It is often said that experience is the best teacher. That could not have been more true for Aahan Bhojani, who now strives to make sure others won't have to learn their lessons the hard way.
As a strategy consultant years ago, Mr Bhojani was required to travel a lot to deal with corporate matters. Coupled with his own personal trips, it was during these times that he consistently noticed a gaping hole in the travel experience.
“I realised there was something broken about the long-stay travel experience,” Mr Bhojani, the founder and chief executive of Silkhaus, tells The National.
“Finding suitable long-term accommodation options on online travel aggregators was like pulling a needle out of a haystack.”
It was a challenge the Harvard Business School and Yale College graduate decided to take head-on by establishing Silkhaus, along with Ashmin Varma, who is the company's chief operating officer.
And its name signals the obvious — to convert any tedious experience into one that is as “smooth as silk”.
But there is a deeper meaning to the name other than the oft-quoted idiom: while silk is a material that is “universal to many geographies, each region has a different variant of silk”, Mr Bhojani says.
“This was true of the type of property management model that we want to pioneer — to bring global standards to this space with the uniquely local context of each location that we are in.”
Describing itself as a “technology-first hospitality brand”, Dubai-based Silkhaus, whose holding company is within the Abu Dhabi Global Market, aims to “empower immersive nomadic experiences by providing business and leisure travellers with a home away from home”.
At the same time, Mr Bhojani says short-term rentals are becoming an asset class for property investors globally, and a preferred hospitality experience for diverse groups of travellers.
I have understood how big an asset class it can be for owners if they take their residential real estate and activate commercial-style yields. We have done that with the help of technology
Aahan Bhojani,
co-founder and chief executive of Silkhaus
“The space is hugely growing, newly emerging and hyper-fragmented. This is what I saw an opportunity in,” he says.
A fragmented market is one where there are many competitors but no single company has a distinct advantage over the rest.
PropTech is the application of technology in the real estate industry, encompassing anything from property management and bookings to construction and analytics, largely accessible using a mobile app.
It can also offer sustainable solutions to optimise operational efficiencies, enhance shopping mall experiences and digitalise property development, residential communities and hotel spaces.
The global PropTech market is projected to grow to $86.5 billion in 2032, from $18.2 billion this year, at a compound annual rate of about 17 per cent, according to Future Market Insights data.
Meanwhile, the short-term rental market has grown exponentially as people increasingly seek more flexible and budget-friendly accommodation, especially with “staycations” becoming popular, largely thanks to Airbnb, which popularised the online marketplace for short-term stays.
The rising trend of global nomads, or professionals who work from anywhere, has also driven up demand for such properties.
The global short-term holiday rental market is projected to hit more than $256 billion by 2030, from about $100 billion in 2021, at a compound annual growth rate of 11.1 per cent, according to Grand View Research.
However, venture capital investments in PropTech companies have declined by 38 per cent to $19.8 billion this year, from a record-setting $32 billion in 2021, making 2022 the second-lowest investment year since 2018, according to data from the New York-based Centre for Real Estate Technology and Innovation.
The real estate macro environment is dictating the PropTech industry's narrative, and realty companies have become more cautious as they carefully navigate an economic landscape that has been hit by high interest rates, market volatility and recession worries, the centre says.
Deal volume has been down, with late-stage deals dropping off significantly due to a lack of mega-rounds, or those worth $100 million and above, it says.
Despite these worries in the global market, Silkhaus was able to raise $7.75 million in a seed round last month that it says makes it “well positioned” to put in place its business and expansion strategy in the medium term, as well as contribute to boosting its portfolio of investors, Mr Bhojani says.
“Aside from investors purchasing real estate, we have seen a growing interest in the resident population seeking to reside in the UAE. The need for a 'landing pad' to accommodate incoming audiences has never been stronger,” he told The National at the time.
There has been a blurring of the lines between short, medium and long-term travel, in parallel with that in the business and leisure travel segment, Mr Bhojani says.
Travellers are increasingly more interested in short-term rentals, focusing instead on alternative accommodation with an immersive experience on top of their list.
This, in turn, is a boon for accommodation providers, who have become increasingly competitive to attract guests and provide that experience they look forward to, as well as the convenience travellers may require.
“I have understood how big an asset class it can be for owners if they take their residential real estate and activate commercial-style yields. We have done that with the help of technology,” Mr Bhojani says.
