Dubai-based entrepreneurs and podcast hosts Konstantin Koloskov and Anastasia Davydova share lessons from 2024’s dynamic business landscape, exploring the power of collaboration, sustainable growth, and staying true to your vision amidst rapid change. Dubai in 2024 was a hub of energy and innovation, with startup founders raising capital, scaling rapidly, and embracing the city’s ever-changing landscape

As co-hosts of Culture Mapping, a podcast exploring the intersections of culture, entrepreneurship, and life in the UAE, we’ve had the privilege of looking at Dubai through a unique lens. Our conversations with inspiring guests—from startup founders to artists—have offered us fresh perspectives on the opportunities and challenges 2024 has brought.

At the same time, our collaboration on the podcast has been a powerful reminder of the strength found in partnerships. Beyond being co-hosts, we’re both entrepreneurs leading our own companies — Konstantin, the co-founder of Storm, a content studio, and Anastasia, the co-founder of Movingo, a relocation platform for businesses and talents moving to the UAE.

2024 was a challenging year for both of us, but it reinforced a key insight: the power of collaboration within teams and across industries and ventures. Supporting each other in our businesses while building the podcast together has opened new opportunities, sparked creative ideas, and brought energy to everything we do. We also saw This spirit of collaboration reflected in our podcast guests. Dubai in 2024 has been a hub of energy and innovation, with startup founders like those we interviewed raising capital, scaling rapidly, and embracing the city’s ever-changing landscape. Their stories reminded us how crucial it is to stay connected to a network of thinkers and doers who inspire and challenge you.

Key Lessons from 2024

1. Stay Open to New Opportunities, But Don’t Lose Sight of Your Core Vision: One of our most memorable guests this year was Phillipo Minelli, a visionary artist who embodies this principle. While he sees the growing potential of the UAE and its flourishing art scene, he stays grounded in the values of his work. Phillipo reminded us that growth and opportunity mean little if they compromise your core mission or beliefs.
2. Prioritize Sustainable Growth Over Short-Term Gains: Felix Erdman, a businessman featured on our podcast, is a shining example of this lesson. His approach to building wealth with a long-term perspective—eschewing fleeting trends and buzz-worthy ventures—was inspiring. His story reinforced what we’ve learned firsthand in our businesses: thoughtful, strategic growth is the foundation for lasting success.
3. Collaboration Drives Innovation: Dubai’s vibrant, multicultural energy fosters collaboration in a way few places can. Whether it’s the three startup founders we interviewed—who shared how working with the right partners helped them scale—or the creative synergies we’ve experienced in our work, it’s clear that great things happen when ideas are shared and connections are made.

Looking Ahead to 2025

As we prepare for the New Year, we’re embracing the lessons of 2024 with a renewed focus on intentional growth. The global economic shifts have made us even more mindful of how we approach risk and investment. Innovation matters, but so does sustainability. To our fellow entrepreneurs, here’s the advice we’ll be taking with us into 2025:

1. Keep an eye on new horizons, but stay true to your vision.
2. Prioritize sustainable growth over chasing quick wins.
3. Value collaboration—it’s a game-changer.

Dubai continues to be a city where ambition meets possibility, and we’re excited to see how it will evolve in the year ahead. For us, the focus is clear: building businesses that last, telling stories that matter, and embracing the power of collaboration to make it all possible.

By Mo Ibrahim, Founder & CEO, Maly

The sheer volume of growth that the fintech industry in the region is experiencing is astounding. Driven by a solid regulatory framework that enables both small and big players to contribute to the region’s digital transformation, the UAE and KSA in particular are both making a strong mark as powerhouses of innovation in the larger fintech ecosystem. As a homegrown brand that is striving to make a mark in the tech sector, this is a very exciting time for us at Maly.

There are many key areas that have dominated the fintech scene this year and will continue to play a definitive role next year as well. AI and machine learning will continue to shape the future of finance, along with digital banking, payment landscapes, and public and private partnerships.

AI and machine learning have opened new opportunities for the sector, pushing boundaries of how it can augment customer service and collect data to help redefine financial services for consumers. At Maly, our aim is to seamlessly integrate artificial intelligence into our product offerings, enhancing both customer experience and operational efficiency. Born out of the vision to reduce the financial literacy gap in the region and empower people to improve their knowledge about concepts such as credit scores, interest rates and budget management, Maly is committed to helping customers set short- and long-term financial goals and achieving them by committing to better financial management.

There has been a lot of debate this year on how AI will replace humans eventually, but with fintech, AI has only enhanced and streamlined processes by helping reduce fraud and improving accuracy. At Maly, we are a step ahead of our competitors with our revolutionary tech stack, which is built and managed inhouse. By combining cutting-edge AI algorithms with a scalable, cloud-native architecture, Maly has created a platform that is not only robust but also highly adaptable to the diverse needs of the evolving fintech landscape.

