Creating a Legacy
In an era where architectural space defines not only the appearance of cities but also the quality of human existence, development based on a profound understanding of people's needs acquires special value. Modern buildings are not merely structures of glass, concrete and steel, but material embodiments of society's values and visions of the future. Michael Belton, CEO of Mered Development, who brought 30 years of experience from Russia and other countries to the UAE market, shares his vision of development where quality of life, rather than immediate profit, takes centre stage.
When I walk past my penthouse in the Canal Front district, which I purchased for my family and completely redesigned, I can't shake the thought that Dubai deserves better. In this city, where a new construction project launches every 18 hours, where land values have doubled over the past year, where the pace of development is mind-boggling, quality is often sacrificed for speed. I entered this industry to change the situation, and today our flagship project, Iconic Residences — the tallest building in Internet City — embodies a new standard of housing for those unwilling to compromise.
My journey to Dubai began far from its borders — in Alaska, where I was born and raised, learning what it means to build in extreme conditions. Then came Russia, where I spent thirty years, became fluent in Russian, married, and where my children were born. Working with Hines, the world's largest private development company, I gained invaluable experience that eventually led me to head development at Roman Abramovich's Millhouse Capital. Five years in that position, followed by creating my own company, selling it to PIK, which transformed into Wainbridge under my control — all this shaped my understanding of what true development should be.
Moving to Dubai just over a year ago, I was struck by the efficiency of the local authorities: within a week, I received my UAE ID card, driving licence, found a flat and enrolled my daughter in school. Such efficiency is unimaginable anywhere else in the world and explains why this Emirate continues to attract talent and capital from all continents. Here I found a new home, but most importantly — the ideal platform to implement my accumulated experience and vision.
Mered is a company with a distinct philosophy. We don't aim to compete with giants like Damac or Emaar, who build entire districts. Our niche is creating high-class, boutique projects where every detail is meticulously thought out. "For people, for life" is our slogan, reflecting the essence of our approach. We build not just for those who will live in our buildings, but also for the people living around them. When passers-by stop to admire the architecture of Iconic Residences or visit the Pininfarina café on the ground floor, we achieve our goal — creating a space that enriches the urban environment.
Our choice of location for the flagship project wasn't random. Media City and Internet City are essentially the Silicon Valley of the Middle East, a concentration of technology companies and creative potential. On one side — a stunning view of Palm Jumeirah, on the other — a metro station just 70 metres from the entrance, providing ideal transport accessibility. We saw in this plot what other developers who considered purchasing it missed: the opportunity to create an iconic object that would become the calling card of the district for decades to come.
A significant advantage of our location is the balance between proximity to the sea and distance from the tourist hustle. Living directly on the coast has its disadvantages: constant flow of holidaymakers, noise, lack of privacy. And at night, looking at the sea from apartments on the Palm, you see only blackness. In Iconic Residences, residents enjoy the panorama of the Palm by day and its lights by night, whilst maintaining the privacy of everyday life.
European clients, who make up 85% of our buyers, value precisely this approach. Among them are not only Russians, but also Swedes, Swiss, Italians, British, Germans, Poles, Spaniards — people accustomed to certain housing standards. They come to Dubai for security, tax advantages, climate, but aren't willing to sacrifice construction quality and well-thought-out layouts. Therefore, in our projects, we consider European habits: providing spacious entrance halls where one can leave shoes and outerwear, which is unusual for traditional Dubai layouts.
Quality in our understanding, goes far beyond expensive finishing materials. In Iconic, we've installed reverse osmosis systems allowing residents to drink water straight from the tap — a rarity in Dubai. Hospital-grade air filtration systems protect against smog and sand, creating a healthy microclimate indoors. These technical solutions aren't visible to the eye, but they determine the comfort of everyday life.
Our Turkish contractor adheres to the same high-quality standards. The Iconic construction site is a model of organisation and safety. We regularly inspect not only the progress of work but also the living conditions of the workers. For us, it's unacceptable that someone who has worked all day in 52-degree heat returns to a stuffy barracks, doesn't receive proper nutrition and rest, and then goes back to building a premium property the next day. Care for all participants in the process — from the CEO to the labourer — is part of our corporate DNA.