Light bulb moments
Two light bulb moments lit up Mr Bhojani's quest to enter the PropTech sector. The first was when he joined travel technology start-up in Boston to lead its product team, building software to help small and medium enterprises book and manage travel experiences and expenses.
“It was here that I began to see businesses of all sizes starting to book alternative accommodation formats like short-term rentals, rather than hotels,” he says.
The second happened in Dubai, but right at the moment the Covid-19 pandemic hit the world in March 2020.
What was intended to be holiday became a months-long stay, leaving a long-term lease he had signed in Boston that he could not extricate himself from as borders were locked down.
This eventually led to a decision to relocate to the emirate.
“I felt that residential real estate [in Boston] had failed me as a modern consumer. My lifestyle was such that I split the year across multiple locations,” he says.
That rather unpleasant experience was a blessing in disguise: his arrival in Dubai created more opportunities for him, including building a network of K12 schools in the UAE.
And his “solid understanding of how to launch and scale operating businesses in emerging markets” is one of the key factors that has guided Silkhaus.
The company has grown more than 10 times in the past 12 months in both scale and revenue, Mr Bhojani says.
While the start-up does not disclose numbers on its revenue and customers, it is “actively working with some of the largest global corporations on global relocation and 'living as a service' for corporates”.
Plans are also afoot to expand into cities across the GCC, South Asia and South-East Asia.
“We are well capitalised with our seed round to grow and have brought together the strongest capital partners globally to scale [up] our platform,” he says.
“As consumer experiences have been uplifted, smoothened and accelerated through the use of data and technology, players in the real estate industry — be it property owners, tenants, landlords, brokers or financiers — have acknowledged the value of technology in enhancing customer experiences.”
Q&A with Aahan Bhojani, co-founder and chief executive of Silkhaus
If you weren’t into PropTech, which industry would you be in?
I love newly emerged and hyper-fragmented industries that have yet to experience the true impact of technology. As a generalist, there are many interesting industries to build incredible businesses in.
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What is the biggest challenge you have faced and feat you have achieved?
The start of building a new venture, when you are playing every role. I was driving technology, sales, finance, human resources, procurement and every function. While this was the greatest challenge, it was also the most enjoyable moment — and the only time where you have 360-degree visibility into every aspect of a business.
What do you do in your free time?
I love to travel, and as an avid foodie, I often plan my travels around the cuisines and restaurants I can experience. In my free time, I thoroughly enjoy tennis.
What were your start-up's growing pains and what advice can you give to budding entrepreneurs?
Starting up — identifying a problem and understanding whether you can commit the next decade to solving this problem — is the hardest part of starting up. My advice would be to really spend time thinking through whether the problem in front of you is what you want to dedicate the next decade to. Founder-market fit and founder-idea fit are the most important drivers of the passion to build a disruptive business.
If you weren’t into PropTech, which industry would you have been into?
I love newly emerged and hyper-fragmented industries that have yet to experience the true impact of technology. As a generalist, there are many interesting industries to build incredible businesses in.
More from Aya Iskandarani
Second Test
In Dubai
Pakistan 418-5 (declared)
New Zealand 90 and 131-2 (follow on)
Day 3: New Zealand trail by 197 runs with 8 wickets remaining
School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
Story%20behind%20the%20UAE%20flag
%3Cp%3EThe%20UAE%20flag%20was%20first%20unveiled%20on%20December%202%2C%201971%2C%20the%20day%20the%20UAE%20was%20formed.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIt%20was%20designed%20by%20Abdullah%20Mohammed%20Al%20Maainah%2C%2019%2C%20an%20Emirati%20from%20Abu%20Dhabi.%C2%A0%3C%2Fp%3E%0A%3Cp%3EMr%20Al%20Maainah%20said%20in%20an%20interview%20with%20%3Cem%3EThe%20National%3C%2Fem%3E%20in%202011%20he%20chose%20the%20colours%20for%20local%20reasons.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20black%20represents%20the%20oil%20riches%20that%20transformed%20the%20UAE%2C%20green%20stands%20for%20fertility%20and%20the%20red%20and%20white%20colours%20were%20drawn%20from%20those%20found%20in%20existing%20emirate%20flags.%3C%2Fp%3E%0A