As a tech-focused business, we are deeply investing in understanding the customer behavior and preferences of our target audience in order to customize their experience. With Maly, you can grow, spend, send, and track your money in the same app and make use of group payments features to split costs, simplify payments between friends and set up a Grow Plan for effortless saving.

According to the 2024 Financial Literacy Survey by Visa, 37 per cent of respondents spend as much as their income and 65 per cent want to improve their knowledge of savings and investments. With a year-on-year increase in the cost of living in the country, influenced by rents, petrol prices and other factors, it is becoming critical for residents to take measures to put a long-term savings plan in place and maintain a good quality of life.

Some of the biggest spenders in both the UAE and KSA are the millennials, and being a tech savvy generation, these customers put substantial focus on personalisation and customer experience. Keeping this in mind, we launched our AI-powered financial guide, Luna. With this service, customers can receive tailored plans and advice based on their financial requirements.

The fintech sector in the UAE and KSA is poised for continued growth, driven by supportive policies, technological innovation, and an appetite for digital transformation. Stakeholders, policymakers, and consumers alike must continue to support and engage with fintech innovators to ensure a dynamic and inclusive financial landscape in the Middle East. By fostering collaboration and embracing technological advancements, we can ensure that the benefits of this digital revolution are realized across all sectors of society.

By – Dr. Sean Lochrie, Associate Professor at Heriot-Watt University Dubai

The hospitality industry has undergone a transformative journey shaped by integrating technology and innovative processes. Particularly in the UAE, a region known for its forward-thinking approach and desire to lead in luxury and service, the impact of these advancements is evident. In a highly competitive market catering to an international clientele with high expectations, embracing technology is beneficial and essential for sustained growth and success.

One of the most significant shifts in hospitality has been the digitisation of the guest experience. Today, digital tools enable a seamless experience from booking to check-out, often with a high degree of personalisation. Many hotels in the UAE use artificial intelligence (AI)-powered chatbots. For instance, Address Hotels and Resorts in Dubai leverages artificial intelligence (AI) for virtual concierge, which can provide an in-depth tour of the Address Downtown Hotel, spotlighting everything from luxurious rooms to gourmet dining and serene spa sanctuaries. Another example is the Ritz-Carlton, a hotel renowned for its exceptional service, which has embraced AI to elevate the guest experience. They introduced an AI-powered chatbot to streamline guest interactions and deliver personalised recommendations.

Many hotels also offer personalised mobile apps that allow guests to check in remotely, access room controls, and request services without interacting with staff directly. These apps are a single interface for managing everything from lighting and temperature to ordering room service. Such conveniences, luxuries just a few years ago, have become essential as guests seek contactless and streamlined interactions. This level of convenience is particularly valuable in the UAE, where the diversity of visitors necessitates quick and personalised communication.

AI and data analytics have transformed how hotels understand their guests and predict their preferences. For instance, by analysing data from previous stays, hotels can tailor their offerings to individual guests, ensuring that each visit is unique and memorable. This predictive capability enables hotels to surprise and delight their guests while optimising resource allocation. AI also plays a significant role in revenue management, allowing hotels to adjust room rates dynamically based on demand and occupancy levels. For instance, many hotels use AI-driven pricing strategies that analyse market trends and competitor pricing, adjusting room rates to maximise occupancy and revenue. Such proactive approaches help hotels stay competitive in a fluctuating market like Dubai, where tourism demand varies throughout the year.

Furthermore, blockchain technology, the foundation of cryptocurrencies like Bitcoin, offers transformative potential for hotel loyalty programs, enhancing security, interoperability, and user experience. With its decentralised ledger, blockchain secures guest information and transaction histories, significantly improving data integrity and privacy. Blockchain enables secure and transparent transactions, reducing the risk of fraud and enhancing data security, an essential consideration in the UAE, where high-end transactions are common. This protection bolsters guest trust in the program. Blockchain also supports interoperability, allowing loyalty points to be earned and redeemed across different hotels or chains, increasing rewards’ flexibility and value. This technology enables real-time, transparent transactions, letting guests track and use points without complex conversion processes. Many blockchain loyalty programs also use tokenised points, which can be traded or transferred, expanding their usability beyond hotel services.

The UAE’s hospitality industry is a beacon of innovation, continually embracing the latest technologies to enhance guest experience, improve efficiency, and drive sustainability. By integrating digital tools, AI, robotics, VR, and blockchain, UAE hotels and resorts are meeting the evolving expectations of modern travellers. These technologies streamline operations and create a memorable and differentiated experience that sets UAE hospitality apart globally. As technology continues to grow and evolve, so will the processes that define hospitality in the UAE, ensuring that this sector remains at the forefront of service, luxury, and innovation. For professionals and stakeholders in the hospitality industry, staying abreast of these advancements is crucial, as they not only influence day-to-day operations but also shape the future of hospitality in a rapidly changing world.