The branded residences trend has swept Dubai, but many developers perceive it superficially, simply slapping a famous label on the façade. Having experience bringing Bulgari to a hotel and residences project on Bolshaya Nikitskaya in Moscow (a project that unfortunately lost its brand due to sanctions), I understand that real value must stand behind the name. Our partnership with Pininfarina in Iconic isn't a marketing ploy, but a deep integration of the Italian brand's design philosophy into all aspects of the project, from architecture to atmosphere: music in public spaces, interior styling — all permeated with the spirit of dolce vita. A Ferrari or Maserati owner will be proud to drive their car into this building.
The infrastructure of our projects meets the expectations of the most demanding clients. In Iconic, we've built two infinity pools: one on the sixth floor, another on the fortieth. We've included paddle tennis courts — a sport whose popularity is growing rapidly (we even sponsor six professional players worldwide). We've provided coworking spaces for those who prefer working from home — programmers, traders, freelancers. Spa zones where one can receive their own massage therapist or cosmetologist, private cinemas for family viewings or parties with friends, a fully equipped Techno gym — all these aren't just marketing "features» but carefully considered elements in demand by our audience.
At the same time, we avoid creating excessive amenities that residents will have to pay for but rarely use. After all, most of our clients are working people who spend time by the pool not every day, but mainly on weekends. The balance between luxury and practicality is our priority when designing public spaces.
We pay special attention to property management. Over 25 years’ experience, we accumulated vast experience in this area in residentials and service apartments. Our trusted consultancies are already analysing the project documentation at the construction stage, making suggestions regarding non-slip tiles, storage places for cleaners' equipment, and other practical aspects typically overlooked by architects but critically important for daily operation.
Certainly, some services will be outsourced: security, cleaning of public spaces, restaurant service — but overall management will remain in our hands, ensuring a unified high standard of service. Notably, property management in Dubai is generally of a fairly high standard — I live in Blue Waters and am quite satisfied with the quality of service from Maraas. The problem more often lies in the quality of construction and finishing.
Our plans aren't limited to Dubai. In Abu Dhabi, we've acquired two plots on Al Reem Island, in the first line by the water, where we'll build approximately 900 flats. The project is being developed by one of the world's leading architectural firms — Herzog de Meuron, creators of the Badaevsky in Moscow, Tate Gallery in London, and the famous "Jenga building" in New York. We aim to create something organic that will radically change the architectural landscape of the UAE capital, where cold glass skyscrapers currently predominate. The Abu Dhabi project will become a true architectural adornment for the city.
The Abu Dhabi real estate market is of particular interest to investors. Historically, housing prices there have been about half of Dubai's, while rental rates reach 80% of Dubai's level. With the incoming Trump administration, massive investments in artificial intelligence, and Disney's plans for development in the emirate, prices in Abu Dhabi have begun to rise rapidly. We predict that, in percentage terms, they will increase even faster than in Dubai, creating a unique window of opportunity for investors.
Returning to Dubai, we continue to explore promising locations for new projects. The city centre still maintains its attractiveness, as does the Dubai Water Canal area, where I purchased my own apartment. Interesting opportunities are opening up in the Maidan district and other developing territories. Given the Emirate's rapid population growth, not everyone can afford to live by the water or with a view of the Palm — it's necessary to create quality real estate in different areas and price segments.
One of the key challenges of modern development in the UAE is rapidly changing legislation. The market is actively developing, and the regulatory framework is constantly being adjusted. Often, by the time a project is submitted for approval, requirements have already changed. This demands constant monitoring and flexibility in working with documentation.
The second important issue is the shortage of qualified contractors. In a construction boom, they can choose which developers to work with. Thanks to our reputation as a company that fulfils its obligations, makes timely payments, and doesn't make unreasonable demands, contractors now approach us with offers to collaborate on future projects.
The Dubai market is distinguished by the high role of consultants. There are far more intermediaries here than in Russia, where the developer directly controls all processes. Some of these consultants are engaged on a mandatory basis according to legislation. Our task is to effectively manage these specialists so that their vision aligns with ours. We strive to be closer to clients and contractors to ensure the final product fully meets our goals.
Working with brokers is another important aspect of our activities. In Dubai, about 85-90% of real estate sales are made through brokers. In our case, this share is 70%, with the remaining 30% coming to us directly through online advertising, outdoor advertising, word of mouth, and events. When a broker brings a client, we register them and move to an internal sales process: our manager conducts a presentation, shows the showroom, and explains the project's advantages in detail. If the deal goes through, the broker receives a commission, and we maintain direct relationships with the client throughout the construction and key handover.
