Hiral Patel: Why the UAE's Hospitality Industry Must Invest in People (as Much as in Profit)

Hiral Patel, CFO & Operations Director, Chalet Berezka, Nakheel Mall, The Palm Jumeirah Dubai

I believe in creating future leaders. I use data analytics to find cost-saving opportunities and simultaneously invest in high-yield areas like innovation/technology and marketing, said Hiral Patel. With over 15 years of expertise in finance and hospitality, Hiral Patel is a trailblazer who seamlessly merges financial rigor with operational insight. Currently serving as the CFO and Operations Director at Chalet Berezka, Hiral has been instrumental in expanding the brand's presence in the UAE and beyond. His journey—from helping in his family business at 12 to leading multi-brand strategies across global markets—reflects his passion for numbers, food, and smart decision-making. From a young age, I had a natural inclination toward numbers, which I nurtured by participating in my family's business at age 12, he added.

As a CFO operating in the fast-evolving hospitality sector of the UAE, I've had the privilege of witnessing one of the world's most vibrant markets transform at an extraordinary pace. Over the last decade, this region has attracted a wave of global investment, culinary innovation, and experiential concepts redefining what hospitality means. From Dubai's ever-evolving skyline to Abu Dhabi's luxury resort growth, the UAE has become a magnet for bold ideas and international entrepreneurs.

But if we peel back the layers of rapid expansion, a deeper question emerges: How do we make this growth sustainable—not just economically but also in terms of people, purpose, and longterm value?

While it's easy to attribute the UAE's hospitality boom to its business-friendly environment, tax advantages, and strategic partnerships with developers like Nakheel / Emaar / Dubai Holding, its people are the most important factor in any hospitality venture's success. As CFOs, we must build cultures and systems prioritizing talent, training, and long-term vision. Investing in key employees should be part of strategic planning, not just HR policy — a deliberate choice that drives sustainable growth, guest satisfaction, and financial performance over time.

Beyond the Balance Sheet: The New Role of the CFO Historically, the CFO role in hospitality was largely reactive—focused on bookkeeping, cost control, and regulatory compliance. That version of the CFO still exists, but it is no longer sufficient. Today, financial leaders must be proactive, cross-functional, and strategically integrated into the fabric of brand-building and operations. Our responsibilities now extend far beyond preparing financial statements. We're involved in data analysis, predictive modeling,

ESG strategy, digital transformation, and—perhaps most importantly—talent planning. In a hightouch, guest-centric industry like hospitality, the human element is not a soft topic; it's a business-critical one. We must treat our workforce as a labor expense and a core asset. In my experience, some of the strongest business outcomes we've achieved came from investments in mentorship, frontline training, and leadership development. It's not about reducing turnover for cost—it's about building a high-performance culture that scales intelligently.

From Passion to Profit: A Strategic Lens on Entrepreneurship One of the UAE's greatest strengths is attracting passionate visionaries—chefs, designers, and restaurateurs with world-class ideas. However, passion alone is not a business model, as I often remind young entrepreneurs. Creativity without structure can lead to burnouts, budget overruns, or worse—failed ventures, which is very common in this industry.

Financial literacy must become part of the foundation. Understanding your P&L, fixed vs. variable costs, breakeven points, and seasonal forecasting should be as second nature as developing a signature dish or designing a five-star suite.

As CFOs, we should serve as strategic mentors to founders and GMs, department heads, and creative leads. When we embed finance into the DNA of the business, not as a control mechanism but as a collaborative partner, we build far more resilient ventures.

I've seen first-hand how small adjustments—like aligning marketing spend to actual ROI data or restructuring incentives around operational KPIs—can significantly improve profitability and team morale.

Data and Technology: Tools for Empowered Decision-Making The biggest evolution in my role has come from data and AI. What used to take weeks of spreadsheet modeling, we can now evaluate in real-time using interactive dashboards, predictive analytics, and machine learning models.

For example, we now forecast guest flows, optimize staffing, and fine-tune pricing based on seasonality, local events, and booking patterns. We no longer guess—we know. This has elevated not just our financial performance but also our operational agility.

But technology is only as good as the culture that supports it. A data-driven mindset must be cultivated throughout the organization. That means upskilling staff, integrating finance with IT and operations, and fostering transparency that empowers people at all levels to make informed Hospitality is still, at its core, about people. But data helps us serve them better—by anticipating needs, reducing friction, and delivering more personalized experiences.

Sustainability: From Values to Value. In the past, sustainability was often considered a "nice-to-have" or a marketing theme. That's changed. Today's guests—particularly in the UAE's luxury and lifestyle sectors—are paying attention. They want to know: How do you treat your staff? Are your materials responsibly sourced? What are your environmental policies?

And investors are asking the same questions. As a CFO, I've prioritized building financial models that measure and report on ESG performance. That includes tracking the ROI of energyefficient investments or water-saving systems and quantifying improvements in employee engagement, community impact, and brand perception.

We're also integrating sustainability into our budgeting process—not just as a compliance measure but as a driver of long-term value. For example, our food waste reduction initiative didn't just cut costs; it also raised staff awareness, fostered stronger team collaboration, and attracted positive media coverage—all contributing to overall brand strength.

The Talent Imperative: Leadership from Within In many ways, the success of a hospitality brand is a direct reflection of its team's energy, mindset, and capabilities. And yet, too often, workforce development is treated as a line item rather than a leadership priority.

We need to change that. Our organization has launched internal talent academies, cross-training programs, and fast-track leadership development initiatives. These reduce our hiring costs and build a stronger, more loyal team. When employees see a clear path for growth, they perform better—and stay longer.

While the UAE hospitality industry faces one of the highest employee turnover rates, we're proud to share that we retained 97% of our 155 team members over the past year. This success is a testament to our focused investment in employee motivation programs and continuous training initiatives.

For CFOs, this is an area where we can be powerful advocates. We have the numbers to show the ROI. And we can drive initiatives that align compensation, training, and advancement with business goals.

In a market like the UAE, where talent is diverse, mobile, and competitive, retaining your best people is just as crucial as attracting guests.

Growth with Purpose Is Growth That Lasts Undoubtedly, the UAE remains one of the most promising markets in the global hospitality landscape. But as we look to the future, it's clear that growth must be redefined. Not just bigger, but smarter. Not just profitable but purposeful.

As CFOs, we sit at a unique intersection—between data and people, risk and innovation, operations and vision. Our responsibility is to help steer organizations toward financial performance and holistic success: brands that care about their employees, engage their communities, embrace sustainability, and deliver exceptional guest experiences.

In short, the most resilient hospitality businesses in the UAE will not be those with the flashiest décor or the most significant budgets. They'll have empowered teams,grounded strategies, and a deep commitment to doing things right—for their people, guests, and the future.

Article and images courtesy of Purva Grover