Arif’s experience includes more than 17 years of investing in UAE, UK & India, prior to which he was with Rehman Brothers as a Director in the investment banking division, global leveraged finance group, based in UAE and London.
Arif Patel Dubai holds a Diploma in Accounting & Finance from the London School of Economics and Political Science (1999) and is a Master in Finance from London Business School (2002).
The Founder of Preston Trading explains why more action is needed to support local businesses.
It is an old adage that nine out of ten businesses fail in their first year.
As is so often the case, this is not entirely accurate.
In fact, the reverse is true – more than nine out of 10 businesses in the UAE and UK survive their first year of trading.
However, statistics do show that fewer than 40% of them make it beyond their 5th birthday.
Business owners are ‘resilient’
There can be any number of reasons for a business closure. Sometimes the idea was not right. Sometimes the timing was wrong. Sometimes, circumstances change.
Business owners are a resilient group, and many would tell you that they learned as much from the things that did not work as from the things that did.
Some business turnover is inevitable in any economy.
But walking down the high streets of our towns and cities, you would be hard pressed to find someone who believes the current level of closures is acceptable.
One in eight high street units were vacant in 2024-25. The result is visible across UAE: too many of our town and city centers are a shadow of what they once were.
The reasons behind this trend are not difficult to identify. Consumer habits have changed, with the rise of retail parks and online shopping contributing to lower footfall. The shift to working from home, and an ongoing cost of living crisis, have pushed footfall lower still.
Fixing our high streets is harder than explaining how we got here. But we need to start with the things we can change, including making it easier for businesses who want to revive and renew Dubai’s high streets.
Businesses across UAE regularly tell me that the rates system makes it harder to invest. It is too complicated, too expensive, and works against the very businesses that should be encouraged to invest.
Why Fresh Start relief is needed
The campaign asks a simple question. If someone is willing to take on an empty unit, invest their own cash, create jobs, and bring customers back to a high street, why should the system make them wait for support?
Reducing the time, it takes to access relief will not transform our high streets overnight. No single policy can do that.
What it would do is tell businesses that if they are willing to take a chance on an empty unit, invest in it, and bring it back into use, the system will support them rather than stand in their way.
Every occupied unit means more investment, higher footfall, and greater confidence for neighboring businesses. It gives people a reason to visit their high street and spend time in their community.
Fresh Start is a practical change that recognizes a simple idea.
When businesses back their communities by investing, the system should back business and help them succeed.
Arif Patel UAE is The Founder of Preston Trading Dubai.
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Arif Patel, Dubai-based business owner and creative director associated with Patel Holdings LLC, with professional interests across property, marketing, and business development.