We work with most of the brokers, however some of them are our real ambassadors so they benefit the most.
Different nationalities of clients have their preferences and priorities. Europeans primarily value lifestyle and design. Asians focus on investment returns and prefer certain areas — usually with views of Burj Khalifa or near Chinatown. Russian clients particularly value privacy and spaciousness both in their apartments and public areas. Buyers from Gulf countries prioritise family needs and exclusivity, sometimes even more than Russians. Understanding these differences allows us to create products that maximally meet the expectations of our target audience.
All our clients are united by a desire for security. People purchasing luxury apartments for millions of dirhams highly value the protection that Dubai provides at all levels — from the airport to the residential complex. We integrate this need into our projects, creating multi-level security systems without compromising comfort and privacy.
Sustainability issues are becoming increasingly relevant, although they have their specifics in the UAE, whose economy is largely based on oil and gas. We don't build solar power plants, but we implement energy-efficient systems that reduce electricity consumption — important not only for the environment but also for our clients' wallets, given the high utility rates in the emirate.
Sustainability is incorporated at the design stage. For example, we determine what proportion of rebar should be made from recycled steel — the client will never see this, but for us, it's a matter of principle regarding responsible resource use. At the same time, we understand that buyers are unlikely to pay 20% more solely for eco-friendliness — a reasonable balance between ideals and practicality is necessary.
Reflecting on the future of Dubai's real estate market, I see sustainable growth in the medium term, for the next 3-5 years. This will be facilitated by foreign investment, tourism development, and the continued influx of digital nomads. People are tired of high taxes in Europe, security problems (in London, I can't wear a watch on the street due to the risk of robbery), and concerns about the safety of loved ones. Dubai has none of these problems, which will continue to attract wealthy people from around the world.
The Russian diaspora, contrary to initial expectations, is not rushing to return home — many have found their place here and integrated into local life. I myself, having lived in Russia for 30 years, speaking Russian, having a Russian wife and children, always remained a foreigner. In the UAE, the situation is different — here, everyone, whether from Pakistan, Africa, America, or Russia, feels at home. The only requirement is to follow the rules and respect local traditions, which is quite reasonable.
In the long term, the market will likely become more selective and value oriented. Buyers will be more attentive to choosing a developer, willing to pay more for proven quality to avoid the need for complete renovation and remodelling after purchase. Success will accompany developers who build long-term relationships with clients, rather than simply chasing sales volumes.
My experience playing hockey taught me the value of teamwork. Even in Dubai, I continue to play in a local team. Hockey forms a particular type of personality — disciplined, ready to rise early for training, endure heavy physical loads, and understand that a team is only as strong as its weakest player. Unlike tennis, swimming, or other individual sports, hockey requires collective effort.
The same applies to development — success depends on the coordinated work of the entire team, from the worker at the construction site to the CEO. I don't consider myself the best in any particular area — not the best shooter, not the best passer, but my task as the captain of the Mered team is to unite people to achieve a common goal.
My life philosophy is reflected in two favourite quotes. I've already mentioned the first: "The harder I work, the luckier I get." If you don't take risks, try new things, work late, on weekends and holidays, you might miss unique opportunities. The second quote states: "It's nice to be important, but it's more important to be nice." These simple truths guide me both in business and personal life.
Fatherhood is another important part of my identity. Being a father of four children, I've learned to stay grounded and remember that beyond the office, where multi-million-dollar issues are resolved, my family awaits me, for whom I'm simply Dad. I remember one particularly difficult day when, after resolving complex work problems, I returned home, and my five-year-old daughter asked for help in the bathroom. At that moment, I realised that the CEO resolving million-dollar issues is just someone's father.
Returning to our projects, I want to emphasise that in Iconic Residences, we've provided charging stations for electric vehicles — this is already standard for all new buildings in Dubai. Climate control is implemented at the highest level: I grew up in Alaska and know how important it is to protect the interior space from external environment. We use advanced façade systems ensuring complete tightness — no air penetration through windows or walls. Two months ago, we completed a full-scale façade mockup, allowing us to see and touch all materials, understand how they combine, and identify potential problems. And this is while construction has only reached the third floor!
