Jad Lahoud at the Pragma office at the Fairmont Hotel. Jaime Puebla / The National
Jad Lahoud at the Pragma office at the Fairmont Hotel. Jaime Puebla / The National

Day in the life: Dubai club manager prepares to party



Jad Lahoud is the executive director for Pragma Lifestyle and the owner representative of the Pragma Group. Part of the 34-year-old Lebanese national’s role is to oversee the operations of venues Cirque Le Soir and Cavalli Club in Dubai.

8am

Most mornings I wake up at 8am and head to my 30-minute TRX gym session. Health and fitness are a very important part of my life; I would not be able to wake up without these morning sessions. After the gym, I like to take a quick shower then have breakfast while watching the news on TV, mentally getting ready for the long and exciting day ahead of me.

10am

After breakfast I head to the office, make myself a coffee and go through the dozens of emails I receive every day, prioritising what needs to be done first. Then the meetings begin. Depending on what day it is, I have a series of strategic meetings, operations meetings and brainstorm sessions set up with the managers and employees of Pragma’s various existing venues, including Cirque Le Soir, Cavalli Club and Jazz Room.

Brainstorms make up a crucial part of our daily routine; we are constantly trying to find new ideas or concepts to put in place that we know will please our customers and add something refreshing to Dubai’s entertainment industry – this creativity and innovation is definitely one of my favourite parts of my job. I am always on the lookout for new projects to develop in the city; I have lived here for more than seven years so I have a good understanding of what different people would enjoy most and try to cater to these different tastes.

1pm

I usually have lunch with friends or colleagues. It is important for me to step out of the office for lunch to clear my mind from all my meetings and simply socialise before heading back for the second half of the day. There will be busy days when I will have to grab a bite on the go but in general I try to always have a proper sit-down lunch – it’s much healthier for the body and mind.

2pm

In the afternoon I have another series of meetings and brainstorms set up to discuss different aspects of our business from music to food and beverage. To keep things fresh and trendy, I tend to travel quite a lot to explore the world’s different cities and venues. My regular travel spots include destinations such as Milan, Ibiza and Shanghai. Travelling is another part of my job that I absolutely love – I get to meet new people, explore new things and keep up to date on the world’s latest entertainment trends. I am very lucky in the sense that my job allows me the flexibility to combine leisure and business; I can explore new places while looking out for competitor trends.

6pm

After work I head home, relax for an hour or so and then prepare for my evening gym session. I tend to go five times a week for about an hour and a half, which really helps me clear my mind and stay in top shape. I also tend to catch up with family at this time. I come from a big family of six siblings, so there is always someone to catch up with.

10pm

Once I am showered and dressed, I always go out for dinner with friends. I love trying out new restaurants around town or revisiting some of my favourites. This way I am always up to date on what is happening around the city’s various restaurants. After dinner the party continues at one of Pragma’s venues. Depending on my mood and the day of the week, I head to Cavalli, Cirque or Jazz Room with friends to party or sometimes just drop by for an hour or so to make sure all is going smoothly.

2am

I usually head home at about 2am on nights out. If I do decide to stay in, I tend to relax and read a good book. While I am definitely an extrovert who loves socialising and meeting new people, I do need my downtime to clear my mind, unwind and get ready for the next day.

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The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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