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
ASSASSIN'S%20CREED%20MIRAGE
%3Cp%3E%0DDeveloper%3A%20Ubisoft%20Bordeaux%0D%3Cbr%3EPublisher%3A%20Ubisoft%0D%3Cbr%3EConsoles%3A%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20Series%20S%26amp%3BX%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
A list of the animal rescue organisations in the UAE
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
Command%20Z
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3ESteven%20Soderbergh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EMichael%20Cera%2C%20Liev%20Schreiber%2C%20Chloe%20Radcliffe%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%C2%A03%2F5%3C%2Fp%3E%0A
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
RESULTS
Bantamweight
Victor Nunes (BRA) beat Siyovush Gulmamadov (TJK)
(Split decision)
Featherweight
Hussein Salim (IRQ) beat Shakhriyor Juraev (UZB)
(Round 1 submission, armbar)
Catchweight 80kg
Rashed Dawood (UAE) beat Otabek Kadirov (UZB)
(Round-1 submission, rear naked choke)
Lightweight
Ho Taek-oh (KOR) beat Ronald Girones (CUB)
(Round 3 submission, triangle choke)
Lightweight
Arthur Zaynukov (RUS) beat Damien Lapilus (FRA)
(Unanimous points)
Bantamweight
Vinicius de Oliveira (BRA) beat Furkatbek Yokubov (RUS)
(Round 1 TKO)
Featherweight
Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
(Round 1 rear naked choke)
Flyweight
Shannon Ross (TUR) beat Donovon Freelow (USA)
(Unanimous decision)
Lightweight
Dan Collins (GBR) beat Mohammad Yahya (UAE)
(Round 2 submission D’arce choke)
Catchweight 73kg
Martun Mezhulmyan (ARM) beat Islam Mamedov (RUS)
(Round 3 submission, kneebar)
Bantamweight world title
Xavier Alaoui (MAR) beat Jaures Dea (CAM)
(Unanimous points 48-46, 49-45, 49-45)
Flyweight world title
Manon Fiorot (FRA) v Gabriela Campo (ARG)
(Round 1 RSC)
The 12
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
NBA FINALS SO FAR
(Toronto lead 3-2 in best-of-seven series)
Game 1 Raptors 118 Warriors 109
Game 2 Raptors 104 Warriors 109
Game 3 Warriors 109 Raptors 123
Game 4 Warriors 92 Raptors 105
Game 5 Raptors 105 Warriors 106
Game 6 Thursday, at Oakland
Game 7 Sunday, at Toronto (if needed)
Results
2pm: Maiden (PA) Dh 40,000 (Dirt) 1,200m, Winner: AF Thayer, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
2.30pm: Maiden (PA) Dh 40,000 (D) 1,200m, Winner: AF Sahwa, Nathan Crosse, Mohamed Ramadan.
3pm: Handicap (PA) Dh 40,000 (D) 1,000m, Winner: AF Thobor, Szczepan Mazur, Ernst Oertel.
3.30pm: Handicap (PA) Dh 40,000 (D) 2,000m, Winner: AF Mezmar, Szczepan Mazur, Ernst Oertel.
4pm: Sheikh Hamdan bin Rashid Al Maktoum Cup presented by Longines (TB) Dh 200,000 (D) 1,700m, Winner: Galvanize, Nathan Cross, Doug Watson.
4.30pm: Handicap (PA) Dh 40,000 (D) 1,700m, Winner: Ajaj, Bernardo Pinheiro, Mohamed Daggash.
UAE currency: the story behind the money in your pockets
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
ARABIAN GULF LEAGUE FIXTURES
Thursday, September 21
Al Dahfra v Sharjah (kick-off 5.35pm)
Al Wasl v Emirates (8.30pm)
Friday, September 22
Dibba v Al Jazira (5.25pm)
Al Nasr v Al Wahda (8.30pm)
Saturday, September 23
Hatta v Al Ain (5.25pm)
Ajman v Shabab Al Ahli (8.30pm)
At a glance
Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free
Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland
UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
The UAE's journey to space
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
The low down on MPS
What is myofascial pain syndrome?
Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (connective tissue that covers the muscles, which develops knots, also known as trigger points).
What are trigger points?
Trigger points are irritable knots in the soft tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and sustained posture are the main culprits in developing trigger points.
What is myofascial or trigger-point release?
Releasing these nodules requires a hands-on technique that involves applying gentle sustained pressure to release muscular shortness and tightness. This eliminates restrictions in connective tissue in orderto restore motion and alleviate pain. Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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