The next stage will be creating a show flat where we'll test all internal systems and engineering solutions. Such a thorough approach guarantees that future residents will receive comfortable, controlled living spaces without the unpleasant surprises so common in Dubai's real estate market.
Ohe Product Group occupies a central place in our organisational structure, carefully analysing the market, studying client needs, and refract this data through the prism of design. We don't aim for quick profits — our goal is to create a long-term brand based on quality. We believe our projects should satisfy not only economic but also social needs. Our slogan "For people, for life" reflects our philosophy: we build not only for future residents, but also for the surrounding community.
Today, Dubai's real estate market is experiencing a genuine boom in branded residences. Sometimes it reaches ”another level”: sanitary ware manufacturers, furniture brands, jewellery companies, fashion houses—with no direct relation to real estate — are launching their own residential complexes. Unlike them, our partnership with Pininfarina in the Iconic Residences project is organic: their automotive aesthetics permeate the entire architecture of the building, creating a holistic image of Italian dolce vita — from the musical accompaniment in public areas to the design solutions in interiors.
Another notable trend is the integration of wellness spaces. Affluent buyers moving to Dubai want to have everything available in a good hotel within their building: spa zones, modern gyms, swimming pools, sports grounds. They value the opportunity to maintain a healthy lifestyle without leaving the complex. In addition to this, there's growing interest in natural elements in interiors — people are tired of cold, faceless spaces and are drawn to organic design, greenery, and natural materials.
Our buyers are increasingly interested in smart homes. Young, tech-savvy clients expect a high level of automation and remote control of life-support systems. Simultaneously, there's a resurgence of interest in art as an element of living space — people want to feel a certain level of cultural sophistication in their homes, which goes beyond displaying status through cars or other material symbols.
In our work, we consider the growing demand for more spacious flats with a lifestyle orientation. Modern layouts include enlarged kitchens, walk-in wardrobes, bathrooms — we see that people are willing to pay for additional square metres if they are functionally justified. This trend became particularly prominent after the pandemic, when many realised the value of comfortable, well-organised living space.
A key advantage of the UAE for developers is the impressive state investment in infrastructure. From airports to the road network, from the metro to various public spaces — everything creates an ideal foundation for residential real estate development. Until recently, Dubai was perceived as a somewhat artificial, plastic city, but today it's acquiring organic character: farmers' markets, authentic cafés, unique cultural spaces are appearing.
It's interesting to observe how the perception of quality changes depending on the origin of clients. From conversations with Russian buyers, we learn that many are disappointed with construction quality in Dubai — some even sell their apartments due to constant problems with leaks, boilers, and communications. In Russia, there's an expression "my home is my fortress", and people transfer these expectations here, often finding them unfulfilled. We strive to change this situation by offering truly reliable, meticulously detailed homes.
Entering the UAE market wasn't simple for us — we had to adapt to local specifics, establish new connections, and study regulatory nuances. But now I can confidently say that we've found our niche and are successfully developing it. Our plans are ambitious: in addition to completing current projects in Dubai and Abu Dhabi, we're considering expansion opportunities to other emirates and even neighbouring Gulf countries.
As I approach the conclusion of my reflections on development in the UAE, I want to emphasise: success in this industry is built on reputation. In a rapidly growing market, there's always the temptation to take the path of least resistance, economise on quality, maximise short-term profit. But such an approach inevitably leads to loss of trust from clients and partners. We've chosen a different path — build less, but better; create not just square metres, but spaces for a full, comfortable life.
Looking back on my journey from Alaska through Russia to the United Arab Emirates, I see how different cultures and experiences have shaped my understanding of what ideal housing should be. The cold climate taught me to value warmth and comfort, the Russian period gave me understanding of demanding clients' requests, and Dubai provided a unique opportunity to embody all this knowledge in cutting-edge projects. I'm grateful to fate for the chance to create spaces that become not just a place of residence, but a true home for people from different corners of the world.
Ultimately, development isn't about buildings, but about people. About creating spaces where memories are formed, friendships are established, children grow, and new ideas are born. Each Mered project is our contribution to the future, a material embodiment of our belief that quality of life is determined by the quality of space that surrounds us. And while new towers continue to appear in Dubai, we will strive to ensure that our buildings stand out not only in height or façade brilliance, but primarily in their attention to the people for whom they are created.
