubai site in 2016, and then in 2021. Image supplied by author.
Through his transformative leadership, Sheikh Mohammed has positioned Dubai as a global business and technology hub, embracing innovation, fostering entrepreneurship, and leveraging technology for the benefit of its residents and businesses. The visionary strategies and initiatives implemented during his tenure have propelled Dubai's economic diversification, technological advancement, and its reputation as a dynamic and future-oriented city.
Sheikh Mohammed thus serves as a role model for those of us operating in today's dynamic and rapidly changing business landscape, where a combination of "old money" and "new money" traits are essential for success. The traditional wisdom and stability brought by "old money" traits can provide a solid foundation and industry expertise; meanwhile, the agility, innovation, and disruptive mindset of "new money" traits are crucial for staying ahead of the curve and seizing emerging opportunities.
By embracing a mix of these traits, entrepreneurs can adapt to evolving market dynamics, leverage technological advancements, and foster sustainable growth. The ability to balance the wisdom of the past, with the drive for future-centric innovation, can enable businesses to navigate challenges, capitalize on trends, and create long-term value. The blend of an old classical methodology and a new style of volatile traits facilitates a well-rounded approach to business development. It combines the benefits of established networks, financial stability, and industry knowledge with the nimbleness, risk-taking appetite, and forward-thinking strategies necessary for success in today's fast-paced business environment.
H.H. Sheikh Mohammed bin Rashid Al Maktoum at Dubai's Museum of the Future. Image supplied by author.
Ultimately, the perfect businessperson in today's economy is one who recognizes the importance of both an old-school rational way of thinking, and an adaptive way of creative execution. By leveraging the strengths of each, entrepreneurs can adapt, innovate, and thrive, positioning themselves for sustained success in an ever-changing business landscape, while holding on to the traditional handbook. And for those of us in the UAE, we don't have to look too far for an example of someone who exemplifies these characteristics: Sheikh Mohammed is the timeless visionary that all of us can easily get behind.
